To retire in 20 years....

[rootsnall]

what is oddk?????

40oddK = 40 odd thousand = >40K and <50K

Google for an annuity calculator and put in aged 57 etc

[BlackenedBiker]

Does that mean you have to save 1500 in today's prices every month ie going up each year with inflation or is it 1500 forever regardless of inflation?

£1500 with inflation factored in at 3% pa

[Jeebo72]

Live fast die young. Who really wants to go about for 10 years without a prostate peeing into a bag (granted this is a male perspective!). Spend your money, that isn't being used on fast cars, on high class hookers, coke and mdma. The rest just waste.

[DieScum]

£1500 with inflation factored in at 3% pa

Do you mean the 1500 will go up each year. So year 2 you have to pay 1545, etc?

[DieScum]

Live fast die young. Who really wants to go about for 10 years without a prostate peeing into a bag (granted this is a male perspective!). Spend your money, that isn't being used on fast cars, on high class hookers, coke and mdma. The rest just waste.

I dunno. I quite fancy being an old codger with time on my hands and money in my pocket.

Imagine retiring at 55 with enough cash to tour the world. You can expect at least another 15 years, probably more, of good health. Sounds wonderful.

[Fat Dave]

I don't understand this: why would you save £1m then buy an annuity?

Why not save £1m and live on the money itself?

Exactly, you need to buy annuities early and then live long enough to get your money back. I bought one last year and I need to live another 26 years to get the capital back. Beyond that I'm in profit. Cash in the bank is better, as long as you eke it out for as long as you live.

[Jeebo72]

I dunno. I quite fancy being an old codger with time on my hands and money in my pocket.

Imagine retiring at 55 with enough cash to tour the world. You can expect at least another 15 years, probably more, of good health. Sounds wonderful.

Yeah but nobody does it. My father in law, who said he's do all that, could have sold up his business at 50 for around $5m (lives in US). He didn't. Still works today at 63 even though his wife wants him to give up.

My freinds wife had the option last year to sell up at £3m at the age of 44. Even though she wants to "find herself" yada yada, she didn't and went back in for a min 5 years ...

We all fancy it, no one really does it... work til the grave is suspect.

[DieScum]

Well now we know why you can so relaxed about retirement saving. You have a rich father-in-law and a big inheritance coming.

Regarding "Nobody does it." Doesn't matter what everyone else does. As long as you do it who cares about other people. They are probably happier that way... but you want to at least give yourself the choice.

[BlackenedBiker]

Well now we know why you can so relaxed about retirement saving. You have a rich father-in-law and a big inheritance coming.

Regarding "Nobody does it." Doesn't matter what everyone else does. As long as you do it who cares about other people. They are probably happier that way... but you want to at least give yourself the choice.

Clearly it's a case of pay now or pay later. But be sure you are going to pay.

I am really glad I did the homework. It puts the whole thing in proportion for me.

A lot of saving is required me thinks. I don't want to be poor when I am old....

[Jeebo72]

Well now we know why you can so relaxed about retirement saving. You have a rich father-in-law and a big inheritance coming.

Regarding "Nobody does it." Doesn't matter what everyone else does. As long as you do it who cares about other people. They are probably happier that way... but you want to at least give yourself the choice.

You're right. It's what you do, all I'm saying is that everyone says they'll retire early, tour the world, but the people I know (and there's a few more), who've genuinely had the chance to persue "their/those dreams" haven't. Their work defines them. It's their life. They are scared, I suspect, of leaving even though they've enough money never to worry about the rest of their lives. I've had friends die of cancer at 26 and 37. One this year at 62 (a very rich man) has just found out he's got prostate cancer...we all worry about tomorrow, and forget today. You can't take it with you.