Could you retire for rest of your life with a million Quid

sfwcork

I dont know If I could.I certainly would have a good few years of enjoyment but I dunno if I would retire

jesus_thats_gre

You could as having the 1 million up front would be a massive advantage. If you were given 20 grand a year the next 50 years, that would likely be different story - unless you moved to parts of Asia, South America or Africa...

You might get 20-30k interest pa on that if you invest the lot, liveable

SEPT 23 1989

Invest in cheap houses and live off the rents

very comfortable life

Merch

yes without investing, but keep it quiet,
could afford not to be frugal, wouldnt be scabby but wouldnt announce it to anyone a certainly couldnt be overly generous, if anyone found out and think that they deserve 50k or something can fcuk off .

juan.kerr

jesus_thats_gre wrote: »

You could as having the 1 million up front would be a massive advantage. If you were given 20 grand a year the next 50 years, that would likely be different story - unless you moved to parts of Asia, South America or Africa...

Think I'll stick with the northern hemisphere.

Living off the interest of 1 million in Ireland without eating into the principal amount and with deposit rather than something riskier would give you maybe EUR 25k after DIRT tax (ignoring inflation).

With that amount of savings you presumably wouldn't get a means tested social welfare payment so you'd have EUR 500 a week.

You could obviously use 250k / 300k to purchase somewhere to live but that would diminish the principal you need to live on.

Culleeo

I'm sure you could live comfortably if you used the money wisely. I would like to think I'd keep working if I had a million in the bank. The only issue is, the mornings you wake up and wish you didn't have to get up for work or college, I'm sure I would think to myself, I've a million in the bank, I'm quitting.

Ghost Buster

Im not sure but I am willing to rise to the challenge. Send the cash to PO Box 2473 and i will endeavour not to disappoint.

krudler

could live the exact same as I do now not a bother, think about it if you're on 25-30k a year thats nearly 40 years of living right there. factor in the money you wouldnt be spending commuting to work, lunches, other work related expenses etc, easily done. you wouldnt be splurging it all on crazy expensive sh1t but a perfectly normal month to month existence sure.

GRMA

I'd retire from work but I'd do something worthwhile, like charity, politics or what not, wouldn't sit on my hole.

poeticseraphim

If you are financially astute you could...it is not so much how much you earn but what you do with it that counts.

I think i would like to do what i do now as i enjoy it. But you could certainly use your money to make money.

Celly Smunt

if i retired now i would die from boredom.

juan.kerr

krudler wrote: »

could live the exact same as I do now not a bother, think about it if you're on 25-30k a year thats nearly 40 years of living right there. factor in the money you wouldnt be spending commuting to work, lunches, other work related expenses etc, easily done. you wouldnt be splurging it all on crazy expensive sh1t but a perfectly normal month to month existence sure.

Or why not work hard, get qualifications / promotions and take home more money.

juan.kerr

GRMA wrote: »

do something worthwhile, like...politics

Nice to see that at least one person in the country isn't cyncical about politics / politicians.

sink_or_swim

sfwcork wrote: »

I dont know If I could.I certainly would have a good few years of enjoyment but I dunno if I would retire

anyone with half a brain could retire on a million quid provided they didnt live like gerry ryan or one of those american rappers

you simply stick it in a fund and live off the dividends , a million quid will pay you close on 25 k per year on that alone and after twenty years should be worth two million

squod

juan.kerr wrote: »

Or why not work hard, get qualifications / promotions and take home more money.

Or take up something you might be talented at. Sports, athletics, ball games, whatever. Rather than waste it working away in some poxy office or factory.

Aspire.

sfwcork

wrote:

Originally Posted by GRMA
do something worthwhile, like...politics

great to se that us irish still hve our sense of humour

juan.kerr

sink_or_swim wrote: »

you simply stick it in a fund and live off the dividends , a million quid will pay you close on 25 k per year on that alone and after twenty years should be worth two million

If you live off the interest then the principal amount won't be growing.

