and be honest, no willy shaking.
to be able to call it a day at work. but to live comfy (like you do now hopefully).
beacause, I need to call it a day this year.
weekly food bill £100
monthly utilities £200
I am prepared to cut my food bill down to allow me to do this.
including holidays, cars etc? Or just sitting at home and surviving?
Don't forget council tax, utility bills, insurance, travel and beer!!
but to live comfy (like you do now
A lot more than that
Net income of around £15k and we would manage (family of 4).
But I wouldn't do it while I can still work. I enjoy work mostly and prefer the extra income.
If you said Net of £25k, that would probably tip it over the edge for me.
Phone
Insurances (house, contents)
TV (licence at least)
house maintenance (save money each month?)
Clothes
Pet costs
Vehicle/transport costs
Socialising
Glasses?
Prescriptions
Dental
Occasional new electrical goods
Soon adds up I suspect.
including holidays, cars etc? Or just sitting at home and surviving?
I don't drive, I cycle for holidays.
More than that the utilities themselves are more than those combined.
Will be packing it in May this year and have worked it out. For the two of us it's
£4800 for absolute essentials - bills/taxes etc
£4k for food and other stuff we have some control over
Per annum
About £1500/month after tax for me and the Mrs and trying to run a small business from home. No mortgage, loans or anything - 2 cars both paid for.
gas and electric is £70 water meter is £25 council tax is £100
I need £3-4k a year just to squander on bike(/packing) shit!
Our council tax alone is £2520pa 😞 but we'll be looking to downsize and have no cars come retirement...
I need £3-4k a year just to squander on bike(/packing) shit!
and buying my dinners...
We've no debts other than the occasional credit card bill following an internet purchasing session so our base costs would be: Council tax; house insurance; car insurance; electricity; heating oil; firewood; Broadband; phone; TV. £5k PA would cover that. (We've a private water supply and sewage - about £25/year to empty the septic tank)
On top of that there'd be food, fuel for car, coke, h... etc.
Shit loads.
Mortgage, utilities, nursery is over £2k/month, although I accept that the boy wouldn't need to go to nursery if we weren't working.
If this was to not be able to work ever again then it would have to be enough to cover the outstanding mortgage, plus all the other stuff along the way. Probably £1m, and life would be a bit dull.
Kind of irrelevant to compare me to you as i'm 46, with two kids (aged 8 and 11) a £200k mortgage and a few other debts.
I'd need in excess of £1m to pack in work forever and live any kind of decent lifestyle.
However, if i was of retirement age, with no debts and a smaller property I think i'd need £1k per month to 'live' on..
Christ Ton - good luck to you but I spend more than that on lattes!!
I'd want a few £m to be able to enjoy my retirement eg rent a chalet in the Alpes each winter...
I totted up my various pension forecasts the other day - when I'm 67 I'll have about £15k a year to survive on.
I have 17 years to try and improve that!
Family of 4.
At the moment £1850 a month goes into our Household account, this covers bills, house and a loan that ends in 11 months thank god and an my Wife's PCP payments.
On top I'd need £300 for food.
Which terrifyingly means an income of £2150 would afford us the luxury of sitting on front of the telly.
EDIT.
I'm still trying to get over that figure, and this ain't some kind of "bare essentials like £10k a year fees for Private Education for the Horse" type thing.
gas and electric is £70 water meter is £25 council tax is £100
Blimey, where do you live, Bulgaria? Our costs are about double that and we've got a small 2 bed place!
Minimum £45k/yr net to just maintain current lifestyle, pensions, nursery etc, so if I was to quit it would have to represent a positive uplift, so I guess £53k net (around 15% increase, which I've always used as the increase to decide if I make a career/employer move or not).
At 41 with 29 years' work ahead that works out as a £1.5M lump sum. On a lump like that would in turn create new opportunities to generate income/wealth too.
5k
I'm mid thirties and working towards having mortgage paid off before age 50. Then I recon with a pot of half a million cash I could live Happily ever after. Assuming 4% growth that would allow drawing £20k pa for play money without touching the capital. Then have the work pension kicking in in my sixties then state pension @ 70.
5k
A month Shirley ✌️😘
350k lump sum to pay the mortgage and do the work to get the holiday let sorted, then easy street, down size when too decrepit to run the holiday let. Would still need to work a day or two for beer money, the little extras so still £2k a month (1k for oil, council tax, leccy, running costs).
Does anyone have 350k they'd like to give me?
Hang on Ton, have you factored in any new/different bikes you'll need to buy?
I know you!
Not to mention greasy spoon fry ups
I know exactly how much, retired at 55 with mortgage paid and currently living on £15k a year for the two of us.
It may be modest but it beats kissing ass every day.
Hang on Ton, have you factored in any new/different bikes you’ll need to buy?
I know you!
With nowhere to sell them on, Tony won't be buying any more bikes.
Yeah,right!
I know exactly how much, retired at 55 with mortgage paid and currently living on £15k a year for the two of us.
It may be modest but it beats kissing ass every day.
my wife can finish in october after 35 years with the local government.
so we will be in a slightly better situation than this.
so it is a viable option then.
£200 a week .
Its do-able but holidays are a no-no. A car is a large drain on that as there costs you simply cannot avoid ( RFL, INS, MOT etc) Otherwise its Council tax, telecoms, gas, water , elec, food, clothes, plus som spare cash for house maintenance emergencies or cap ex like washing machine / gas boiler .
£10k p.a for every year you expect to be on this earth , but its nursing home costs that remove all of your monies very , very quickly .
Not even forty yet
But 100k lump sum would make me go into retirement.
No mortgage, no kids, downsize to a do er upper in the next valley and of we go........
If we had no kids or mortgage me and Mrs could manage on 1k per month IF we had savings in case of emergencies and the odd cheap holiday per year.
We are going to be retiring in the near future on a joint gross income of around £18000 - 20 000 pa. Thats about 35% of our current income. This includes letting out our flat as a holiday let while we go walkabout. That will do us - just about. We will be able to travel on it but only on the cheap ie backpackers hostels not 5 star hotels. Fortunately we live a fairly frugal lifestyle
A lot more than I allegedly earn now! I like to "joke" that five quarters of my monthly wage goes on the mortgage, a fifth on petrol and the rest I squandered............
We retired at 55 for me, 53 for 'Er, moved to France, leaving a property in the UK that covers the mortgage on the property in France.
There's still a horse in the UK that we have to keep(!) and all the costs of the property in the UK. But we can (emphasise can) live on less than £1500 a month.
When figuring out a figure you need to factor in inflation and the cost of repairing and replacing things. Every month since we retired there's been an unexpected expense to cover. Having said that needs can decline and therefore become cheaper, as you get older and start to slow down in terms of travel, sport, etc...
Unless you are happy with a very simple life, entertaining yourself is also something to consider. Most days you get to say 'what shall we do today?' It can get boring and therefore expensive!