It’s all going to be ok!!! Hallelujah! We can ALL expect to earn our first £1 million by the time we turn 46. Ok so that’s a lot of years away, but still – woop!
So it’s not that we’re all going to be handed bars of gold or anything but it is still good news. Prudential, using earning figures from the Office for National Statistics, found that someone now aged 18 and on an average salary will have earned a total of £1 million during their working life by 2044 – when they are 46.
Success is calling people!
Source: City A.M.
And the good news just keeps on coming
Workers living in London will actually reach this milestone million at a younger age. They’ll have made a million by the age of 39!
Although not for some of us
Weirdly if you’re living in Wales you won’t reach this magical million until you’re 50. Kind of unfair!
These are the areas where 18-year-old workers will reach their £1 million earnings, according to analysis by Prudential:
- London, 39 years, six months
- South East, 45 years, six months
- Scotland, 47 years, three months
- East of England, 47 years, eight months
- North West, 48 years, four months
- West Midlands, 48 years, six months
- North East, 48 years, eight months
- South West, 48 years, 11 months
- East Midlands, 49 years, one month
- Yorkshire and the Humber, 49 years, three months
- Wales, 50 years
Vince Smith-Hughes, an expert at Prudential, said: “For many people it can be surprising just how much a lifetime of earnings can add up to. With many people now working until later in life, someone earning the projected average salary over their career can expect to earn a total of over £2 million in their lifetime.
“With this in mind, the approach of saving as much as possible as early as possible in life is the most likely way for most people to be able to secure a comfortable income in retirement. Workers who have the opportunity to contribute to a workplace pension scheme will benefit from employer contributions as well as making a dent in the more than £200,000 they would have to pay the tax man on their first earned million.
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Hmm well we still think it’s pretty cool!
But we’ll also have paid a sh*t load of tax on that million
Boo! Don’t even wanna think about that!