To ask how much money you would need to live comfortably

[PaddleBoardingMomma]

Imagine you get £x amount deposited into your bank every year, no questions asked, tax free, you don't have to do anything for it and it will always be there without fail until you pass away.

How much would you need to live the life you want to? You could work if you wanted, or not. Put some into savings or spend it all knowing the next lot will always be there.

So what's your personal magic amount?

(Try not to be toooo greedy, I'd like to hear about peoples every day wants and needs that would be covered and no longer a stress to them, along with a few luxuries or holidays etc)

I think mine would be about £50k a year. I'd be happy with that and we wouldn't want for anything.

For both DH and I to give up work, £40k after tax would do nicely. Preferably inflation linked.

£2000-£2500 per month to pay everything and have some over leisure.

If it was tax free, £36,000. I wouldn't need to work, I could pay all my bills including accommodation and the car, and also go travelling for a good portion of the year. Absolutely lovely!

50k please

In total as a whole household income..id be happy with about 50k aswell..enough for bills and mortgage and the odd holiday no worrying about things like car repairs etc...

£50k would cover rent / bills / holiday / spending, and then afford to save some and invest some, potentially chancing some riskier investment opportunities as I’d always have a fallback. I do live in a pretty cheap area of the country though. I’d also be free to return to education as well.

I bring in around £22k a year net. So somewhere around £36k net would be amazing - £3k a month seems like a dream! I'd be able to buy the clothes we need without saving and have £600-800 to save each month for a nice holiday or for our son's future. We don't really go anywhere, so that'd be enough for some UK stays in nice places :)

£80k would do us nicely, we could live comfortably on that whilst continuing to pay our mortgage and bills etc but also have a little extra disposable income

80k I think.

50k a year is our combined household income and we just about manage. If we had that free with no tax my husband could stop working 6 day weeks, we could both do part time hours to top ourselves up and live a good and comfortable life.

£40,000 a year for DH and me would transform our lives.

I would get an operation I need for a big bone tumour in my face that I can only get done in USA - I would save for that. Then I could get a better job as I would look better. I would also get my teeth fixed as I have chipped the front ones and they look and feel terrible.
My DH needs help for his rare bladder condition. I would pay to get him seen privately.
It's all unresolved health problems. Because of that, I don't care about holidays, clothes and hair appointments anymore now - way beyond my reach.

@Matilda1981

My mortgage is £80k a year so I’d defo need at least £110 - would love to have £30k a year without having to work!

Your mortgage is £6600 a month?!

If I stayed on this house with these bills then £25-30k a year. That would give me enough to put aside for a holiday and live a mostly chilled single life.

I want more land though so I’d probably need closer to £35k I’m the house with land I’d live to get.

To be able to send my kids to private school and go on more holidays I reckon 150k a year would do it.

£60k, currently living on about half that and it is really tough as about 2/3rds is just on childcare and rent. On 60k that would go down to 1/3rd which would free up money for things like extra curricular activities, a car, a holiday, debt repayments, dentistry and healthcare (eg. ASC assessment for one DC who has been waiting years).

120k

Research suggests that a couple in the UK need an annual combined income of £47,500 to have a retirement with few or no money worries, while a single person would need £33,000. This estimate assumes a lifestyle that includes:

three weeks’ holiday in Europe (per year)
food shops costing £56 per person per week
£1,500 worth of clothes per person annually

Presumably that assumes no mortgage.

@Blossomtoes I would find that a struggle to save for a comfortable retirement on.

You’re right about mortgage and it doesn’t take into account school & university fees either presumably?

@Matilda1981

My mortgage is £80k a year so I’d defo need at least £110 - would love to have £30k a year without having to work!

You pay nearly 7k per month mortgage? I think you earn enough that you should give your imaginary dividend to me 😂

I reckon we'd be good on 50k

[quote RussianSpy101]@Blossomtoes I would find that a struggle to save for a comfortable retirement on.

You’re right about mortgage and it doesn’t take into account school & university fees either presumably?[/quote]
That’s the suggested comfortable retirement income. You wouldn’t need to save for retirement because you’ve got this money for life, remember? It assumes no dependent children.

Due to a serious accident and onward complications, I have been medically retired from my career 17 years early (my State retirement age would be 67). I am fortunate to have income protection insurance. They initially paid out my previous earnings for two years based on the assumption I would recover. They now have to pay out for 17 years. That is around £40k per annum net, plus child support for two dependents coming from their father. I also have PIP on full rate for both elements. I am mortgage free on several properties over £1m, and have savings in 6 figures from previous property deals. I will get compensation for my accident on top. I could manage happily on £40k per annum for me and two kids, with no savings. I am not a spender so save for their Uni fees, money to buy them a house each when older and their private school fees. Money doesn't make you happy, but it lets you make life choices. If I had a big mortgage or other commitment, I would need more income per annum to live a nice life.

25k would do me fine but I'm single, no kids and could get a decent house for 50-60k.

25k here would be very comfortable (as long as it was inflation linked) - I think that would give me enough to live comfortably, not really work but probably keep my hand in, pay the mortgage off over the next 7 ish years and then have a very comfortable sum for holidays etc.

This is a fascinating thread. DH and I earn about £13K a month between us. After taxes, mortgage, bills, pensions, savings and life, there’s not a tremendous amount left over. Life is very nice, and we have everything we want, but I’ve never thought of us as ‘set for life’.

I was expecting there to be far more ‘we’d need £1 million’ posts. I’m clearly wholly unappreciative of my lot in life!

I’d need a take home pay of £24k, that would be perfect