Anonymous asked in Business & FinancePersonal Finance · 12 months ago

What Networth is enough to retire on in England?

I don't want a luxurious retirement, just a modest one and enough to live on and have a few treats and a few holidays now and then.

6 Answers

  • 12 months ago

    Well, in what city or town? What do you need to live and what can you provide for yourself?

    In the US, I currently like a number in the $2mil USD range...

  • Anonymous
    12 months ago

    A million quid..................................................

  • There are too many variables in this, including health care for your projected life span.

    Brexit makes the future too unpredictable.

  • Anonymous
    12 months ago

    Many advisors say that you need about £250,000 to retire comfortably. But the reality is that most people in the UK retire at about age 65 and they on average have a net worth of £150,000. In fact that figure is actually skewed as the mulit millionaires make that figure higher than the reality.

    To find out how much the averag Brit retires on, you should find the median. The median in the UK for the net worth of the average retired 65 year old is more around the £100,000 mark.

    I would personally say that if you have a net worth of around £200,000 to retire on in your mid 60's, then that is more than enough to have an enjoyable life. I know several people who have retired on a networth in this region and they are more than comfortable. Most of the £200,000 should be invested though, with the rest used for day to day essentials and enjoyment

    So I would say that .£200,000 would allow you to retire comfortably at age 65 in the UK. But if you want a very comfortable life, then a net worth of £400,000 would give you an extremely comfortable life. Where you could go on holidays frequently and go out most days of the week without having to worry about money too much. It would allow you plenty of other luxuries as well.

    Note that this all applies to most places in the UK that are outside of London. If you live within London, then I'd say that you should retire on a net worth of £300,000 for a comfortable life and a net worth of £500,000 for a very comfortable life within London.

    Note, don't feel too bad if you don't think that you can't retire on these net worths, because about 60 to 70 percent of retired Brits retire on net worths less than the figures that I have been given. I hope that my answer was helpful to your question.

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  • Maxi
    Lv 7
    12 months ago

    Really depends on what nationality you are with regards to if you could or not get a visa to do so, there are no 'retirement' visas... people already in the UK and wishing to extend their visa and remain and retire, the HO state they have to have a minimum yearly disposable income of £25,000 and meeting several other requirements.....

    If you are American it is not a straightforward process and unlikely you will get a visa, if a commonwelth citizen then there are more options

  • Anonymous
    12 months ago

    That is the $64,000 question (and that isn't nearly enough). It depends when you retire, how long you plan to live for and what your needs are the older you get. A good start would be to own your own home and have a healthy pension pot, which analysts reckon should be about a quarter of a million quid, plus your state pension which is set to be later than at present. Low interest rates are not good news as you still rely on some growth to avoid eroding capital.

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