Plus it depends on how old you currently are. Might be okay for someone in their sixties but maybe not for someone in their thirties (an additional 30 years of inflation while principal isn't growing will have a big impact).

juan.kerr

squod wrote: »

Or take up something you might be talented at. Sports, athletics, ball games, whatever. Rather than waste it working away in some poxy office or factory.

Aspire.

I actually enjoy my job, I might choose to contract but would remain inthe same industry.

A few years of constant 'ball games' and you'd be pretty bored.

steve9859

If you're going to retire, you're going to have time on your hands. You'll therefore want to do stuff. Whilst £25k per year might be enough to kick around the house, it ain't enough to have any fun.

So no, £1m is nowhere near enough.

sink_or_swim

juan.kerr wrote: »

If you live off the interest then the principal amount won't be growing.

Plus it depends on how old you currently are. Might be okay for someone in their sixties but maybe not for someone in their thirties (an additional 30 years of inflation while principal isn't growing will have a big impact).

where did i say live off the interest ? , i said live off the dividends , the principal still gains or looses depending on the market over time

its an even sweeter deal for someone in thier thirties as they have longer for thier equity to grow , the stockmarket gives a return of about 10% per anum over a thirty year period , historically speaking

You want secure investments on retirement if it's your only income, not messing with the market

its an even sweeter deal for someone in thier thirties as they have longer for thier equity to grow

That logic is for retirement funds when you are employed and have a long time til retirement. That's why it's a "longer time to grow".

sink_or_swim

bluewolf wrote: »

You want secure investments on retirement if it's your only income, not messing with the market

which investments are more secure than the market ? , assuming our idea of what constitutes the market is the same

juan.kerr

sink_or_swim wrote: »

where did i say live off the interest ? , i said live off the dividends , the principal still gains or looses depending on the market over time

its an even sweeter deal for someone in thier thirties as they have longer for thier equity to grow , the stockmarket gives a return of about 10% per anum over a thirty year period , historically speaking

See bluefaces comment.

These 'funds' are a bit more hit and miss that you seem to think. I wonder what the net gains are after fees, CGT and taxes on dividends.

Most private pension schemes will move away from riskier investments as the person gets closer to retirement and will ultimately buy an annuity which is also low risk.

Tell those who retired in 2002 or 2010 about the '10% per anum over a thirty year period'.

af_thefragile

I guess I could buy a decent house and a decent car for a million quid. But then I'll need to do something with the rest of the money or else within a decade I don't think I'll have a lot left. Probably look to invest it in a business or something.

If I had a billion on the other hand, I wouldn't need to work a single day in my life ever!

juan.kerr

sink_or_swim wrote: »

which investments are more secure than the market ? , assuming our idea of what constitutes the market is the same

Is this the same 'market' that has collapsed twice in the last decade or so, and has taken trillions of government borrowing to be propped up?

juan.kerr

af_thefragile wrote: »

I guess I could buy a decent house and a decent car for a million quid. But then I'll need to do something with the rest of the money or else within a decade I don't think I'll have a lot left. Probably look to invest it in a business or something.

If I had a billion on the other hand, I wouldn't need to work a single day in my life ever!

The figure I have in my head is 10 billion.

Oh, whatever amount, I'd keep working in finance anyway. Find it interesting and I'd go nuts not doing it

flas

Build a house and pay for it up front!work part-time for the rest of your days and you will live very very comfortably!i know if i didnt have to pay rent or a mortage every month id be well off!

sink_or_swim

juan.kerr wrote: »

See bluefaces comment.

These 'funds' are a bit more hit and miss that you seem to think. I wonder what the net gains are after fees, CGT and taxes on dividends.

Most private pension schemes will move away from riskier investments as the person gets closer to retirement and will ultimately buy an annuity which is also low risk.

