When do you stop working / making money ?

[LondonManc]

He was working on the assumption that kids are gone and paid for already. Agree about the wife bit though.

The interesting part of the debate is about the choice of down-sizing or not. Quite happy where I am to be honest.

[jamesbrown]

Around 7-8PM on a Friday, typically, but sometimes I work weekends.

[SeededLoaf]

It's not so much about the money (unless we're talking several million) but having things to do and keep busy. I could buy a farm now and be semi self-sufficient until end of days but I think i'd feel out of the loop. Part of the fun of contracting is working with the tech and actually delivering something (even if it's ripped out in 10 years).

A couple of contractors in my team retired at 55 but now back working because they were bored... but both are loaded.

If I suddenly won tons of cash i'd probably try and build a bigger business.

[diseasex]

It's not so much about the money (unless we're talking several million) but having things to do and keep busy. I could buy a farm now and be semi self-sufficient until end of days but I think i'd feel out of the loop. Part of the fun of contracting is working with the tech and actually delivering something (even if it's ripped out in 10 years).

A couple of contractors in my team retired at 55 but now back working because they were bored... but both are loaded.

If I suddenly won tons of cash i'd probably try and build a bigger business.

I know a few contractors in retirement age, still working loaded as hell. Not sure if I want it to go this way.

[clearedforlanding]

I was talking to a friend who's a high net worth financial adviser.

He suggested that you need a million in liquid assets and no mortgage or debts.

It's enough money to earn you more, should you want, and it's enough that you can live a decent life without worrying about what you're spending.

Once you've downsized your home, and you're debt free, I think you'd be surprised how little you actually spend.

I think your friend is redefining HNW. HSBC Jersey define it as € 20M liquid assets,

GBP 1M is not enough, assuming couple, 2 children, university.

Inflation is going to erode into your lifestyle very quickly if you are living off 'interest'.

[LondonManc]

I think your friend is redefining HNW. HSBC Jersey define it as € 20M liquid assets,

GBP 1M is not enough, assuming couple, 2 children, university.

Inflation is going to erode into your lifestyle very quickly if you are living off 'interest'.

There's noting to say that his friend was redefining HNW - he may simply have been expressing his view as a friend on what you'd need to reasonably retire on. Personally I think it's too simple to set a value - age and other factors would come into it.

[clearedforlanding]

There's noting to say that his friend was redefining HNW - he may simply have been expressing his view as a friend on what you'd need to reasonably retire on. Personally I think it's too simple to set a value - age and other factors would come into it.

Fair enough. I had assumed early retirement and not hitting the pension pot, with kids at university.

[Chuck]

There's noting to say that his friend was redefining HNW - he may simply have been expressing his view as a friend on what you'd need to reasonably retire on. Personally I think it's too simple to set a value - age and other factors would come into it.

Exactly this. It was a light-hearted chat about what I'd need.

[LondonManc]

Exactly this. It was a light-hearted chat about what I'd need.

We've done this in the past after unsuccessfully checking lottery tickets!

Having a few beers and talking about what would be enough to retire around 40. We came to the conclusion that winning £3m would be about perfect - you could hide a lot by investing in property while slowly bleeding the rest into your life so you don't get inundated with begging bowls/letters, least of all from your kids!

[Chuck]

GBP 1M is not enough, assuming couple, 2 children, university.

Inflation is going to erode into your lifestyle very quickly if you are living off 'interest'.

I completely agree. However, I would have thought that by the time you are in this position, the kids, if you have them, will already have completed university and are no longer a burden.

I'm 50 soon and not very far off this "target". However, at 50 you could still have 40 years to go before you snuff it. That is a very long time to live off savings, so this probably wouldn't work. However, at its simplest level, you could still take 25k per year, which isn't bad, and better than many do while they're still working.