2006-06-09 01:05:12 · 23 answers · asked by johnbradcity 2 in Business & Finance ➔ Personal Finance
To be honest there is no set amount, but I can advise this off of what I have read this past year. Think about your bills right now. then think about what you own and what you are still paying off. Then think how much you make. Gets so numbers written down. If you are struggling base of what you makin not then your not ready to retire. You want to be able to cover all the cost of your bills for as long as your not work. There is no one set number. Just the more you have the better.
2006-06-09 08:10:35 · answer #1 · answered by AriessGoddess 2 · 4⤊ 0⤋
I quit six years ago with $50,000. I started working at home part time for myself and have managed to pay off my mortgage and keep my head above water. I work less than 40 hours a month now. If I closed my shop I would want about $200,000 in stocks and savings to live on. I got no house payment and I have around 30 antique cars I can sell if I need more cash. I haven't had a job in this century.
2006-06-09 01:36:47 · answer #2 · answered by Anonymous · 0⤊ 0⤋
quite a lot, £100k would not last more than 5yrs and that is if you are carefull.
so if you are in your mid 30's about 7million would see you through if you did not work and lived alot
you could live off 2million but you could not go mad, average house prices for a four bed detatched house is between £400 and £500 k so after you bought your moderate house and sports car you would not have much left.
hey, tell you what give me 2 million and i will let you know how i am getting on......lol
2006-06-09 01:15:39 · answer #3 · answered by lucky steve 2 · 0⤊ 0⤋
Approx 1.4million. After taxes on interest and financial institution fees this is a high enough base amount that would keep me in a manner I desire and not erode to zero before the end of my life with a generous life expectancy. However I would still like to work even if I had that amount.
2006-06-09 02:52:08 · answer #4 · answered by StatIdiot 5 · 0⤊ 0⤋
It depends on your lifestyle/costs now and the lifestyle (and its costs) that you want to have/maintain in the future. And logically it depends on when you want to stop working: now, next month, next year, 2-3 years or in 10 years. You would be surprised how little you would need to have to start with and stop working in about 2-3 years.
2006-06-09 01:10:30 · answer #5 · answered by Patrick L 3 · 0⤊ 0⤋
depends on age but more importantly what do you want to do or how much do you need to spend plus 50% to cover inflation over next 10 years approximately, thats why so many of us are moving to other areas of europe
2006-06-09 01:38:48 · answer #6 · answered by sharky 4 · 0⤊ 0⤋
2 million
2006-06-09 01:08:43 · answer #7 · answered by bildymooner 6 · 0⤊ 0⤋
Well, if you live in the UK you can give up work and live off benefits, so you would need nothing!
2006-06-09 20:40:17 · answer #8 · answered by Anonymous · 0⤊ 0⤋
£50 million
2006-06-09 01:10:20 · answer #9 · answered by paulamathers 3 · 0⤊ 0⤋
Probably a million, maybe less but better to err on the side of caution.
2006-06-09 01:48:36 · answer #10 · answered by xenobyte72 5 · 0⤊ 0⤋