I have a portfolio career but will I be able to retire?

by Barrie Hopson on July 19, 2019 · 0 comments

in Managing money,portfolio careers,Retirement

I do get asked this question from time to time. I do not get excited by it simply because I have no intention of retiring – and I am now 76. However, it is a very crucial aspect of later life. I have just read a brilliant article by Don Ezra in the FT. I quote what I found to be an especially useful calculating tool.

How much is enough? For a first rough estimate, consider the “rule of £1,000” which says that, for every £1,000 you have available, typically it generates £1 a week for the rest of your life. So £100,000 would make £100 a week available. For those who want something more, I’ve found that even non-geeky people understand the notion I call your personal funded ratio. It compares how much you have (and are likely to add, if there’s time for future savings) with how much you need to continue the lifestyle you desire. A score of more than 100 per cent is good; under 100 per cent suggests a need for remedial action. There’s a free calculator tool on my website to help individuals and couples make this comparison. “

He also talks about the importance of getting your will right and not creating problems for your family. He ends up with a quote from Paul Sullivan in The New York Times. “Just think for a second what it would be like on Christmas morning if your children ran downstairs and there were all of these presents, bright and shining, big and small, but with no name tags on them. Can you imagine the free-for-all that would ensue?”

I own up to not being overinterested in this topic but I do think it is a short coming that I need to address. I have always been good at living in the here and now but of course I will not always be here ……

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