Help with our plans for retirement

mdeleon

Hi everyone, I'm generally a lurker on these forums. My wife and I are about to move home and have been talking about our pensions / retirement, well more me doing the talking.
I also understand that we are in a more fortunate position than some, but I would welcome comments as it will be easier for us to correct things now.
A little background, I'm 41 my OH is 35, we have an 18 year old from a previous relationship who's still in education and a 4 and 2 year old. My OH is a full time mum and I have a good job earning £55K.
We have 40% LTV in our current £125K house, 25% LTV in a BtL worth £90K, £38K SIPP and also £28K on interest free credit cards which we are trying (10 years and counting) to clear.
Our aim is to retire when we reach a passive income of around £2K per month.
Our plan is this, to have three BtL with no mortgage each with an rental of approx £450 pm after costs. Have two pensions of about £100K each producing 3% income allowing the pension investment to continue to grow with inflation. If we can, another £30K in ISA's and no mortgage.
I think we are comfortable with living on £2k as our income is currently £3500 per month, then we make £250 per month pension contributions and a whopping £1250 on credit card and mortgage payments:eek:
Hopefully the reduced cost of the kid having left home will enable us to take a holiday once a year back to the States where my wife was born.
Thanks for reading this and welcome all (including the lurker like me) to help us with our plans.

atush

Ok, first of all, does your OH have a pension? Even as a non earner she can contributute to one up to 2880/3600 per year.

Second, BTL w/o a mtg is tax foolish (as is BTL in general esp if income rather than capital gains are sought) as both the income and thre gain are taxed. And mtgb interest is tax deductible. Not to mentiuon running a string of BTL in older age is quite a hassle.

Did your wife work 10 year plus int he USA and will she get a Soc Sec pension there?

Do you put enough into pension now to get the Full CB (and is the CB in your wife's name so she gets the Nics?)? Do you put in enough to come out of HRT altogether? This is where I would start before more Isas or other investments incl BTL.

How much do you have in emergency cash savings? Is is 28K or over to pay of your CCs? Are you adding to this debt or is it stable?

mdeleon

Just popping out, will reply tonight.
Thanks for you advice