Who says?
Well if you use the rule of 25, then 25 x £10 000 is....
Yeah I saw that calculation, looked a bit flakey to me
OK, check out inflation-proofed pension quotes for this month and for a 65 year old woman £250 000 gets you...
Let me guess.
£10 000 a year.
And for a man?
For a 63 year old man - about £10 grand a year.
I can't live on £10 grand a year.
There's state pension on top of that.
True. I suppose my house will be worth a bit too.
Yes but don't forget - if you sell it and buy an annuity, you will also need to pay rent out of that £10 000.
So I can't have my house and eat it. I think I will live in it.
Fine - you will still have a quarter of a million in assets; you won't have much income, but you won't have rent to pay either. And do you get a pension from work?
I'm freelance
Oh
Look this has come as a bit of a shock - a quarter of a million! Nobody mentioned that to me. I have got £40k put away and I thought I was doing rather well. What's that worth?
About £5 a day. Before tax. How about your wife?
She's a deputy head teacher - she will be retiring on £25 grand at 60 ... Hey - thats worth over half a million.
I'd stick with her then
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