You are here: Home - Retirement -

Would you stop work with a cool million?

0
Written by:
04/01/2013
Most people would consider a £1m windfall to be sufficient to give up work for good, research suggests.

A poll of more than 2,000 adults on behalf of insurer LV= found the trigger figure was £1m for every age group except the over-55s, who said they would stop work for £500,000.

Playing the lottery represented most respondents’ best hope of receiving the money, they said.

However, before putting it into savings, most of those polled said they would invest some of the cash or splash out on a luxury purchase.

Almost half (48%) said they would buy a property, while 37% would go on holiday or travel the world. Elsewhere, nearly a third (31%) said they would clear outstanding debts such as loans and credit cards, while a similar number (30%) would give a sizeable sum away to friends, family or charity.

Just under a fifth (18%) also said they would buy a new car.

Ray Chinn, LV= head of pensions and investments, said: “£1m seems to be the magic number that people would give up the day job for at any age, but reality takes a little more financial planning than keeping your fingers crossed.

“It’s shocking that such a high number of people are actually hoping for a lottery miracle to fund their life when they stop working. With odds of 14 million to one for winning the National Lottery, and 76 million to one for the EuroMillions, unfortunately it probably won’t be you.”

Tagged:

Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Could you make a Dieselgate claim?

An estimated 500,000 Mercedes-Benz owners could each be eligible to claim compensation of up to £96,000.
Could you make a Dieselgate claim?

Switching bonus leads to jump in Lloyds Bank customers

Lloyds Bank has seen the biggest jump in new current account customers, new figures from the Current Account S...
Switching bonus leads to jump in Lloyds Bank customers

130 million old £1 coins still out there: what to do if you have one

An estimated 131 million old round £1 coins have yet to be returned to the Royal Mint, nearly three years afte...
130 million old £1 coins still out there: what to do if you have one

Ryanair jetting towards US flights for £10

Ryanair is on course to achieve its long-held ambition of offering transatlantic flights to the US – and the...

Investing in car parks: a good vehicle for income seekers?

As the search for income continues, many investors are turning to alternatives, with car parks becoming increa...

A quick guide to guarantor loans – in association with Guarantor Loan Comparison

Considering a guarantor loan or becoming a guarantor yourself? Read our essential guide...

Results round-up: Companies to watch this week

Mulberry and more will face the music this week.

Product launches of the week

Select Property Group, Schroders, Leeds Building Society and more have exciting news this week.

Money Tips of the Week

Read previous post:
Ofcom to clamp down on mid-contract price rises

Consumers may soon be able to exit fixed contracts for landline, broadband and mobile services without penalty, if prices go...

Close