But one in eight wouldn't quit for any amount of money
For many people, being able to walk out of the workplace and never return would be a dream come true. However, bills don’t pay themselves so most Brits work until they retire in older age.
New YouGov Omnibus research among more than 2,000 Brits who work full or part time shows how much cash they think they would need to retire today and not worry about money for the rest of their lives.
More than seven in ten (71%) know how much money it would take for them to retire on the spot. A further one in six (17%) said they didn’t know how much cash they would need, while one in eight (12%) of employed Brits said that no amount of money could convince them to retire immediately.
Of the 71% who tell us they could be coaxed to retire if offered enough, the median they amount they think they would need is £1 million. While more than one in eight workers (13%) specifcally state they would want £1 million, if we also include all of those who would be willing to retire for a lower sum it means that 45% of employed Brits would retire for £1 million or less.
With the median full-time annual income in the UK standing at £28,200, this represents 35 years of an average worker’s pay in one lump sum (although naturally this doesn’t take into account inflation).
Bumping the offer up to £2 million would be enough to get over half (53%) of workers to retire, while two thirds (66%) would quit the day job for £10 million.
Most young people would accept a cash offer to never work again, but you’ll need to pay them a lot more
Younger workers required higher amounts than their elder peers – wgch is logical given that they will be foregoing future earnings from a longer period of time. The median amount that 18-24 year old working Brits wanted in order to retire was roughly £4.6m, compared to £1m for 35-44 year olds and £400,000 for those aged 55 and over.
Younger people are also more likely than their elders to say that no amount of money could convince them to retire – 21% of 18-24 year olds and 17% of 25-34 year olds compared to 9% of those aged 55 or older.
Nevertheless, the majority of 18-24 year olds (55%) would be willing to cut off their career just as it was getting started if they were made a big enough offer.