Is it enough

ger2000

Hi folks,looking to leave my current employer next year and start the wind down to retirement.I will hopefully have about 70k savings,two pensions worth approx 23 k yearly.Pretty much mortgage free with kids left home.Probrably do some stress free work for a bit until the grandchildren demands take over.Is this enough for me and the good lady to get by?Want to holiday at least once a year and we a average lifestyle in the north,any thoughts appreciated

Stubod

Not really enough info provided to accurately comment on. ie What are your current expenses and expectations? (see if you can find the rather good thread "what is you number").

We have lived most of our lives spending about £24k per year however now we have finished work we have more time and plan to spend closer to £30k. (Our absolute minimum "essential" living expenses are about £14k eg household bills / food etc). You really need to analyse your last few years of expenditure and see if your goals are achievable for your intended life style.

If your pensions are index linked and you can take them as of "now", (ie as soon as you retire) then the answer is probably yes as £23k is more than some people earn. (Don't forget that you will also pay tax on this). Presumably you will both get "full" state pensions at some point?

Doing some sort of part time job is always a good idea. We both do this and as this money is not in our long term budget it is considered "free money" to be spent on hols etc.

ger2000

Thank you,the pensions are both index linked and our expenditure is in line what most households have with the exception of sky and bt for my love of sport!We don't go out every weekend but would still like to holiday on more than once a year.Both of us will draw full pension but being 54 just now,this is still some time away.

tacpot12

Do you have a household budget, and do you know what you spend your disposable income on?

Having a budget and insight to where your money goes currently is the first step to knowing whether you have enough income in retirement.

There is no such thing as a "typical outgoings", although you could use the Statement of Affairs (SOA) format that is used on the debt board as a starting point to develop a budget, as this has all the typical categories of expenditure.

ams25

For a helpful response you need to provide helpful information, ie

Your approx annual expenditure
Your age, spouse age
Expected state pension for each
Private pensions for both, how much , when payable, reductions if taking early
Mortgage remaining
Planned capital expenditure such as house improvements, cars, dental, holidays etc
Pension provision when one partner dies, especially if the provision is one sided.

If you can't answer the above yet you will need to consider/find out to get an robust answer to your query

k6chris

ger2000 wrote: »

Hi folks,looking to leave my current employer next year and start the wind down to retirement.I will hopefully have about 70k savings,two pensions worth approx 23 k yearly.Pretty much mortgage free with kids left home.Probrably do some stress free work for a bit until the grandchildren demands take over.Is this enough for me and the good lady to get by?Want to holiday at least once a year and we a average lifestyle in the north,any thoughts appreciated

Are your pensions DB pensions (I assume yes) and if so is the 23k the amount you would get if you took then now (54) or your normal retirement age (whatever that is for the scheme)??

Dox

ger2000 wrote: »

Thank you,the pensions are both index linked and our expenditure is in line what most households have with the exception of sky and bt for my love of sport!We don't go out every weekend but would still like to holiday on more than once a year.Both of us will draw full pension but being 54 just now,this is still some time away.

'Most households' - yet you don't say if you have grandchildren, run no/one/two cars, want to help your kids onto the property ladder...

Strangers can't comment helpfully on your future financial security based on a few lines of generalised information. Set up a spreadsheet and keep details of ALL your expenditure (yes, all of it!) for a year and see how that tallies with your projected retirement income.