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Old 10th Oct 2017, 19:51   #1 (permalink)
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How rich are you ?

You might be among the richest people in the world and not realize it - Chicago Tribune

How wealthy are you compared to the world
Makes a surprising and interesting read

Wonder how much people here would feel comfortable to retire with ?

Think I read somewhere that in the UK to be classified as rich you has to be worth £8.4 million and above
I presume comfortably off is ??

http://www.dailymail.co.uk/news/arti...neighbour.html

Tom Conti bought his London property for £165 K 30 years ago and put it on the market for £17.5 million )not a bad investment
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Old 10th Oct 2017, 20:02   #2 (permalink)
 
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Originally Posted by Pace View Post
Wonder how much people here would feel comfortable to retire with ?
£100k pa. SO back in the day when you could get 5% interest, then if there was also zero inflation the answer was £2m capital in the bank.

But at times, like the present, when inflation is higher than interest, no finite amount of cash is sufficient. So you need other investments, ie you need to gamble, which you might have hoped not to have to do in retirement.

Anyway I don't know how much is enough, but I do know that if you've only got £2m it's far too little. (Not counting the house you're living in, of course, as you can't eat that.)
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Old 10th Oct 2017, 20:20   #3 (permalink)
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I suppose it depends on how long your going to live after retirement if a couple of years you could have a lot of fun with £2 million
If your going to go on into your nineties then £2 million ?

But then someone said to me once you hit 75 what do you need? a computer armchair and telly set
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Old 10th Oct 2017, 20:26   #4 (permalink)
 
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How rich am I ? Very. In possession of good health and calm mental equilibrium.
I hit 75 a while ago. The last things I need are armchair and telly; currently a student of horsemanship, (it's a lifestyle and lifetime thing).
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Old 10th Oct 2017, 20:28   #5 (permalink)
 
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Funny that the UK has now restricted pension pots to 1 mil.
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Old 10th Oct 2017, 20:30   #6 (permalink)
 
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pace you can do it with a lot less than you imagine

I might be able to do it now if it wasn't for starting a family late.

If you choose the right country then you would need sustainably less than 1 million to have a very comfy life for 40 years of retirement.

Euro or pound take your pick . ;-)
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Old 10th Oct 2017, 20:34   #7 (permalink)
 
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https://www.youtube.com/watch?v=8dPzFUiY-tg
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Old 10th Oct 2017, 20:42   #8 (permalink)
 
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Quote:
Originally Posted by Pace View Post
You might be among the richest people in the world and not realize it - Chicago Tribune

How wealthy are you compared to the world
Makes a surprising and interesting read

Wonder how much people here would feel comfortable to retire with ?

Think I read somewhere that in the UK to be classified as rich you has to be worth £8.4 million and above
I presume comfortably off is ??

Tom Conti puts home he bought for £165k on market for £17.5million | Daily Mail Online

Tom Conti bought his London property for £165 K 30 years ago and put it on the market for £17.5 million )not a bad investment

It's an interesting point. Looking at those numbers, then I'm in the top 1% globally. The interesting thing is something a very non-politically correct boss said to me not long after I first joined what was then the Scientific Civil Service. At my interview, he had looked through my application form (whilst chain smoking) looked over the top of his half moon glasses, and remarked, in a very disdainful tone of voice "It says here that you went to a Secondary Modern School, I didn't realise they actually educated people"........

Later when I got the job, he reminded me that working in his lab meant that I was one of the top 1% of the population, and must not forget that.

Funny the things you remember, and the things that trigger those memories.
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Old 10th Oct 2017, 20:53   #9 (permalink)
 
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The usual problem for us....

From where we started, we're extremely rich on paper....

But to live like the millionaires that we are on paper, we'd have to give up an awful lot of what we spent the 40+ years working our butts off to acquire in the first place.
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Old 10th Oct 2017, 21:19   #10 (permalink)
 
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You can try this and find out exactly how rich you are in comparison.