Tell those who retired in 2002 or 2010 about the '10% per anum over a thirty year period'.

im refering to index etf funds ( DIY) which cost less than a half of one percent per year , four out of five managed funds which the banks flog never make any money as they are gobbled up with fees and even the ones which make money , rarely ever do any better than index funds

the market has seen zero return since the year 2000 ( excluding dividends ) but thats only a twelve year period , the market boomed from 1982 to the year 2000 so over a thirty year period , the returns were decent

Gumbo

Not enough to retire, but enough to allow you to enjoy work better as your not simply living to work as such.

Or if you didnt enjoy your job, start your own business in an area that you do enjoy.

sink_or_swim

af_thefragile wrote: »

I guess I could buy a decent house and a decent car for a million quid. But then I'll need to do something with the rest of the money or else within a decade I don't think I'll have a lot left. Probably look to invest it in a business or something.

If I had a billion on the other hand, I wouldn't need to work a single day in my life ever!

you could buy six decent houses with a million quid , a million would buy four and you could easily borrow for another two without a blink from the bank

id still rather stick it in the stockmarket however , your assetts are more liquid and not at the mercy of a tiny economy on the edge of europe

krudler

juan.kerr wrote: »

Or why not work hard, get qualifications / promotions and take home more money.

can I do that and still have the million quid? I'd love to have enough money where I could do something I want and love to keep me entertained not work an office job

af_thefragile

sink_or_swim wrote: »

you could buy six decent houses with a million quid , a million would buy four and you could easily borrow for another two without a blink from the bank

id still rather stick it in the stockmarket however , your assetts are more liquid and not at the mercy of a tiny economy on the edge of europe

Well, by decent I meant a nice house, like in 4bed semi-detached in a nice part of Dublin. You're looking at least around €400-500k.

If you buy a big house in the middle of nowhere or in a suburb which is a good distance away from the city centre then there is a good chance you may lose big money on the house if the market goes bust like it did in 2007-08. But if you buy a house in a upmarket part of Dublin and don't buy it stupidly expensive, then there's a good chance you won't lose any money on your house. Dublin isn't going to become any smaller and less significant in the future unless something major happens and the upmarket areas of Dublin will remain upmarket throughout the years and will hold their value better than the less affluent areas.

steve9859

sink_or_swim wrote: »

im refering to index etf funds ( DIY) which cost less than a half of one percent per year , four out of five managed funds which the banks flog never make any money as they are gobbled up with fees and even the ones which make money , rarely ever do any better than index funds

the market has seen zero return since the year 2000 ( excluding dividends ) but thats only a twelve year period , the market boomed from 1982 to the year 2000 so over a thirty year period , the returns were decent

So you suggest putting the entirety of your million pounds in an index etf fund?

Hmmmm.....hope you don't work as a financial advisor!

sink_or_swim

steve9859 wrote: »

So you suggest putting the entirety of your million pounds in an index etf fund?

Hmmmm.....hope you don't work as a financial advisor!

ok , the half of it , spend the other half on a bond portfolio and the rest on a few investment properties , sounds like a pretty balances portfolio to me

Permabear

This post has been deleted.

Fighting Irish

Culleeo wrote: »

I'm sure you could live comfortably if you used the money wisely. I would like to think I'd keep working if I had a million in the bank. The only issue is, the mornings you wake up and wish you didn't have to get up for work or college, I'm sure I would think to myself, I've a million in the bank, I'm quitting.

lol

asherbassad

sink_or_swim wrote: »

anyone with half a brain could retire on a million quid provided they didnt live like gerry ryan or one of those american rappers

you simply stick it in a fund and live off the dividends , a million quid will pay you close on 25 k per year on that alone and after twenty years should be worth two million

Indeed...you could live like an Emperor in Thailand on 25k a year. Eating out everyday, chilling by the beach, etc. In fact you'd be hard pressed to burn through 25k in Thailand unless you blew it on pleasures of the flesh.

bluecode

I seem to remember an assessment some years ago concluding that you would need at least £3m to live off it for the rest of your life. That's pounds sterling, so that would make it closer to €4m.

But if you work it right you can turn a million into several million with a bit of shrewd investing. Or lose it all.

