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  • FIRST POST
    • Rodders2409
    • By Rodders2409 7th Sep 17, 5:19 PM
    • 36Posts
    • 11Thanks
    Rodders2409
    Life's swerve ball - need to plan differently!
    • #1
    • 7th Sep 17, 5:19 PM
    Life's swerve ball - need to plan differently! 7th Sep 17 at 5:19 PM
    Hello All,

    I've not posted before but need to get some basic advice ahead of probably enlisting an IFA in the coming months.

    To cut a long story short my better half is going to face some medical / life challenges in the coming years (PD) and we need to plan accordingly, so this is a first stab!....any and all advice very welcome.

    Really want to know if I'm way out in thinking I can retire at 60, with the following parameters...

    Me
    50 yrs / M / Born 1966
    Employed

    Her
    57 / F / 1960
    Housewife...oldskool ..
    Zero income

    We have zero mortgage and no other borrowings

    My pensions
    Aegon - current company pension £169,341...only active one.
    Friends Life 1 £66,998
    Friends Life 2 £4,529
    Friends Life Managed fund £14,341
    Total pension pot (to date) £255K

    Missus' pension
    Prudential - £27,573...no contributions for >15 yrs

    I have recently increased my personal contributions, in anticipation, to £1167 p/m excluding tax relief, and the company pay £205 pm into the same scheme.

    I have a property which I rent out and get £7000 p/a net of all costs...and am looking to get this put into my other half's name if it's tax beneficial. This would form quite a big part of our pension plans I guess.

    We aren't big spenders and have worked out, based on 2 years of trawling through statements etc, that we could fairly comfortably live on £28K pa.

    Question is ...is that possible if I retire at 60?

    Thanks to all who read this!
Page 5
    • Rodders2409
    • By Rodders2409 11th Sep 17, 10:40 PM
    • 36 Posts
    • 11 Thanks
    Rodders2409
    Don't know what to say :-)

    Do I book some vacation and lock myself away to do this justice?

    What's certain is that you've left yourself wide open to more questions....be scared..!!

    But many thanks James..
    • kidmugsy
    • By kidmugsy 11th Sep 17, 11:17 PM
    • 10,194 Posts
    • 6,914 Thanks
    kidmugsy
    now I just need to pull the rip cord!!!
    Originally posted by k6chris
    Remember to jump out of the plane first.
    • k6chris
    • By k6chris 12th Sep 17, 7:10 AM
    • 206 Posts
    • 353 Thanks
    k6chris
    Don't know what to say :-)

    Do I book some vacation and lock myself away to do this justice?

    What's certain is that you've left yourself wide open to more questions....be scared..!!

    But many thanks James..
    Originally posted by Rodders2409
    You can both retire, or rather make a lifestyle adjustment! Start off slowly and don't go on a mad spending spree. Re-read all the thoughts here are make a list about what needs to be done in what order. Monitor your spending against your funds (= huge spreadsheet - yeay!). Smile, Enjoy, repeat.

    Good luck!
    EatingSoup
    • Rodders2409
    • By Rodders2409 13th Sep 17, 8:28 AM
    • 36 Posts
    • 11 Thanks
    Rodders2409
    Many, many thanks to all who've helped thus far, It's made me do a 180 on my thinking, so I'm so glad I started the thread.

    I'll go through the info in more detail over the coming weekend and will certainly come back with a few questions, I see Excel will get some time with me too..!

    Not sure if I should start a new thread when I do, or keep this one going....and suggestions welcome on this.

    Regards to all...!!
  • jamesd
    Same one, easier to keep track of things.

    There's also scope to wonder whether a smaller home and/or cheaper area might be useful. Low or lower housing costs are one of the secrets of early financial independence. Children around home leaving age and you still young is a good time.
    • Mnd
    • By Mnd 14th Sep 17, 8:37 PM
    • 379 Posts
    • 404 Thanks
    Mnd
    Good luck on your weekend thinking. I bet you wake up at 2.30 thinking about tax relief, safe drawdown rates, salsac. But you have had loads of good info and advice so as you get to grips with it little by little you will come to see that all your plans and dreams are achievable. I wish you well
    • Rodders2409
    • By Rodders2409 23rd Jan 18, 5:58 PM
    • 36 Posts
    • 11 Thanks
    Rodders2409
    Hello all....you lovely people!

    I just wanted to come back to my original post, and the ever so long thread that came about as a result, Our status thus far.

    Going to get married very soon, because apparently that's the only way the income from our rental property can be properly 'passed' onto my OH, for her to use against her personal tax allowance and avoid me paying HRT on it.
    It's not something we want to do but hey-ho...we've lived in sin for a quarter of a century, maybe it'll be better?!

    I've now increased my Sal Sac to the point that I'm now not paying 40%, and have made allowance for the period that the rental property / income is in my name and not OH's.

    We've set up a SIPP for OH to get the 'free' monies from Gov and intend to rotate this process every year.

    Sadly, we've had a financial gift following a bereavement and will put that into my pension pot too. It will use up one of the 3 years allowance.

    There are some negatives. We are looking to change the layout of the house to provide a better space for OH to live in as things progress, problem being that it's going to cost money!
    There's a fairly simple and cost effective way to do this, and I can do most of the work to keep costs down. However, although it would be safe, Building Regs probably wouldn't like it and it would cost £50Kish.....MMMmmmm

    Anyway, I just wanted to thank you guys again for the help so far, as it's made a significant difference to our outlook. Cheers.
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