It\u2019s a commonly asked question, and one that many people dream about or aspire to achieve, so we decided to put out a survey for the people of New Zealand to gauge just how much money people think that they need to live their life without the need to work or rely on savings. <\/p>\n
The complete six-question\u00a0included\u00a0questions concerning: how much they think is needed to no longer need to work or rely on savings; how well they\u2019d live if said amount of money was won<\/a>; what they\u2019d do about their current career; how private they would keep the announcement of their big win; how much they\u2019d give to friends, family, or charity; and if they\u2019d stay in New Zealand. <\/p>\n The focus of the questions was around the thinking that X amount of money would last them for 40 years without having to work again or rely on savings, so people in the age groups of 35-44 and 45-54 provided the most acute data for the question as 40 years for them will most likely see them through retirement and to the end of their life, but the other age groups still provided valuable data, which we will also examine. <\/p>\n Before we delve into the results of the survey, we further need to define how much someone would actually need to win all at once to be able to live for 40 years. According to the US-based\u00a0CNBC<\/a>,\u00a0it was found that US$1 million may only last someone 12 years, meaning that for 40 years, people would need US$3.2 million, which converts to NZ$4.7 million. Money Wise<\/a>, a UK finances expert website, found someone who plans to live on \u00a312,000 per year, which would only entail a need for \u00a3480,000 (NZ$927,000) over 40 years, but less frugal and more normalised calculations clocked in at a need for \u00a31.6 million (NZ$3.1 million) for 40 years of living. <\/p>\n<\/p>\n