Could you retire if you won a million?

[DTS]

We are having a inter-office debate. Sandie has just claimed that if she won a million she would retire. (She is 45ish). Ben has backed up this claim and said thats someone could go if he won a million and never work again ( He is 31).

Now I dont really think a million is enough to retire ( I am 27)

There arguement is that a million would give you say £3500 interest a month which would they say be enough to live off.

My arguement is that if you spent the intrest every month then your million in real terms if being eroded down by the cost of inflation. I also said that as soon as you buy a nice house ( Say £400,000 ) then your interst drops almost instantly.

Who is correct?

 

[canveyshrimper]

Even at my age (85) a million is not enough to retire on. I'd pay off the mortgage, buy a Ferrari, have plenty of wine, women & song, and probably waste the rest.;)

 

[Yorkshire Blue]

A million pounds wouldn't be enough to retire on, but if you invested it on the right horse you might be able to retire on that.

Tony The Kray, any tips what to do with my £1million?

 

[Cricko2]

Ah.... But his comes back to the theory of "What is enough"..I think it depends if you value material things and a flash lifestyle over contentment and just being happy with what you have. I know many VERY rich people who to this day are as tight as ar$eoles and always complaining they never have enough..Whereas I tend to just go with the flow these days. I feel if that is your mindset to want want want you will never be truly happy ......A million would easily do me ...


Now Pass it over!:D

 

[chadded]

I Believe that if I was to win a million, I could get out of my current job, and develop 'Business interests' that would enable me to work even less that I currently do, and be able to afford to retire in less than 2 years.

I'm 20.

 

[duncan bulgaria]

I would spend the next 10 years in Thailand were you can't physically spend £3.5k a week and then come back here where i'd spend the next 20 years with my feet up and then i'd cheekily live of my work pension after that :eek:

 

[MrB]

I would buy Drewe Broughton and allow him to graze freely in a field somewhere.

 

[SARF]

A million quid tax free.. mm you would have to earn 50 k a year for about 30 odd years to get that much dough.. and thats not even including the value of having the money up front.. (ie the intrest and inflation meaning the last 50 k you earnt in 30 years time would buy a cheap car).. I think you could comfortably retire.. even at 27..

 

[fatshrimp]

so, the question should be: Can you live on 3.5k pm and out of that pay any mortgage, bills, debts, eat and clothe any family you may have, entertain yourself (and presumably your spouse), go on holidays?

Personally, I would say it could be done, but would be tight and you wouldn't be living the high life.

So, the weight of expectation would be upon you, invariably leading to "I'm a millionaire" moments of madness resulting in impulse purchases you don't really need or can't afford.

I reckon 2mln is the minimum required considering the things you'd want to do.

 

[Cricko2]

So going on the vote so far we have 10 Wanabee millionaires already ..:p

 

[callan]

The interest on a lottery win of 1/2 a million is approx 1200 quid a month so double that you have 2400 pounds a month.
If you dont blow the million in say the first 10-15 years and go for the million in the latter years it can be done.

 

[Mr. Benedict]

I don't think you could personally - overheads would be a definite problem as no doubt people would try to live the high life. Two million though....

 

[Cricko2]

The interest on a lottery win of 1/2 a million is approx 1200 quid a month so double that you have 2400 pounds a month.
If you dont blow the million in say the first 10-15 years and go for the million in the latter years it can be done.

I hardly think you can come into this vote mate with your wife's extravagant household exspenditure. I doubt 4 Million would help ..:p

 

[sufcintheprem]

Assuming that I lived for 60 years and my bank was stingy enough to give me interest at the rate of inflation, a million would give me 16,667 (in real terms) for the next 60 years of my working life.

Doesn't sound like a lot to me but I suppose if you get your house at face value rather than paying a mortgage, that would save a fair chunk.

Personally, I'd use the time off to further develop my betting model which is currently just over breaking even excluding the National.

One other thing to bear in mind is that if you retired, you'd have a hell of a lot free time and you're probabyl going to spend significantly more than when you're at work.

 

[The Artful Shrimper]

I could pay off my mortgage and still have 925k left. Invest 600k to give me a living return, go college and doss about with students for the rest of my life learning arty farty things.
Would get a job as a shelf stacker part time just to wind up some insurgency amongst the proletariat.

Yep 1 million is more than enough, unless I get a taste for marching powder, champagne, oysters and high class slags that is.

 

[Kenny]

I've given this some thought in the past, a soltry millions winnings in todays money and future moneys value is less and less. I reckon a lottery win of 3 million or more could give someone in their twenties enough to retire on providing you weren't too lavish in spending. I'd probably buy a nice house and car, treat myself to mini world trip and then live off the interest.

 

[callan]

I hardly think you can come into this vote mate with your wife's extravagant household exspenditure. I doubt 4 Million would help ..:p

A sad but true story about Mrs C is that she has spent so much money on the qvc shopping channel last year, she got an invite to their Xmas do!

 

[Mad Cyril]

I'd spend the lot on scratchcards.

I reckon having a silver hand would be a great icebreaker at parties.

 

[DoDTS]

Dave Trust me if YOU win a million, it is enough for ME to retire on.

Thanks for donating all the cash to me, but save a little to have a drink on me won't you.

 

[Cricko2]

Dave Trust me if YOU win a million, it is enough for ME to retire on.

Thanks for donating all the cash to me, but save a little to have a drink on me won't you.

Sorry dad of DTS..but he has to keep some back for his forthcoming Wedding.;)