My qualifying retire age is 67. Since I am embracing the minimalism lifestyle, I assume that I can live on the minimal income that UK government deems for retired people, which is £142.70 a week at the moment. If I wish to retire at 50, I need to have savings for 17 years of living before I reach the qualifying age of 67.
Taking inflation into consideration, I will require about £10,000 a year for 17 years. If I receive £4,164 from rent annually, that leaves £5,836 a year x 17 = £99,212
In conclusion, I will need £100k of savings if I wish to retire at 50.
Friday, December 14, 2012
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