Global Rich List

Apparently i'm the 5,067,405th richest person on earth!!
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Old 10th Oct 2017, 21:35   #11 (permalink)
 
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Originally Posted by IcePack View Post
Funny that the UK has now restricted pension pots to 1 mil.
.. only as far as tax treatment is concerned, you can have a pot greater than that if you are prepared to take the tax consequences. Then there are things such as 'Furbs' and 'Uurbs' which are a whole different ball game.
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Old 10th Oct 2017, 21:40   #12 (permalink)

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Maybe wealth is a relative issue and luck also plays a part ? I took the Queen's shilling at 16, did my flying course at 25 and left at 31. Did the ATPL exams as a resettlement course and went straight into a flying job (they were crying out for pilots in 1990 and took anyone) then stayed with the same company through various ups and downs for 25 years.

The last 2 years were spent fighting cancer while drawing full pay (my employer was loyal in those days), after which I asked for and received voluntary redundancy, a nice lump sum and a decent pension. So I retired at 56.

All in all a lucky life; apart from the cancer of course. I also shed 2 wives and a load of money. I'm far from "rich" but own my house outright and get a monthly income to pay the bills, keep me in beer and food and take a few breaks away each year.

Of course a few million in the bank would be welcome, but I have enough.

NEO
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Old 10th Oct 2017, 21:53   #13 (permalink)
Está servira para distraerle.
 
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Not rich enough to be able to provide a decent sort of education or nest egg for my grandchildren, two of whom live in one of the most heavily taxed and unprovided for countries in the western world. One where aspirations are frowned upon, wealth is derided down to the last common denominator and where there is a nasty green eyed Marxist government waiting in the not so dark shadows.
Other than that, after four entirely unrelated cancers, one divorce and a great deal of fun and financial wastage, I count myself extremely lucky to be alive let alone to be sitting where I am now, just off the coast of Venezuela, where I am observing at first hand the refugees fleeing from the antics of the bosom buddy friend of the erstwhile next ruler of the next grand Panjandrum of Britain.
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Old 10th Oct 2017, 22:08   #14 (permalink)
 
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Jet II,

You’re rich, I’m only the 146,091,607th richest.

GF
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Old 10th Oct 2017, 22:21   #15 (permalink)
 
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Rich, well-off, comfortable?
I own my own property (mortgage free)
I own my own car (loan/lease free)
I pay the utility bills as soon as they arrive.
I buy decent grub.
I have two holidays a year.
I buy good quality togs.
I put money away in a savings account.
By Kensington or L.A. standards I'm probably a low earner but my combined state and railway pension allows me all of the above. What more do I need?


Well, I would like my wife back, I miss her terribly but life goes on.
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Old 10th Oct 2017, 22:42   #16 (permalink)
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Blimey, GF, I come in at 130,931,478, but I forgot to include me pension...

Quote:
Well, I would like my wife back, I miss her terribly but life goes on.
I've been thinking similarly a lot recently; helping to support my dearest friend through grief this last month - she did the same for me two years back - has redoubled my appreciation of close friends and family. Currently spending a couple of days with brothers and sisters I don't see that often and it's been good.
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Old 10th Oct 2017, 22:43   #17 (permalink)
 
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Originally Posted by RedhillPhil View Post
Rich, well-off, comfortable ? What more do I need?
YOU, Sir, are the one who rightly answers that question.

Would you prefer to have it answered by people like this ?:

https://www.youtube.com/watch?v=IpoTSeuLffA

They are more than eager to supply their answer.
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Old 10th Oct 2017, 23:30   #18 (permalink)
 
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I must be one of the poorest here. Top 3.76%
169,274,987.
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Old 11th Oct 2017, 03:36   #19 (permalink)
 
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Not rich enough.
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Old 11th Oct 2017, 07:15   #20 (permalink)
 
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No idea where we number in the big picture but after almost 39 years of RAF time and a variety of enjoyable jobs for my better half we find ourselves very nicely placed for our retirement.

I finished at 55 whilst my lovely wife finished at 53. We are debt free home owners with a 4 month old car and a 3 year old motor home sat on the drive, both paid in full with cash. We spend on average 5 months a year travelling and the rest of the time enjoying our two lovely granddaughters.

Both our kids are settled and in great jobs and we know our house will eventually go to them so they are sorted.

As someone previously wrote winning a couple of million on the lottery would be a very nice bonus but quite frankly between our pensions and cash savings we have plenty to keep us smiling.
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