Londoners Need To Work For 40 Years In Order To Become A Millionaire

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Londoners Need To Work For 40 Years In Order To Become A Millionaire
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Our Life Plan has researched and revealed exactly how many years you need to work for in order to retire with £1million, whilst still enjoying a meal out every week and treating yourself.  The research reveals how many years you need to save your disposable income for, in order to hit £1million in savings.

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London comes in fifth place, with just over 40 years of work needed to be able to save £1million. The average wage of individuals living in London is the fifth highest of all the countries researched, at £37,780.92, making it easier for Londoners to save their money. post expenses. In Bern you need to work for just under 30 years to be able to save £1million.

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Dr Alexander Lapa, Psychiatrist at Ocean Recovery Centre explains: “There is a lot of glamourisation of having a million pounds in popular culture.  The human brain has something called neuroplasticity, put simply when you set a goal your brain will rewire and optimise itself in the pursuit of that goal.”

Best 10 Cities To Live In To Save £1Million The Quickest:

Position City Country Average Retirement Age Average Life Expectancy Average retirement length Average yearly cost of living (£) Amount needed to retire (£) Years needed to save to make £1mill
1 Bern Switzerland 65.7 83.8 18.1 16,409.16 297,005.80 29.98
2 Washington United States 67.2 78.7 11.5 11,295.84 129,902.16 30.02
3 Sydney Australia 64.8 82.8 18 11,232.12 202,178.16 34.88
4 Luxembourg City Luxembourg 60.9 82.4 21.5 12,111.96 260,407.14 36.09
5 London United Kingdom 64.15 81.3 17.15 12,995.28 222,869.05 40.35
6 Oslo Norway 65.1 82.8 17.7 14,276.52 252,694.40 48.11
7 Toronto Canada 64.75 82 17.25 10,431.96 179,951.31 48.56
8 Copenhagen Denmark 63.8 81 17.2 13,875.24 238,654.13 52.88
9 Amsterdam Netherlands 63.85 81.9 18.05 12,181.68 219,879.32 54.30
10 Wellington New Zealand 68.1 81.8 13.7 10,409.76 142,613.71 54.72

 London’s in the top 10 when it comes to saving a million pounds the quickest, but at the other end of the scale, residents in cities such as Ljubljana, Slovenia and Tallinn, Estonia will never be able to reach £1million just by saving their income after expenses. It will take employees in these cities over 200 years of working to become millionaires.

Ian Wright, founder of Our Life Plan said: “Just because your average salary is low does not mean this needs to be your only source of income.’’

Citizens in London, need to save for just under nine years in order to have a comfortable retirement

London comes in sixth place with the average retirement length of 17 years. The study shows employees need to work for just under 9 years needed to enjoy a comfortable retirement. The average amount a Londoner needs to enjoy retirement is £222,869.05, with the yearly cost of living at £12,995.28.

Best 10 Cities To Live In If You Want A Comfortable Retirement:

Position City Country Average Retirement Age Average Life Expectancy Average retirement length Average yearly cost of living (£) Amount needed to retire (£) Years needed to save for retirement
1 Washington United States 67.2 78.7 11.5 11,295.84 129,902.16 3.90
2 Sydney Australia 64.8 82.8 18 11,232.12 202,178.16 7.05
3 Wellington New Zealand 68.1 81.8 13.7 10,409.76 142,613.71 7.80
4 Toronto Canada 64.75 82 17.25 10,431.96 179,951.31 8.74
5 Bern Switzerland 65.7 83.8 18.1 16,409.16 297,005.80 8.90
6 London United Kingdom 64.15 81.3 17.15 12,995.28 222,869.05 8.99
7 Luxembourg City Luxembourg 60.9 82.4 21.5 12,111.96 260,407.14 9.40
8 Tokyo Japan 69.95 84.2 14.25 11,994.12 170,916.21 10.75
9 Stockholm Sweden 65.9 82.6 16.7 12,063.36 201,458.11 11.29
10 Berlin Germany 63.8 81 17.2 10,743.96 184,796.11 11.39

 

You can find the full results to the study here, https://ourlifeplan.co.uk/how-long-millionaire/.

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Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver

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