Discussion

Main Board| Accommodation Wanted| Accommodation Offered
Start a new discussion on this board

Let your next career move come to you.

If you won the National Lottery's Set for Life

which is £10k per month for 30 years, what would you do?

My question is, what if you don't live that 30 years?  Can I get it in a lump sum now?

And the only real answer to your question is cocaine and hookers, the rest I'll just squander.

It's an interesting amount, much too little to be life changing, a little too much to just squander on fine wine and wagyu steaks.

I would probably take half in cash each month for lifestyle splurges and put the rest in a trust for the kids. 

It's interesting because I assume a bank wouldn't take that as income for the purposes of a mortgage. So if I wanted to buy a baller house I'd have to wait 2-3 years just to save up that 300k deposit to go with my existing equity and even then I might struggle to finance the rest.

"I assume a bank wouldn't take that as income for the purposes of a mortgage"

Why on earth not? You can be fired form a job. Are you suggest the National Lottery will renege? 

I think most people would consider £120k a year tax free to be enough to retire on. 

2 potential problems.

1. Lettuce Lady or equivalent gets into power and causes rampant inflation again

2. You live for more than 30 years

Ok, that seems better.  On reflection, I don’t think they could get away with saying 10k a month in big lettering if it was net.

Any idea what a thirty year 120k p/a annuity would cost these days? Must be a metric fook tun

much too little to be life changing

No idea what your life is like m4, but 10K/month would most certainly change mine.  I suppose I would take a week or do to properly do the math, just to be sure, but I think that's enough for me to take off to La Isla Bonita and spend the rest of my life there (simple life, not khuntstyle, but that'll do me).  Adios cabrones.  

Winnings from gambling aren't taxed so assume there's some argument that as it's a lottery it's just winnings.

I could happily survive on half that per month and then invest the other half and as Jelly suggests retire nice and early.  Alternatively I could work a bit longer and invest the whole £10k a month for a couple of years to have a nice lump sum.

I wouldn't enter it because it is a bit of a daft prize.  But if I did somehow win it then I would probably give it to my sister. Would be genuinely life changing for her. 

Sorry RR - we might fall out here. That’s nearly four times my take home (after tax, ni and pension contributions) after nearly 20 years in the job. Would definitely be life changing for me.

You’ll all take the piss but I’d use it to go private with safeguarding training to police (I.E. my current job which I love but for all E&W forces).

They bloody need it but are unwilling to pay for it (for understandable reasons) so I would offer it for free if I didn’t need the cash to live. If I could improve our safeguarding practices nationwide I’d feel I’d achieved something.

We won't fall out Jim. Not for real anyway. It's just not enough to retire on very comfortably which is what I mean by life changing. Inflation will make it look measly in 10yrs. 

Any idea what a thirty year 120k p/a annuity would cost these days? Must be a metric fook tun

I'd guess around £5m.  Might be coming down a bit with higher interest rates.

Presumably it's not inflation-linked?  Or maybe there's an inflation-linked option, like £50k a year but pegged to CBI.

I could retire on it now when it's worth 120k a year. I probably still could in 10 years when it's worth a half of that in inflation adjusted bucks, but I would not be comfortable, especially staring down the barrel of it being worth the equivalent of £12k towards the end of the 30 year period. 

Inflation sucks when you're on a fixed income. 

The thing to do is to maintain your normal career, income and lifestyle and just add £120k/year to your normal savings/investments. do that for 5-6 years and you should be feeling pretty good

A quarter of it would be enough for me live comfortably on so, even with inflation devaluing it, I think it would be fine until it ended. If, in 30 years, it is worth the equivalent of £30k a year that would still be significantly above what my “gold plated” pension will give me.

Definitely would enable early retirement but like I said upthread I'd probably use half of it in real time for lifestyle upgrades and save the other half for the kids in something as inflation proof as possible. 

I don't play any of the lottery games.

It's a worse return than on crypto (PEPE, for example) or putting it on donkeys at the 4:55 at Taunton.

I'm so destitute, maybe I should start. It's expensive, though; 2 Euro draws p/w, 2 lotto, two sfl.

I'll check the odds; which type of lotto has less onerous odds (say, 30m to one, as opposed to 60m to one!!).

Incidentally, sfl, I think, can be taken as a lump sum. £3,600,000 is life-changing for 99 per cent of the population. For me. For most Roffers. I'd take the £3.6m

I need never work for someone else again. I need never work in law again as a paralegal drudge-cum- Dickensian scrivener (I don't know, actually).

