Q&a Expert Answers to Your Questions ; How Much Do I Need in Order to Quit My Job and Just Retire?

Western Daily Press › October 12, 2009

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Summary

I have recently acquired Pounds 350,000. I am 42 years old and very miserable with my job. Do you think this is enough money to enable me to take early retirement? CVD, Thornbury Danny Cox, head of financial planning strategy at independent financial adviser Hargreaves Lansdown, replies: Certainly this money gives you choices. Either it provides a short-term way of tiding you over while you find another job, or it could be the ticket to early retirement.

If we considered this as your only source of finance, in the long term your biggest problem would be inflation. History tells us that cash deposits will not maintain the value of your money over time, particularly if you spend the interest. If inflation were to average around 3.5 per cent, the value of your money would fall by half every 20 years - and you are likely to live 40 years.