Options for Civil Service member

BoGoF

Yes, I will be mortgage free.

I am also expecting the state pension to be payable at 70 when I retire. I'm just thinking ahead wondering if the equivalent of £13,500 a year in 20 years time will do given that is what I will have to live on for 10 years until the state pension kicks in. So I'm looking to building up as big a pot as possible that will be accessible should I need it and am leaning towards the ISA. A bit more research required as to whether I DIY or through a financial adviser.

Gorgeous_George

I count my income in days' pay or weeks' pay.

For example, I should have 29 x eightieths of my final salary - let's call is 12 days pay. My armed forces pension should be a week's pay or 7 days. Rental income from my BTL will be about a week's pay. That's 26 days in total. Add another 7 days' pay as the equivalent of being mortgage free and I'm sorted. Five days becsuse the CSA payments will have ceased is a bonus.

But, I don't want that much when I'm 80 so I can draw more between retirement and 79. Of course, I may expect to pop my clogs at 75 or earlier. I'm looking forward to the party already!

GG

EdInvestor

BoGoF wrote: »

Yes, I will be mortgage free.

I am also expecting the state pension to be payable at 70 when I retire. I'm just thinking ahead wondering if the equivalent of £13,500 a year in 20 years time will do given that is what I will have to live on for 10 years until the state pension kicks in. So I'm looking to building up as big a pot as possible that will be accessible should I need it and am leaning towards the ISA. A bit more research required as to whether I DIY or through a financial adviser.

I'd suggest you aim at building up a stocks and shares ISA fund of £100k over the period to retirement.This would then generate an income of £5k tax free which should top up the pension nicely until state pension time.