I'll leave the UK for an EU country and get long-term residence, the money can be a golden, or silver, visa, with a view to citizenship.

Even if it couldn't be taken as a lump sum, fook me, it'll be very nice.

Any Roffer would be satisfied. Unless they've just put their sprogs into public school (fook that!)

Anyone at MC/SC/US Law can say "bye-bye fukkos" and can get back the WLB.

Me: before Y1 is over I'll be debt-free.Back in control of my life for the first time. I can tell my relatives that they're all khoonts.

Going off the EU would have to be done in Y4.

 

LawPerson, pretty much continue comme d'habitude, save for the following:

1. invest in a rental property in Hale, in the catchment area of Altrincham Girls' Grammar School, expectign quite good income and capital returns;

2. some sort of patronage in the arts / culture; and

3. my indulgence would be to go to Aussie Open, US Open and Roland Garros each year, as well as Wimbo.

I can maintain my lifestyle on half that amount so in the first five years I could build up a nice little investment fund of £300k and then keep adding to it at a slightly decreasing rate over the remaining years.  That would be plenty enough to retire along with downsizing at some point.

I would - selfish list - pay a matchmaker to find me an OH.

non selfish - pay off the family's mortgage, do some charity Legal work and then volunteer probably in a charity shop or something for the rest of the week. Sounds quite fun.

Judo I know 4 people who've paid them 1000s too and none of them worked - If you wanted more info I could share..basically they're a con but if I'm on 10k free every month it's worth another shot!!

Rof Royalty - they (the "exclusive matchmakers" - MMs) essentialy put an ad on Tinder and POF (which cost them nothing) to get men to message them for free whilst the paying clients paid 1000s. the men they got set up with had no personality or chat or any of the "matching" attributes the MMs promised to provide and if the women turned one of them down that counted as one of their "matches". A total and utter swindle. I signed up to the free sites as man to check and saw their ads.

I sooo shouldve been a professional MM..

I love chazza shops.  But working in one would be grim.  I like books and stuff chazza materials, but all the clothes smell of must and bleugh.  Wouldn't like to handle that stuff.

The thing with volunteering eg at a charity shop, is the fact you’re prepared to do it is self selecting in the eyes of the owners. So choose carefully, because you’ll likely be a serf, with little thanks for your labour, unless it’s an enlightened outfit or, better, in a nice enclave of civilisation.

I'd start looking for less well-paid jobs doing something that actually interested me, possibly taking a year out to do a Masters to get past the gatekeepers.

But otherwise keep things the same for  a few years until I was gidge-less, then fook off to a Greek island.

I am very interested in exactly this topic as I have recently retired from my law firm and associated pay

I agree that 10k per month will give you much less purchase power in, say, 20 years’ time

I also think that 3.6 million invested (even if in a taxed account) should be sufficient to give you inflation proof income (dividends, distributions and if necessary sale of securities) for a very long time, but obviously it depends on circumstances (mortgages etc)

4% (which is often quoted as the safe withdrawal rate) of 3.6 million is 144,000 per annum

I am aiming for roughly that amount (10k per month). This is with wife (who also doesn’t have a job), two kids and a dog. No mortgage on main or holiday home, no school fees and no car loan/leasing arrangements 

Too early to say if this will work out as planned. This is my first full year of this new reality. Q4 distributions are typically the fattest, so will be interesting to see how this year plays out 

90/10 portfolio, in case anyone is interested 

 

 

We have a pot in the amount of X. It is invested

90/10 portfolio

This is quite aggressive — Bill Bengen (father of the 4% rule) contemplated between 50 and 75 percent U.S. equities (and the rest medium term bonds)

Bengen’s analysis (using historical data) related to 30 year periods and he found that more equity means more volatility, but greater likelihood of money for 30 years and beyond 

Anyway, I’m looking at 40 plus years so my equity allocation is greater than he recommends, but my withdrawal rate is also a bit lower 

As I say, I’m hoping to have 10k (euro, net) per month for decades, but with the 10k monthly allowance increasing annually in line with inflation so that lifestyle is maintained 

To answer your question : Risk is that my portfolio doesn’t support this withdrawal rate because markets tank and/or inflation soars for extended period(s)

I think we will be fine — and we can sell our current family home when the kids a bit older (and buy something smaller and cheaper) and we can off load our holiday home — but I don’t want to jinx it :)

Join the discussion

Login Register