You cannot post a reply to this discussion. If you have a question start a new discussion
Should I retire?
Former Community Member
I was a graduate in HD in 1992 and a BEng in 1995. I also got an MBA in 2004. I have been working in the engineering industry since 1992 and with 26+ years of experience. Should I retire now or in 5 to 10 years? What do you think?
Depends how much money you have and whether or not you really want to give up your work!
If you have only been working 26 years you are unlikely to have enough cash to retire now unless you have saved lots of money or have some other source of income. A very rough rule of thumb appears to be that you need more than £20,000 of savings for each £1,000 of annual income that you will need in retirement - and that assumes that you are in your sixties. The younger you are, the more cash that you need. Don't rely on those numbers. Consult a financial advisor if you are seriously making a decision.
Depends how much money you have and whether or not you really want to give up your work!
If you have only been working 26 years you are unlikely to have enough cash to retire now unless you have saved lots of money or have some other source of income. A very rough rule of thumb appears to be that you need more than £20,000 of savings for each £1,000 of annual income that you will need in retirement - and that assumes that you are in your sixties. The younger you are, the more cash that you need. Don't rely on those numbers. Consult a financial advisor if you are seriously making a decision.
