Susan Boyle to build £22m pension pot
London: Susan Boyle is expected to accumulate a 22million pounds pension pot by the time she retires.
The Scottish spinster, 49, who found worldwide fame on ‘Britain’s Got Talent’ with ‘I Dreamed a Dream’ currently has her mind set on a new vision – absolute financial security.
She has opted to live on 500 pounds a week, hardly a star’s wages.
But this has allowed her to steadily transfer more than 9million pounds into a high interest account.
Determined to safeguard her future, Boyle, who will be worth 18.5million pounds by the end of next year, has invested her money into a 4.6 pc interest account, netting her around 400,000 pounds a year after the government has taken its slice in taxes.
By the end of 2011, this is on course to double to more than 800,000 pounds per annum, ensuring by the time she is 60, she will have a nest egg in excess of 22million pounds.
“Susan requested a weekly budget of 500 pounds to cover basic living expenses,” the Mirror quoted a friend of the singer as saying.
“She can ask for more money at any time, and dip in and out of her pension pot as and when she likes – last week, for instance, she bought a huge plasma screen TV for her new home.
“But Susan is terrified her fame will end and wants to protect her pensionable years. So thanks to some canny banking, she has been told by her financial team to expect a windfall of around 22.3million pounds on her 60th birthday.
“The figures will continue to stack up with continued royalties from her best-selling debut record, in addition to future endorsement deals, TV slots and gigs.
“Her present situation may not be lavish but her future certainly will be,” her friend added.
The ‘Britain’s Got Talent’ runner-up sells an astonishing 30,000 records a week and is said to be planning her retirement with military-like precision.