by this i mean to have a 3 bed house in outer london and a regular income enough to afford a couple of holidays per year and spending money enough to eat, go out every week, and some left over for the odd luxury every few months... i know this is a relativistic questions but i'm just wondering how much money (say per month) would YOU (and family if you have one) need not to work...?
2006-10-15 22:22:58 · 9 answers · asked by mpok8 2 in Business & Finance ➔ Personal Finance
£1000 per week to spend and not touch the lump sum / investments returning this type of figure.
You spend more when you're not at work than when you are so bare that in mind when calculating how much you will need.
2006-10-15 22:31:01 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Yes, I would say $5,000 per month. That is about $60,000 per yr., and a good chunk of change in the bank. Anywhere from $30,000-$60,000 or more. If you have been living in your house a long time and have it paid off, you can do some creative financing with a Reverse Mortgage. You could pull money out of your house, and receive payments every month, depending upon your age, the spouse's age counts in this case for the qualifying age limit. You have to be at least 62, but the older you are the better deal you get. You will have to check into this as it is too complicated to explain here, but you do not ever have to pay it off even if the loan against the house gets higher than what the house is worth, because you pay an insurance payment for that sort of thing. Don't worry, this is a government loan, so it is regulated by the government. This is set up for older people to not have to sell their houses to get the money out, you can get it out and still stay where you are as long as you live. Check it out. The government requires you sit through a seminar about this and be informed before you agree, and you will be given a certificate that says that you have learned about it and understand this program, which is given to the lender when you start this process.
2006-10-15 22:31:23 · answer #2 · answered by shardf 5 · 0⤊ 0⤋
Well, I guess only you can tell.
There are many factors involved to work out an amount of savings for living a comfortable life. It is a matter of doing some calculations. Firstly, you need to know at what age you wanna retire and also forcast your life expectancy after your retirement in term of years.
From there onward you may work out the expenses in term of fix and variable expenses. You may add in some inflation rates each year by 4 to 5 percent just to make it more realistic.
In case you don't plan to make any will on the day you die then your savings will not be too large. Your savings plus other income such as pension fund, etc would be added as your to the amount of money you would have to spend after life of retirement.
2006-10-15 22:46:36 · answer #3 · answered by Rod 2 · 0⤊ 0⤋
You haven't stated whether your mortgage is paid off or whether you own your car or rely on public transportation. If your expenses are food, heating, utilities, buildings-contents insurance, car service/petrol including MOT, then you should be able to manage on £2,500 (net) per month which would allow you to save for holidays. We have a meal out about once a month, so if you intend to do so more often, budget that in to your total. The problem is that your question assumes certain things about lifestyle and spending habits, which are different for everyone.
2006-10-15 22:40:07 · answer #4 · answered by Mrs B 4 · 0⤊ 0⤋
the best answer to this only you can determine. work out how much you need and how much you would get when you retire. if the two are close then you dont have a problem. if not then worek on the diference now. good luck
2006-10-16 00:06:21 · answer #5 · answered by rphilsell 2 · 0⤊ 0⤋
Depends, if you live in the US $100,000 you would live good, be able to make investments if you move to rural America. Now if you retire in Canada from US $75,000 because of the exchange rate
2006-10-15 22:38:00 · answer #6 · answered by nbr660 6 · 0⤊ 0⤋
Depends on how long you live! If only for a year then not as much as if you live for 20 years!
2006-10-15 22:30:19 · answer #7 · answered by kerrykinsmalosevich 3 · 1⤊ 1⤋
about five grand.
me and my boyfriend live quite cheaply and tend to save up for things we need, so we'd consider ourselves well of if we'd have five grand a month to live of.
but in the mean time, fingers crossed for the lottery.
2006-10-15 22:28:23 · answer #8 · answered by Heather 5 · 0⤊ 2⤋
in the current economic state of affairs a conservative estimate would be $6,250,000.00 in tax free holdings !
2006-10-15 22:31:01 · answer #9 · answered by grim_reaper_69 3 · 0⤊ 3⤋