If you were to lose your job tomorrow, how long would your savings last you?

Bravepants · 10 November 2018 at 12:27PM

I will be 51 in May next year. If I lost my job with redundancy because of Brexit that will be me done with the world of full time work. I will burn down ISA, then move to SIPP and actuarially reduced pension from 55. I would be more comfortable if I lost it a year later, assuming it will take 12 months for my organisation to realise the full impact of Brexit. I feel I've got to plan for uncertainty.

amistupid · 10 November 2018 at 1:20PM

karlie88 wrote: »

Around 630,726,057.14 seconds (to the nearest hundredth of a second).

205,532,891.27 seconds if it's no deal.

MisterMotivated · 10 November 2018 at 2:36PM

Assuming absolutely all my income stopped, then about 2 years at current spending level, though like others have said, I'd probably cut back to 'core' spending, giving me about 4 years. If income generating investments continued, then I should be able to survive indefinitely.

sevenhills · 10 November 2018 at 5:24PM

My savings certainly add up to less than my 12 months salary, I have very little cash.
Actual cash, less than £2k, shares £2k

I have £6k available in a pension pot and around £70k in equity in my house.

TBC15 · 10 November 2018 at 5:33PM

So when will the wisdom of the OP be revealed?

Glen_Clark · 10 November 2018 at 7:22PM

Malthusian wrote: »

As for the question raised by the topic: forever, because I would get another job before they ran out.

Lucky you - but that would not be your savings lasting you forever.
Which was the question asked.

Dorian1958 · 10 November 2018 at 7:25PM

I left my job in April 2 weeks after my 60th birthday with enough pension to last me to 100 plus. Assuming I had no pensions, I have savings to cover 6 years of expenditure, if I was prudent (there would be no change there). I have avoided the smell of new car leather and truly enjoyed many caravan seaside holidays. Only regret is realising I could have left earlier. I started saving when I was 18.