Help required re change of circumstances

guilo67

Dear all,


Newbie here looking for help, constructive criticism and perhaps reassurance.


Issue - as of Apr 2016 I will be made redundant.


I have known it would be coming but none the same it was still a shock. Not wanting to crow but I think I will be OK. On the news I was part euphoric part reticent and full of trepidation.


I have now got my head together and done some basic calculations. The overall retirement spreadsheet is WIP. I would welcome feedback and any help / hints anyone has.


Think this post will be a bit like a work report so sorry about that, old habits and all that, here goes.


Background


Im 54 now and am due to be made redundant Apr 16.
I currently earn 80K plus have company car.
I have FS pension which kicks in at age 65, early redemption 4%PA. This will be worth 22K PA. Pension frozen but will rise with CPI.
Mortgage free.
No kids - dog only.
OH teacher and still working.


Strategy & Tactics


Retire at 56 and live off pot. Keep pension intact (if possible)
Live well and enjoy but be sensible
Downsize eventually but not yet and so not in any calc,s.
Maximise my pot and maximise tax wrappers.
Educate myself in financial planning then visit IFA.
Pump 3k per month into AVC then remove AVC tax free Apr 16.
Please note AVC does not count in FSP.
At Apr 16 live off pot ASAP so keeping pension intact.


Assets now and at Apr 2016


House worth 350k, 2016 = 360k
AVC worth 24k, worth 2016 = 81k
ISA worth 60K, worth 2016 = 78K
Tax free lump sum worth 2016 = 30k
Rainy day fund = 8k (constant)
Total pot to last 9yrs = 197k


Liabilities Apr 16 - Apr 25


Live on equiv 22k PA = 208k
Buy car, keep for 9 yrs = 12k
Unknown pot = 10k
Toyal spent over 9yrs = 240k


Gap / contingency


Gap = 43k or two years.
Down size?
Take pension 2 years early lose 8%?
Total assets do not take account of compounding?
Don't spend as much PA, cut back to circa 17k
Liabilities Apr 16 to Apr 25


As I stated previously I am sure there will be obvious things I have overlooked or just been plain naïve / stupid.


Please feedback, all comments gratefully received especially those more knowledgeable about some of the specialist areas. If there any better strategies / tactics please share.


Many many thanks and apologies again if its a bit grey. best regards...................

Just_a_Girl_2

Hi there and welcome. You've posted this in the special occasions and other celebrations forum. You might get more responses if you opted for a different board

guilo67

thanks, sorry - how do I change it?

crystal_fire

I hope this is allowed but I'm *bumping* for a move