How much money would you need to quit work forever?

[Beezknees]

Musing over this as I am on the way to work 😂

Everyone has different circumstances. I would need quite a lot to be able to never have to work again, I'm 33 and don't own a house or have many savings, and only have a small private pension. I think I'd need about £30million to feel comfortable quitting work permanently at this stage of my life.

30 million?!! I'm nearly 50. Reckon I could do it easily on 5 and could make it work on 3.

£2 million but we have a mortgage free house and no debts.
We could both do the odd bit of Consultancy as well

How have you got to a figure of 30million - that is a huge amount.

£30 million?! What??

You’re going to get all sorts of replies for this.

I haven’t worked since I was 32 and don’t plan to again. I had a high paying job and then some inheritance that enabled me to pay off my mortgage- not a particularly fancy home, just rural 3 bed semi- and I live a fairly comfortable life. Holiday abroad once a year, holiday in U.K., some savings (not much - under 5k), decent ish income from investments and dh works full time in a low ish wage job that he likes so is happy to keep working. I won’t work again - I’m mid 40s now. I certainly don’t need millions! But then others would be horrified at our lack of savings, and would be looking at things like huge pensions and private school funds etc.

£4m. I’d invest it and live off the interest. Early 30s but will be mortgage free in 5 or so years.

Half a million at most really. 120k left on mortgage. I'm 49. Husband has a couple of pensions so no mortgage and a decent amount in the bank would give us a buffer. Rest of the bills would be covered with the pensions.

Watching with interest as am leaving my job (teaching) without another job lined up.

I'm not very clued up on finances so I'd have no idea where to start regarding investments. I wouldn't want the hassle of being a landlord for example. So I based that on how much I'd want to have just sitting in the bank.

£1m would do - it would cover my pay until I get my state pension and top it up after that.

Enough to be able to live on comfortably for the rest of my life without ever having to do anything work related again, plus help my DS financially with a house. I'd be too nervous to leave work for anything less really as I'm not very financially savvy.

350k = my wages for 8 years til (retirement) plus 100k to pay off mortgage

Pay off mortgage £400k

School fees £200k

Uni fees£ 100k

Help kids with house £100k

Buy 3 flats to live off income . I would be a good landlord! £1Million

£100k savings

So about £2million.

Obviously if I wanted an extravagant life I would need more but I'd be content not having to work. How lovely.

I'd say probably 4. Enough to have a blow out of a fair bit, and then leave (at least) 3.5 to invest/ live off the interest comfortably but not overly extravagantly. The .5 would have the mortgage paid, new car, and probably a wee trip away somewhere.

Just calculated 30k a year (which is more than my income now) for the next 50 years until I'm 90 is 1.5m but if col continues to rise, as it inevitably will then double that to 3m and that should do me nicely.

Probably 3 million although I think I’d rather carry on doing something work related.

30 million? What on Earth would you do with all that? Blimey.
I quit work to look after my kids 10 years ago. Husband has good job over 100k. We have a comfortable home which is big enough for all of us and we can afford the mortgage. Can afford 1 holiday a year. Old cars but we don’t really mind. Nothing flashy but we are comfortable and don’t have to scrimp. Have bought the kids whatever they want for Xmas pretty much which has totalled around £400 each.
im not sure if I will ever work again. Might get something part time from home when the kids are older.
obviously if DH can’t work for any reason that will all change.
You really dont need a huge lump sum of 30 million to quit work!

I'm extremely sad, and wouldn't give up my job for all the money in the world! I enjoy it too much, gives me a sense of purpose, and something to motivate me to be a better person everyday. Even if I won the lottery, I wouldn't quit my job. I'd potentially do a day less so I could volunteer or do charity work, but I dread the day I can't work anymore, as I really do love having a life at work that's seperate to just being wife/mum/housekeeper. By the way, I don't have a great job, earn just above minimum wage, but I love the people I work with, the atmosphere when I'm there, the actual ins and outs of my job, problem solving and going above and beyond. Everyone says I should ask for a higher wage as I do so much extra, but I would happily do this job for pittance, because I find it so fulfilling and I'm definitely not in it for the money. Could also easily afford for me to not work at all, but I'd hate that! It's my day off today and I'm missing the place already!

Just realised what a loser I sound 🤣

£30 million??

I'd say about £2-3 million

I dont quite understand investments either so I dont know how much income I could generate from 500k say without just eating away at the original amount 'til it ran out.

But if i had 1.8 million, i could pay off the mortgage then divide the remainder up over 45 years, which would be enough for me and my husband to exceed our current lifestyle assuming the tax is the same as paye?. Im not sure how much inflation would affect this, but at 65 we'd get our private pensions and at 68, any remaining semblence of a state pension (assuming its not means tested by then). We'd also downsize at that point too so there'd be some bits to counter inflation.

My DH and I retired early to mid 50’s with a million and half in our pension pots and we have a decent size house in the South East without a mortgage that we could downsize from if we wanted/needed to. This is absolutely plenty of money for us.

I'm 48. Assuming I live till say 90, at half a mill a year to be completely and utterly comfortable, that's £20m. I could do it in £10m. Money really doesn't go as far as people think. A nice properly top notch private care home can easily cost £150k a year in your twilight years.

If you had 30 million, you could draw 500,000 every year for the next 60 years. That is without any interest/capital growth. You must be on a fantastic salary if you need an income of half a million per year.

You must be a really high earner OP. Just say that you have 30 years more of working - that's £1m a year per year after tax you think you would need?

I could leave work now on £1m if I invest it wisely. I would rather work very part time than give up work completely though. I like working hard and find that I appreciate time off much more when there's not an endless supply of it.

30 million is insane