is this enough?

bigfreddiel

is this enough?

retiring next year - current salary £28k - after tax etc £21k

no debt

no dd's

own our house

pension £20k (me £11k (sp to come 2016) - wife £9k)

savings/investments £450k - in isa's, ilsc, and pb's so no tax problems

we don't do holidays, buy new cars or have expensive smartphones, sky tv and so on.

does that look good for next 20-30years?

fj

atush

Well, it seems to me you have only 1K less coming in, and that should be covered by the reduced cost of not working (in transport etc).

If you add in perhaps not saving as much as you had been, and then your spouses pension you will be more comfortable with more spending power than you have now.

getmore4less

What do you spend each year currently.

Any downsize option on the house?

Using 0% growth over inflation on the lump sum.

£450k over 30 years is £1250pm on top of the pensions

if the pensons are index linked looks OK to me.

traineepensioner

Looks sufficient to me

Go for it....You won't regret it :beer:

mania112

bigfreddiel wrote: »

pension £20k (me £11k (sp to come 2016) - wife £9k)

If that is £20k per annum, then yes.

If it's a final salary scheme, it will grow each year - faster than your inflation-related pay increases.

In 2016, therefore, when SP kicks in, you'll be BETTER off than you are now, especially when you consider the generally lower costs of living in retirement

bigfreddiel wrote: »

we don't do holidays, buy new cars or have expensive smartphones, sky tv and so on.

On a personal level, it's time to start enjoying those things, especially holidays.

jem16

bigfreddiel wrote: »

pension £20k (me £11k (sp to come 2016) - wife £9k)

So you are currently earning £21k net and will be dropping to £10.421 net so approximately half of what you are getting now.

You say your wife's pension will be £9k - is your wife currently earning or already drawing her pension?

jamesd

That looks ample. You could probably take 4-6% income from the £450k to get you an extra £18,000 to £27,000 income a year tax free depending on how much provision for future growth and caution you want to use.

If you think you might want to downsize or move to a place that will be easier to live in if you have difficulty with things like stairs later, now's the time to be doing that, since you can save ongoing costs for longer the sooner you do it.