According to a recent survey by retirement firm LV (previously known as Liverpool Victoria), the magic sum that would make most people feel comfortable giving up their jobs sits at £1 million.
Once people reach the age of around 55 that sum halves, with most of those with 10 years or less left to retirement age feeling £500k would be more than adequate to live comfortably.
The average salary in the UK at present is £26,000. A bank balance of £1 million in a 4% interest account would earn over £40k per year in interest alone, making most people richer than they were previously without even touching the first million.
However, the majority of people questioned said they would invest in property before putting money in a savings account, and many wanted to splurge on a big holiday or a round-the-world trip. In these scenarios the initial investment becomes much smaller.
The fact of the matter is that most people will have to keep working until they reach retirement age, unless they win a lump sum from a lottery or inherit some cash. The best way for most to improve their chances of early retirement is to work towards a job which pays significantly higher than the national average.
Samantha McGawley, Marketing Manager at Online Resourcing gives her thoughts on finding the perfect job and retirement; “Job satisfaction is so important and it can be easy to become involved with the wrong career. In order to enjoy a job fully and reach full potential it’s vital that individuals think about their perfect opportunity and pursue it. We aim to make this easier with our job search tool and lists of jobs available by location and sector. In the right position, early retirement may not always be the favoured option!”
