Feeling left by the wayside

geelamch

Potential retirement date 01/112020 ,
I would be just approaching 56 with 40 years accrued
In reality probably 57-58 but if I sort out a sipp and isas then I could probably defer f/s for long as possible.

atush

What is your shcme age and how many years earlier do you want to retire?

Seems to me you are in fairly good shape so might just need to up ISas or a DC pension?

Does your OH have a good pension too? If not, they can inherit any DC pension you fund?

geelamch

Hi atush,
Scheme age is 60,would love to go at 55 but have to be realistic and blow everything to cover a gap.i can take pension from 55 onwards but I am awre the last few years can be a good earner.
You are no doubt correct about isas etc.
Wife s scheme is in fairly good shape I think.her employer pays 11% and she voluntarily pays 15% so should be ok although only from a salary of 17000. But it will be a great addition to the masterplan ( ship with no captain )
If I am realistic then 57-58 will be a good time.
The downside is that our parents both died early 60s so we have made a decision to go early as we could to benefit from a lifetime of work.
To be frank we both feel great and no underlying health issues so not overly worried on that level , but aware none the less.

Thrugelmir

geelamch wrote: »

Won't be skint but is it wrong to want the lot ?

Whatever floats your boat. On a work level I eased off some 4 years ago. So that I could do something I enjoy. Without the hassle and undue stress. Taught me there's more to life than money and the office. Life is what you make it and want it to be.

atush

geelamch wrote: »

Hi atush,
Scheme age is 60,would love to go at 55 but have to be realistic and blow everything to cover a gap.i can take pension from 55 onwards but I am awre the last few years can be a good earner.
You are no doubt correct about isas etc.
Wife s scheme is in fairly good shape I think.her employer pays 11% and she voluntarily pays 15% so should be ok although only from a salary of 17000. But it will be a great addition to the masterplan ( ship with no captain )
If I am realistic then 57-58 will be a good time.
The downside is that our parents both died early 60s so we have made a decision to go early as we could to benefit from a lifetime of work.
To be frank we both feel great and no underlying health issues so not overly worried on that level , but aware none the less.

Open a DC pension and up isas and use that money at 57?

Anyway, you say you have good health. Well if your parents died that young, they must have had underlying health issues. If they had a poor diet, smoked or had other lifestyle choices that you dont- their low LE should not affect you?

geelamch

Isas etc are great advice, however (oh no I hear you say) I could maybe do about another £150 weekly to an investment. Never took a risk in my life and if it went sideways I could live with it.
I believe I can afford to live ok in retirement on present basis ,however would it be so wrong to throw caution to the wind with one investment.
Just something to give me a bit of interest (excitement).

atush

If you have no debt, a good pension, some emergency savings then fine, open a S&S isa or bump up your pension.

The investments in either might entertain you- at least thrut he research phase.

spakkaman

I would bung a few grand per year into pension pot. You delay paying tax and then avoid paying it altogether on 25% and you can then always use that to stick into an ISA a few years down the line.

atush

If you want the feel of excitement in choosing your own funds etc, and want to research doing so, and this is money you can afford to lose at least 50% of, then look at a SIPP.

The risk ups higher if you choose single shares over funds and investment trusts.