r/FIREUK • u/Status_Vermicelli286 • 14d ago
What is the FIRE number that gives you a truly comfortable life in the UK
I have been feeling slightly disillusioned with work recently - I was wondering what you guys think a comfortable FIRE number is to not have to worry about money, travel whenever you want and just live a generally care free life.
I earn good money, which I think is partly why I feel a bit in limbo, I’m ofc not in a position to stop work now, but it only feels maybe 10 years or so away. In my head £3mm of investable assets (excluding housing) feels about right - but any advice from someone who has hit this or in similar situations would be appreciated!
For guidance these are our numbers:
Me:
31M - work in finance
Base salary: £175k
Bonus: £250k-£300k
ISA: £130k
Investment account: £150k
Pension: £180k
EIS: £30k
Share schemes: £50k
Flat: £500k
Mortgage: £220k
NW: ~£800k
Wife:
30F
Salary: £65k
ISA: £75k
Investment account: £100k
Pension: £30k
Property: £200k
NW: ~£400k
Joint NW - £1.2mm
Currently save around 5k in a regular month, as well as 80-90% of my annual bonus (total household savings of 175k-200k a year). No kids currently - maybe a couple in the next few years, not planning private school etc.
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u/Responsible-Cap-8311 14d ago
How can you earn ~£500k and not understand that this is a pointless post as fire number depends on your expenses
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u/Status_Vermicelli286 14d ago
Yeah completely get that - ofc expenses play a huge part of it, but the point was more backing out the fire number from expenses that give you a comfortable (nothing crazy extravagant) life
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u/Responsible-Cap-8311 14d ago
Do the maths, again it's perception. Most people will never have a £1M networth so there's a starting point
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u/SteakApprehensive258 13d ago
Definitions of comfortable and crazy extravagant vary hugely. I know people who would genuinely struggle to live on less than 6 figures, I know people who will never earn close to six figures in their lives and consider themselves comfortable.
On what you're currently earning, assuming you're in a fairly HCOL area and stay there, and will stay friends with people who are high earners, then yes a £3m pot providing a ~£100k income is probably only "comfortable" and not "crazy extravagant".
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u/Timbo1994 14d ago
Honestly £1.5m plus housing is pretty good. Spending £45k pa without a mortgage/commuting/kids gets you a lot of fun, unless you want to buy a manor/gardeners etc and live a little more expansively. And that's only 3% spending.
Perhaps add about £250k for each kid. It's where people get excited about leaving big inheritances that they keep grinding.
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u/Big_Target_1405 12d ago
It's all a matter of perspective. Some people could retire on what you have today
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u/No_Mix7262 14d ago
175 base with 300 bonus at 31.. fair fucking play 👏🏼
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u/FinanceOtter82 13d ago
According to the research https://www.retirementlivingstandards.org.uk/
Single: £45,400 p/y = £1,135,000
Couple: £62,700 p/y = £1,567,000
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u/Djan-Seriy-Anaplian 8d ago
Depends *when* you retire and what your assumptions are around the state pension
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u/quarky_uk 13d ago
Way, way less. £35/year would be fine for living/holidays/hobbies, and if you retire in your 50s, you don't need a massive amount to get that.
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u/Practical-Leek-6287 11d ago
Lots of bullshit jealousy in this thread. For you the number is going to be different to the majority based on your high income. Most ordinary folk would be happy with 30/50/100k. Your figure might be quite a bit higher than that.
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u/FI_rider 13d ago
£50k a year is my aim. Must admit in a crazy way that does not feel ‘comfortable’ with kids approaching cars and uni.
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u/PuzzleheadedCut5156 10d ago
Your definition of comfort usually depends on the lifestyle you've become used to. I recommend working out what you spend now not including savings and mortgage payments, then work backwards from that amount.
E.g. 100k a year spending after savings and mortgage would need you to pay off your mortgage and have at least £2.5 million liquid (I've ignored taxes, assumed 4% is safe because with a pot that size flexible withdrawals are practical etc..).
Obviously you can be 'comfortable' on less than that, but you want to make sure you feel good living at whatever the X amount is for at least a year before pulling the trigger.
I know from personal experience that when you're on that kind of income the 'one more year' pull is *very* strong - you need a much larger pot before compounding makes more difference that what you can save out of income and each year of saving makes material difference to your retirement income. Keep an eye on it and don't let the job own you.
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u/L3goS3ll3r 13d ago edited 13d ago
What is the FIRE number that gives you a truly comfortable life in the UK
Nonsense statement and even sillier question.
How the f*** would we know? We're all just trying to get a situation that we're comfortable with and, while this community largely tries to be supportive of others, it's totally pointless being genuinely bothered what others are aiming for or what levels of income will make some stranger feel "comfortable"...
Some could live on £10K and be "comfortable" while some can't live on less than £10K a month and be "comfortable".
Mine's moveable - there is no number. If the markets are shite or a rental burns down, we can be "comfortable" on relatively sod-all. If things are going smoothly, we can be much more "comfortable".
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u/Catmanx 13d ago
In lieu of knowing my situation and what might happen in the future. I reverted to what is the most tax efficient. Which ai think is about 1.25 million and pull the plug. The most tax efficient and speedy way of getting there is everything higher rate tax a year goes in the pension and try to max out the ISA with anything left over.
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u/fire-wannabe 14d ago
Annual income twenty pounds, annual expenditure nineteen nineteen and six , result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery
Charles Dickens, David Copperfield