Retirement Timing

berbatov10

Good Afternoon.



I am due to retire at end on October 2019, I earn about £55000 a year from my salary and BTL investments. As the tax year Runs March until April is there any benefit in me delaying retirement to April 2020? Or can anyone point to a website where I can play with such figures


Thanks in advance

SeniorSam

What age are you in October and what income are you looking for?

Dazed_and_confused

is there any benefit in me delaying retirement to April 2020?

Roughly £23k additional income for a start (pre tax and National Insurance).

Plus additional money (or service) in your company pension scheme.

berbatov10

Hi Sam so I will be 58 2 weeks after retirement. I will have a pension which will give me £1500 a month and minus mortgage payments etc on BTL I net about £1000/ per month. I will also get a lump sum of £130,000 when I retire



My OH is still working but has no pension to speak of


I hadnt set an ideal income but we have no mortage so I think the £2.5k per month should be ample

berbatov10

Dazed and Confused many thanks. Yes there is the additional income though the pension will not go up with further contributions.

Dorian1958

Notwithstanding you will have a large cash lump buffer, you should consider whether or not your joint income when you retire is sufficient to easily cover your outgoings without the £1000 per month rental income. Rental voids can happen. So, you really need a handle on your average monthly outgoings.

agrinnall

Have you paid the necessary number of state pension contribution years to earn full state pension when you get to the right age? If not then hanging on to April 2020 might well get you an extra year.

xylophone

Have you and your wife obtained new state pension forecasts?

https://www.gov.uk/check-state-pension

My OH is still working but has no pension to speak of

Does her employer have a pension scheme that she could join?

https://www.gov.uk/workplace-pensions/joining-a-workplace-pension

Or she could start a personal pension?