Can I save enough to retire at 55 ish?

new_owner

Hello

I am trying to work out if I can retire at around 55-57.

I currently have £64000 in my pension fund now and i put £768pm (this will increase by 5% per year)

I want around 12-15k per year and would want 25% lump sum to live on while the rest of the money sat for around 10years so hoping for 120,000

Assuming Mortgage payed off by then

Plan is to sell the current house and downsize so freeing up equity.

How much would i need to increase my contributions by to hit these figures in 15-17 years?... Or have I got no chance?

can I take the 25% and leave the rest invested?

mania112

have a play with this calculator:

http://www.hl.co.uk/pensions/interactive-calculators/pension-calculator

And yes, Income Drawdown is a retirement option which (currently) allows you to withdraw the 25% tax free cash (or any amount up to that) and leave the rest invested - which you can take a taxable income from as and when you like.

new_owner

Thank you... It looks like what I want is achievable based on the calculator.