50000 pounds uk enough to retire?
For all the people in the UK is having 50000 pounds enough to retire?
- CliveLv 73 weeks ago
What does this have to do with travel?
- miffyLv 53 weeks ago
Not if this is your only source of funds.
You will just survive on £10000 for 1 year. So unless you have a regular pension as well then it's nowhere near enough.
- ArmourorLv 43 weeks ago
No add 2 x 0 and you are close
- Karen LLv 73 weeks ago
Only if the retirement is very temporary.
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- 3 weeks ago
Going by the information I've picked up from poking around various personal finance websites over the years I'd have to say no, additionally so from experience of getting occasional chunks of cash from various older relatives popping their clogs and sending a bit of inheritance.... you wouldn't believe how fast the bl**dy stuff disappears.
Even with a pension you're probably looking at a figure of around £250,000 to £1,000,000 to be able to retire unless you try to be so frugal it makes Ebenezer Scrooge look like a wild spender.
Various expensive repairs tend to crop up that take quite a chunk out of it, like £1200 to repair an old back boiler... or £2500 to £3000 to replace it with one of those condensing things (which according to the plumber who fixed our back boiler a couple of years ago aren't built that great)..... old back boilers easily last 30yrs or more, while with the modern things you're lucky to get 10yrs out of them before they're screwed and need replacing - so the age people get to between pension age and pushing up the daisy's you're likely to get through 2 or 3 of the things.
Then eventually there's likely to be assorted things to buy to work around assorted age related health problems.
Also you'll probably find that even though the State pension goes up every year, things like water & energy bills go up by just enough for the raise to be cancelled out.Source(s): https://www.which.co.uk/money/pensions-and-retirem... https://www.thisismoney.co.uk/money/pensioncalcula... https://www.fool.co.uk/investing/2019/07/13/for-sa...
- RRLv 54 weeks ago
No. You would need a pension too.
- boy boyLv 74 weeks ago
not even close ..with state pension you need at least £200.000 to be reasonably comfortable
- Green PuffinLv 74 weeks ago
It won't be enough, unless you get a part time job.
- Anonymous4 weeks ago
Depends on a lot of factors. Do you own your own place or do you rent have you got any other savings. But generally £5000 wont last very long even invested you wont get a lot of interest from £5000.