Minimum Lotto winning you could retire on?

[patiencem]

@anke3000 Yeah but some people are too ideologically motivated to listen to reason.

 

[anke3000]

@patiencem It would seem that some downvoting loser is on their ideological crusade as we type.

 

[jeremymg16]

@anke3000 Surely the UK returns would be just about the same as any SP500 index that you can already get in Ireland. Albeit the DD after 8 years.

 

[anke3000]

@jeremymg16 The deemed disposal is a massive impediment to compounding

 

[jeremymg16]

@anke3000 Get a portfolio of stocks then without the ETF. Are there really no such investment accounts in Ireland?

 

[anke3000]

@jeremymg16 Picking individual stocks is just high risk investing tbh. I have an isa here in the U.K. and it’s great. Everyone gets 20k allowance to put in every year. Almost everyone I know has one. Pay in as much or little as you want and just let it accumulate. There is no equivalent in Ireland. It’s honestly one of the things that keeps me in the U.K.

 

[jeremymg16]

@anke3000 Oh cool, what have the returns been like for the last 5 years?

 

[anke3000]

@jeremymg16 Im still up overall even though the markets haven't been fantastic. Thats the nice thing about being in funds and not individual stocks. Investments are for the long term anyway though - I just put something in every month and let it grow.

 

[faiththeword]

@blessbrenda I'm thick as a plank when it comes to investing etc...I'm in my early 30s and not wealthy by any standards, I'd say 5m would allow me to never work again safety and stress free.

 

[mariamia613]

@blessbrenda For me €500,000

 

[wrg1405]

@blessbrenda 5 mil. It would be enough for me to leave full time work and do my hobbies to fill my time, and as a little earner while reducing the stress of working for someone else.

Look after my parents to ensure they can retire right away too.

 

[colette123]

@blessbrenda 5.5 Mill is the magic number, 1mill for a house and 2 nice cars and maintenance. 50k per year tax free to live life fully until 80s.

 

[resjudicata]

@blessbrenda I know nothing about finance hence the reason I’m so poor but by reading posts here, looks like the first thing anyone need to do is buy a property over seas or even the north and use that address for tax purposes as Rip of Ireland will rape ya every direction you turn unless the only thing you want to buy is houses.

 

[heretolove]

@blessbrenda For a person under the age of 35 who is either a) “homeless” or b) indebted to a mortgage, the minimum should be…

Double your current wage (or whatever take home that enables you to live comfortably) and multiply that by remaining years left to retirement.

This minimum should allow you to be mortgage-less and live within your means.

That could be anywhere in or around the 2 million mark.

If living within your means is not an option, granted winning such an amount, a blow out is to be expected, you’d need to add another 2-3 million on top of a 2 million euro winnings.

So we’re ballparking 5 million euro minimum for a person under the age of 35 to retire and not excessively spend.

 

[captainfarkus]

@blessbrenda 3.5 million would be plenty

• House - 1m towards a house (on top of my existing equity, savings and investments)
• Regular Income - 1.2m in property investment giving me a regular income of 75K (4K per month after tax) after expenses/depreciation which is loads to live on when you have no mortgage/rent/savings/pension to fund etc. Would also give me something to do as I would get bored after a few years of not working.
• Luxury Fund - 1 million on stock market, appreciating at approx 10%. Used to fund one-off large expenses for the rest of my life (cars/house extension/renovating a room/adding another investment property to increase regular income/moving to a bigger/nicer home if required etc). Self-managed so, again, gives me something to do with my time as I would get bored otherwise.
• Break-glass - 300K in a break-glass investment (combo of stock market and gold). Allowed to appreciate freely. Only ever to be used if, for some reason, the Luxury Fund has been significantly depleted for some reason.

TBH, I think I could probably retire today on less - 3 million (Reducing the Luxury fund by 250K and House by 250K)

 

[jeremymg16]

@captainfarkus Best answer here! Although the stock market of 10% yield if it holds would be higher than the rental income and be taxed less if you just hold a stock.

 

[bukola]

@blessbrenda 1 - 2 million you can live comfortably off the interest if placed in stocks.

 

[jeremymg16]

@bukola What stocks? And after tax, I doubt it

 

[imcatholic]

@jeremymg16 1M with 5% return gives you 50K per year, without doing anything. Do you earn more than that now?

 

[jeremymg16]

@imcatholic If you mean return from dividends then half of that would go to income tax. Now you have 25k a year.