Retirement Stop Gap

tafer2uk

Can anyone advise what options (other than the usual savings accounts) are available to provide an income between my planned retirement age of 60 and state pension age of 67 please?

I have an NHS pension (1995 & 2015 schemes), the former I plan to take aged 60 and the latter aged 67 along with my state pension.

It's the 7 year period between the two I'd like to create a fixed term income to smooth out the reduction in income until I can claim all my pensions.

Are there products out there? looking around various websites it seems they can only be bought with an annuity.

Thanks for any advice.

dunstonh

Can anyone advise what options (other than the usual savings accounts) are available to provide an income between my planned retirement age of 60 and state pension age of 67 please?

investments if the required yield/return is within acceptable ranges. Or a combination of investments or cash if required amounts are high. Or just cash if the draw rate is significant.

Are there products out there?

Plenty. Funding gaps is routine.

louloubelle79

Have you looked at

https://www.nhsbsa.nhs.uk/member-hub/increasing-your-pension

tafer2uk

louloubelle79 wrote: »

Have you looked at

https://www.nhsbsa.nhs.uk/member-hub/increasing-your-pension

Thanks, I don't want to increase my pension as it will be adequate for my needs when I hit 67, especially combined with the SP.

kidmugsy

There exist fixed-term annuities, as distinct from the usual lifetime annuities.

OldMusicGuy

Like kidmugsy said, you could consider fixed term annuities. You can get a good idea of what you might get here: https://www.moneyadviceservice.org.uk/en/tools/annuities.

Alternatively you could create a "ladder" of fixed interest savings bonds to maximize interest income over that gap. That is what I have done with cash that is held outside my pension.

Twoplus

Not wanting to hijack the OP thread, but this question might also be of interest to them. Will a fixed term annuity provide a better return for someone age 60, none smoker, healthy weight and no chronic health problems than fixed interest saving bonds?

Albermarle

I am not promoting them but recently discovered one provider of fixed term annuities is legal & General .

https://www.legalandgeneral.com/retirement/our-products/

OldMusicGuy

Twoplus wrote: »

Not wanting to hijack the OP thread, but this question might also be of interest to them. Will a fixed term annuity provide a better return for someone age 60, none smoker, healthy weight and no chronic health problems than fixed interest saving bonds?

Why not follow the link I posted and find out?

Slinky

OldMusicGuy wrote: »

Like kidmugsy said, you could consider fixed term annuities. You can get a good idea of what you might get here: https://www.moneyadviceservice.org.uk/en/tools/annuities.

I tried this and couldn't get a single quote for a 10 year annuity whatever data I put in.

westv

Slinky wrote: »

I tried this and couldn't get a single quote for a 10 year annuity whatever data I put in.

Not sure what's happening there as it's always worked when I've had a look although it is quite a simplistic version.