Advice needed please

Datsaid

Planning to retire in 18 months aged 57 oh retiring june 2022 aged 56.
Joint income 5k pm
Outgoings 2/2.5k pm
Savings 115k isas and santander
My pru with profits persional pension comes in at 65 pot presently 100k adding 230pm
Workplace pension with l+g
Pot of 4k adding 140 in total pm
OH teacher
db pension comes in at 61
6kpy + 18k lump sum
Then at 67 4kpy from new dc pension
Also old dc pot of 30k
And 6k from spell with m+s
We both qualify for full sp
And have 2 mortgage free properties worth 30Ok in total one rented income included in 5k
What should we do to reach an income of 30k per year when not working
No childern or dependant relatives

tacpot12

There's not quite enough information in your post.

Can you confirm the amount of rental income you receive per month?

Also, is the £30K per year you are looking for after tax?

Regarding your OH's DC pot of 30K, at what age can she take this (with no reduction)? And at what age if she will accept a reduction?
Regarding your OH's new dc pension (at 67 4kpy from this) - why does she have to wait until 67 for this DC pension? Did you mean it was a new DB pension with a normal retirement age of 67?
Is the M&S pension DB or DC, and is paying £6K a year, or is it a pot/transfer value of £6K?

kidmugsy

Datsaid wrote: »

Planning to retire in 18 months aged 57 ... My pru with profits persional pension comes in at 65

Why 65? If it's a personal pension you could presumably take it now. Would there be penalty? How big?

kidmugsy

Datsaid wrote: »

OH teacher db pension comes in at 61

DB therefore presumably contracted out of SERPS/S2P for part of career?

Datsaid wrote: »

We both qualify for full sp

You know that or you assume that?

Datsaid

Penalty is to large to take early

Datsaid

kidmugsy wrote: »

Why 65? If it's a personal pension you could presumably take it now. Would there be penalty? How big?

kidmugsy wrote: »

DB therefore presumably contracted out of SERPS/S2P for part of career?
Yes contracted out



You know that or you assume that?

Know got the forecasts

Datsaid

tacpot12 wrote: »

There's not quite enough information in your post.

Can you confirm the amount of rental income you receive per month?

£530 included in total income

Also, is the £30K per year you are looking for after tax?
After tax

Regarding your OH's DC pot of 30K, at what age can she take this (with no reduction)? And at what age if she will accept a reduction?
Regarding your OH's new dc pension (at 67 4kpy from this) - why does she have to wait until 67 for this DC pension? Did you mean it was a new DB pension with a normal retirement age of 67?
Is the M&S pension DB or DC, and is paying £6K a year, or is it a pot/transfer value of £6K?

She can take the30k at 55
The new dc pension is ateachers pension
The m+s 6k is db and thats the total pot size
She