It depends. The more you earn, the more profit margins you’ll be able to make, but the slower you’ll be able to go. My grandfather made around £35,000 when he was alive. He used to earn a bit between £10,000 and £15,000 but he never made more than £15,000. You have to do very well in your line of work to sustain a lifestyle while making money at it.
It’s a lot longer term. It’s about getting more years out of your life. You want to be able to afford good medical care and decent pensions. If you look at what your peers do, they might be living the high life but you know how hard it is to get that.
You’re going to make money as a trader but are you going to retire at 60?
Yes, it’s a very long way out. One of the reasons I quit was that it’s very hard to be working towards your 80s. Your life expectancy has been cut by 25 years so it becomes difficult when you are looking at it.
But at my age I see myself retiring at 63 or 64 or 65.
At a financial point of your lifetime what’s your number one concern?
What I worry about is pension income and that when I’m 90 or 94, I don’t have a pension. My children might. People on zero earning power are not going to need a pension. But a lot of people on the top end of the earnings scale will never go below £100,000 and a lot of them just have one big pension provider.
What’s you biggest worry about?
The most important thing for me is pensions. If you’re not getting a pension when you’re 65, the only thing you really have is a life assurance policy. That’s not good enough. It just gives a false sense of security.
Is it true that the Government is talking about an increase in the minimum wage? Do you support this?
If anybody is talking about a minimum wage, who’s going to pay for it? If they do it in the way it’s being proposed in the House of Lords, it’s just another way of getting a wage rise that we are already having to pay for. That’s the only way they’ll ever be able to come to a sensible agreement.
You don’t support the increase?
Of course not. The minimum wage is an easy thing to understand.
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