Retiring on a lottery win

[mossdog]

.........well with the £167 million a Spanish person has just won you could buy = 3 top footballers or say a couple of top paintings!

[Agent Orange]

I could easily retire on £1m. I wouldnt want a mansion, fancy cars or expensive lifestyle. I would lead a simple life on a remote island somewhere that's not here.

[Guest sibon]

I don't even buy a ticket, so not much chance of winning.

 

Only very slightly less chance than those who do buy a ticket:)

[northernboy]

 

---------- Post added 19-10-2017 at 08:24 ----------

 

.

 

---------- Post added 19-10-2017 at 08:25 ----------

 

 

 

---------- Post added 19-10-2017 at 08:28 ----------

 

 

You've not said your approx age, but assuming you just divided up the capital and lived off it, would that take you to stage retirement age, or to some age where you think you'd probably be pushing up daisies?

 

Assuming my current spending remains fairly constant plus inflation, the latter. I will have a private pension but hold very little hope of a decent state pension.

[ANGELFIRE1]

At just shy of 68, a million would suffice - easily.

 

Angel1.

[Cyclone]

Are you already retired? If so I guess the question is moot.

[mrcharlie]

I'm obviously really boring but I reckon I'd give up work if I win even half a million. Divide the amount won by the number of years I would have been working and I'd still have more than enough to replace my monthly income even just from living off the capital. To me, the freedom from work is more important than an extravagant lifestyle.

 

Completely agree.

 

The biggest luxury is freedom, not silly materialistic items.

Being able to retire young(ish) and be relatively fit and healthy is far batter than retiring later when older and worn out.

 

If we won only what we could earn for the remainder of our working lives, we'd both do it in a heartbeat.

 

I've no desire to create envy - a simple life would suit me just fine.

 

Oh, and I wouldn't give a penny to anyone, because I know damn well they wouldn't give it to me!!

Edited November 14, 2017 by mrcharlie

[Cyclone]

Unless you're close to retirement and/or earn very little, 0.5 million wouldn't last for very long...

Assuming that the we means 2 working people, it's approaching 30k/year just on minimum wage right. So that's not going to last 20 years, ignoring the effects of inflation (which will erode it even faster).

Even at retirement age today most people will be hoping that they've got 20 years left I'd think. So if you're talking about retiring when still young(ish), fit and healthy, then that retirement is going to come to an awkward end when the money runs out.

[mossdog]

......the old saying always holds true ,"Contentment is Wealth"..........always assuming you've got a little!

[Cyclone]

Contentment doesn't keep a roof over your head or food on the table.

So arguably, some level of wealth is contentment. Beyond that, not so much.