How to get to £1M in ten years?

garmeg

MaxiRobriguez said:

garmeg said:

coastline said:

itwasntme001 said:

coastline said:

itwasntme001 said:

Audaxer said:

DireEmblem said:

Global equities have returned what 8-10% on average a year, gets you close...

Problem being by the time you get to 1m(if you do), you probably haven't factored in inflation.

If you were to get from £250k to £1m in 10 years, I think that would have covered inflation okay,

So IF inflation ran at 2% for 10 years, as is roughly expected, your £1m would be worth £800k roughly in real terms in 10 years.  Yeh I would probably be ok with that but its still not really £1m is it?

What if inflation ran at 5% for 10 years?  The £1m would be worth less than half that in real terms in 10 years.  I am not so sure I would be happy with that...

Put it this way . If somebody said to me there's £1m pack your job in I'd be off like a shot. It's makes me wonder when people get concerned about SWRates in pension pots when they are loaded. Millions of older people are very happy on limited savings and the state pension. I was more concerned about my feet being cold in bed last night than my savings. Just wait until you get a bit older and I've got a few years for the state pension yet.

But the question was not about having £1m now (which by the way you would need to invest wisely to maintain the real purchasing power), but about having £100k now and growing it to £1m in 10 years.  If inflation runs at 5% a year for the next 10 years, that £1m would not even be worth half that in real terms in 10 years.

OP mentions £250k now and additional payments of £2k every month which I think makes £1m within reach . Global Indices aren't too far away although you'll probably need some winning funds or single stocks to get there. Most investors will be somewhere between the two in the link.
Chart Tool | Trustnet
Regarding £1m lets say you start a pension at £300 a month which is more than 10% of the average UK salary. £3600 yearly at 6% return over 40 years gives £550K. With a bit luck your employer adds to your pot and you add more as you go which should cover your inflation concerns. Well short of £1m and most people would be very happy. 
Never had 500K when I left and I'm still doing fine. Bumped into two friends from work a couple of years ago and both had left in their 50's with near £500K transfer values. Both over the moon. One was off to book a cheap holiday which you can when not working. Also said he'd never get through his pot. Saw the same fella recently and his pot was up. Still smiling.

I have crystallised funds of £580k, uncrystallised funds (post £40k LTA charge) of £120k and a DB of £11k in payment and I still feel that I cannot retire even though we are mortgage free!

You have enough to retire modestly. Do it if you haven't already (and want to).

I want to, but cannot do "modestly"

I have an ISA to top up any pension though so probably would be OK. However may as well carry on for now until the pandemic is over and things return to normal. Each extra month worked is two months that my pension does not need to cover!