I don't think you can give up work with a million but you can use it to get the job you really want. It's been described as 'F**k you money'. If your boss gives you hard time you'll have the freedom to say 'Eff you' and walk.

In fact a lot of people are effectively worth over a million. But they continue to work and carry on with their lives as if they didn't have it. It's ridiculous to say it, particularly as I don't have a million. But it isn't much money these days. A couple of fancy cars and a big house would use it up very quickly. A €500,000 house, and two €100,000 cars is €700,000. It will be soon gone.

krudler

Fighting Irish wrote: »

lol

I dont get this either, its like lotto winners who still work, unless you've got the best job in the world and you'd do it for free, fcuk. that. sh1t.

Galwayguy35

The very first lotto millionaire who won £1 million back in 1989 lives a few miles from me, they spent very little of it so it must be worth well over 2 million now.

bettyswollocks

Well, I managed to do it on less than half that amount.

I invested into the market, in stages, over the past 2 years, to get an average entry price. Its a combination of ETFs and high-yielding equities. I dont like bonds and the yields on them are now too low, without resorting to emerging markets or high-yield, non-investment grade bonds. I dont like funds either, costs of entry/exit and ongoing fees are too much. I dont trade the stock market; i am an investor. What about inflation I hear you say... I only buy companies that have a progressive dividend policy. That way, I can spend the income without worrying about inflation, and I never touch the capital sum. In fact I will try to add to it next year. I dont react to market volatility and I know how to spot a bargain, as I would only be buying it as an income stream. I have a watch-list and I stick to it. Theres a high-yield ETF called IDVY. Thats a good way to start this process.

I am 44 years old, with no mortgage and I was pretty well determined to do this. I found that I could no longer work for other people, and that I am not really into working, full-stop. I spend very little, and yet I still can do most things, socially that is. Yes, I realise that I am lucky.

Its not about how much you earn, its what you do with the money you save. I think I saved 90% of my income in the last few years, and I was ruthless about this... I cut my own hair!

Good luck to all.

krudler

bettyswollocks wrote: »

Well, I managed to do it on less than half that amount.

I invested into the market, in stages, over the past 2 years, to get an average entry price. Its a combination of ETFs and high-yielding equities. I dont like bonds and the yields on them are now too low, without resorting to emerging markets or high-yield, non-investment grade bonds. I dont like funds either, costs of entry/exit and ongoing fees are too much. I dont trade the stock market; i am an investor. What about inflation I hear you say... I only buy companies that have a progressive dividend policy. That way, I can spend the income without worrying about inflation, and I never touch the capital sum. In fact I will try to add to it next year. I dont react to market volatility and I know how to spot a bargain, as I would only be buying it as an income stream. I have a watch-list and I stick to it. Theres a high-yield ETF called IDVY. Thats a good way to start this process.

I am 44 years old, with no mortgage and I was pretty well determined to do this. I found that I could no longer work for other people, and that I am not really into working, full-stop. I spend very little, and yet I still can do most things, socially that is. Yes, I realise that I am lucky.

Its not about how much you earn, its what you do with the money you save. I think I saved 90% of my income in the last few years, and I was ruthless about this... I cut my own hair!

Good luck to all.

Are you the soapy arse woman?

jaydoxx

Does the best answer get a million yoyos? Are you some generous dying billionaire OP?

nbar12

simple answer: No

mike65

yes, as I'm old

Siuin

You wouldn't want to be planning to live all that long...

Stinicker

10 to €12k a year is enough to live comfortably in somewhere like Thailand, however you have to allow say 3 to 5% for inflation each year no matter where you are. In 30 years time €10m will probably be needed

hmmm

There's a lot of research done on "safe withdrawal rates", which is the amount it is safe to withdraw without running the risk of exhausting your assets. If anyone was seriously considering this, it is worth a read.

It doesn't help however that this government has decided to start stealing the principal from pension funds.

tolosenc

€5 million is the target. If you can get 2% pa on that, you're making 100k a year. Happy out.