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

karlie88 · 9 November 2018 at 4:43PM

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

worried_jim · 9 November 2018 at 5:05PM

If I get made redundant (very likely in the next few years) then about three years in the UK- a lot longer if I sell up and move abroad, could effectively retire mid 40's. Or I could move back oop north and go on the bennies and not have to work much in the future.

Herbalus · 9 November 2018 at 5:09PM

Thrugelmir wrote: »

Or a different upbringing. Brought up to save by default. Was my father that told me to start a pension immediately I started work. That's was £10 per month over 4 decades ago. (Now it's a must have mobile phone). Much sage advice has been lost in the mists of time. As marketing has encouraged people to act in a far less frugal manner.

You could be right in general, but there are still plenty of “youth” who know how to save. My pension pot since graduation is now near the equivalent of a years salary after 4 years.

comeandgo · 9 November 2018 at 5:10PM

Enough to keep me in comfort until my private pension starts.

Zanderman · 9 November 2018 at 6:25PM

Rheumatoid wrote: »

and on what grounds did you delete my post?

badger09 wrote: »

Why on earth has my post, made before there were any replies on this thread, been deleted?

It was acknowledged by OP @ 1.54 and was a perfectly polite post.

Removal of posts by is becoming increasingly common, and IMHO, does nothing to improve the usefulness of MSE's fora

Mine has gone too, ironically just as I was editing it to make it clear that my original assumption, based on the original opening post's style, was incorrect and welcoming the clarification, which several of us had suggested. But no, the post was deleted and, I note, we (I certainly) got no thanks for the suggested clarifications despite them being implemented. Ho hum!

Zanderman · 9 November 2018 at 6:32PM

And, on topic properly now, I resigned from my 'proper' job 12 years ago and I'm still surviving.

Never on savings though - I went out and found new ways to earn via what I think is known as a portfolio career; lots of little jobs, small businesses, a small pension and self-employment. Keeps me reasonably well-nourished.

I'm unlikely to lose all of those 'tomorrow' but, if I did, I could probably survive several years on savings. By which time the state pension would (almost) have kicked in so I still wouldn't be entirely penniless.

pinknsparkly · 9 November 2018 at 7:01PM

Forever! I'm paranoid about this, and have built a life for myself and my husband that means we can live (comfortably but without any excess or fancy hols) on just one of our salaries. So if I lost my job, we would be able to live on his salary without touching our savings until I found another one.

If, on the other hand, you're asking how long our savings would cover our outgoings - currently 2 years. In a matter of weeks (we're buying a house), that will be down to about 1 month. But rebuilding that back up to a 6 month pot will be my first priority after the house purchase goes through. However, I am not worried because, as I said above, it would require BOTH of us to lose our jobs at the same time for us to need to use those savings. And if we were struggling to find work, both of us would take whatever work was available in that situation.

londoninvestor · 9 November 2018 at 7:19PM

Alice_Holt wrote: »

Most forumites on here seem very knowledgeable about personal finance, and I imagine many have accumulated savings / investments / pensions over the decades. The quality of debate on here is high, suggesting to me that forumites are well educated, and therefore may be likely to have (or had) better than average salaries (thus enabling them to make provision for future years)

I think all that is true... and yet there is existing content on this board which would be really useful to link to. It happens pretty regularly that someone posts asking about starting out with savings, and gets good suggestions on the role of an emergency fund and how to build it up.

Mnd · 9 November 2018 at 8:59PM

I've retired and I'm 64
I have works pension 7200 and I will get a higher than full state pension.

My wife still works (58) and if she lost her job now we would be able to get through to her state pension, but not as comfortable as now.

15 months time when I get my statext pension we will be fine.

No housing costs

Alexland · 9 November 2018 at 9:03PM

I wouldn't need to draw upon my savings as I would be happy for my wife to keep me. Perfect excuse.

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

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