The Plan

[bogeyman]

You're not one of these New Labour types who believes everyone is equal in abilities, qualities and talents, are you?

Nah that was Old Labour thinking. NL thinking goes more like:

"Make a big noise about helping the downtrodden masses whilst helping yourself at every opportunity"

[BlasterBates]

Not quite a grand a day and also you can't plan to be in contract every month, but I'm not really starting from 0. So I'm not quite planning for £1m either! Everyone has their price for retirement. Some want the fast cars and rolex watches, but I'm happy in other ways (a £16 cardigan from Next, oh yeah).

But dont get me wrong, a million would be nice... come on you premium bonds.

...yes but at 39 you need a hell of a lot more than if your 65, this money needs to fund your life for 40 years plus not 15, if you're married with sprogs you'll probably need more.

People who retire at 40 work as traders in the City and have a couple of mill behind them.

However you'll probably have enough then to plough it into a B&B in Spain or work yourself to death on your own campsite in Tuscany. Thats what a lot of 40 year olds seem to do these days.

[bogeyman]

People who retire at 40 work as traders in the City and have a couple of mill behind them.

I 'retired' at 32 and started my own 'small-scale' consulting business.

Since then I've worked every fecking hour God sends (I am now 48).

Wouldn't have it any other way really. My wife and kids spend the money and I don't have to do decorating and gardening!

[CaribbeanPirate]

I 'retired' at 32 and started my own 'small-scale' consulting business.

Since then I've worked every fecking hour God sends.

Me too. That's how I end up not know what day of the week it is.

[bogeyman]

Me too. That's how I end up not know what day of the week it is.

It's Tuesday CP.

Thank feck for computers

[ChimpMaster]

...yes but at 39 you need a hell of a lot more than if your 65, this money needs to fund your life for 40 years plus not 15, if you're married with sprogs you'll probably need more.

People who retire at 40 work as traders in the City and have a couple of mill behind them.

However you'll probably have enough then to plough it into a B&B in Spain or work yourself to death on your own campsite in Tuscany. Thats what a lot of 40 year olds seem to do these days.

Think cashflow, not net value, and then it makes more sense.

A very much simplified example is - £1m in the bank will generate £40k income a year in interest. That leaves your £1m in tact for as long as you need. Or ... 4 mortgage free houses will generate £40k in rental income per year, and of course the houses will always be yours. It's not like you're eating into the actual value of the house or the £1m. Ignoring inflation of course.

[Flubster]

Too much hassle. Just live off the cash...

[ChimpMaster]

Too much hassle. Just live off the cash...

Yep that's what I would want to do too. The real problem is then that inflation eats into your imaginary £1m savings so you can't really spend the whole £40k interest you earn each year, more like spend only £15k and leave the other £25k in the bank to account for inflation!

Might as well just give up and work til ur 75.....

[Andyw]

Sign on the dole and get benefits !

[ChimpMaster]

Sign on the dole and get benefits !

Go swimming off Dover, throw away your passport and pretend you're an immigrant who needs asylum.... free house, food, benefits, no taxes, cash in hand work... gotta love Britain.