Thoughts on my plan please

planningtogo

Hello
I’m looking to retire at 59 (In 6 months) due to my wife having health problems. At the moment I have the following:
Final salary pension £9500 PA ( I'm drawing already)
£253000 Pension pot with Friends life
£22000 in Premium bonds
I was planning:
Draw down from my pension pot ( From 59 – 90)
Draw down on my PB’s ( 22k div by 6 years) Until I can get state pension
I don’t have any loans etc.

My company will pay for a FA nearer the time but I’d really appreciate some thoughts from the very knowledgeable people on this site.
I'm hoping to get £2000 PM is this realistic

jamesd

Assuming that you use investments you would probably be fine at an annual income of £27,000 so monthly £2,250 including all income sources, that is investments, existing defined benefit pension and assumed £8,000 a year from the state pension. Any income a spouse has is ignored in this estimate.

To see the basis for that view take a look at cfiresim and make these entries:

Retirement year: 2016 end year 2046
Investigate: max initial spending
Minimum success rate: 95

Portfolio value: 275000

Spending Plan: Guyton-Klinger (you need to learn about this plan and follow it)
Initial yearly spending: 25000
Spending floor: 24000

Social security: 8000 start year 2022
Pension label DB amount 9500 start year 2016

Click on Calculate and it'll give you an estimated income assuming use of investments and the Guyton-Klinger drawdown rules.

planningtogo

Thanks very much for taking the time to reply , Wow these sites are very interesting