Suggestions??

crv1963

antdon wrote: »

A lot of very wise words..
I have a few health issues both lifestyle and limiting (but hopefully not too much)
I enjoy my current job.... And cant see any way I am likely to retire early...

I have only recently started looking at my pensions...
A lot to learn / work out....

How I went about working our retirement plans was to look at what we had already saved up, when we wanted to retire (asap!) and then look at what income we need in retirement.

So work out what you need to live on, most planners say about two thirds of your earnings as a pension but it can be more or less depending on what you want to do when you retire. For us we reckon about 2k pm. Which is a little less than 2/3 current joint basic income.

Then when what pots pay out, so for you DB at 60, current work pension at 66 and SP at 66. If you saved the DB pension equivalent from earnings into another pension could that be drawn down to zero from say 63-66? Giving you the chance to retire a bit earlier?

Look at what survivors pension your wife would get, look at her pensions and when they pay out, could saving into other things such as ISA provide for her, be drawn down until SP starts?

For us we're timing our retirement for when Mrs CRV hits 55. So we're looking to create an income from her DC pot of 3k pa and then other pots/ savings to give her another 5k pa to be taken from her being 55 to her SP starting at 67. These other savings/ pots can be drawn down to zero by her SPA. Then when her SP starts that plus the 3k pa keeps her income below the PA.

My pension is DB and so that plus her 8k income gives us retirement at her being 55, at least that is the plan! My SP when (if I live to get it) takes us over what we think we need. If I go first then her survivors pension plus her 8k gives her enough to live a reasonable income.

antdon

crv1963 wrote: »

How I went about working our retirement plans was to look at what we had already saved up, when we wanted to retire (asap!) and then look at what income we need in retirement.

So work out what you need to live on, most planners say about two thirds of your earnings as a pension but it can be more or less depending on what you want to do when you retire. For us we reckon about 2k pm. Which is a little less than 2/3 current joint basic income.

Then when what pots pay out, so for you DB at 60, current work pension at 66 and SP at 66. If you saved the DB pension equivalent from earnings into another pension could that be drawn down to zero from say 63-66? Giving you the chance to retire a bit earlier?

Look at what survivors pension your wife would get, look at her pensions and when they pay out, could saving into other things such as ISA provide for her, be drawn down until SP starts?

For us we're timing our retirement for when Mrs CRV hits 55. So we're looking to create an income from her DC pot of 3k pa and then other pots/ savings to give her another 5k pa to be taken from her being 55 to her SP starting at 67. These other savings/ pots can be drawn down to zero by her SPA. Then when her SP starts that plus the 3k pa keeps her income below the PA.

My pension is DB and so that plus her 8k income gives us retirement at her being 55, at least that is the plan! My SP when (if I live to get it) takes us over what we think we need. If I go first then her survivors pension plus her 8k gives her enough to live a reasonable income.

I will have to sit down and try to work it out this weekend.
With there being a 17 year age difference there is no realistic chance of my wife retiring for at least another 10 years (and probably not then)....

Many thanks to everyone who has replied...
I will try to work out what I would like...
Then get back with a plan.....

Many Thanks