phase one happining soon

thebullsback

Hello All. In two monthes time I retire and return to my same job in the NHS which i intend to stay in for 2 more years.

I am male aged 60 my salary will be £20500 p.a.

NHS pension £5500 p.a.
NHS pension lump sum £37200
I am married my wife works and intends to work like me another 2 years.
We live seperate financhael lives (it works for us) and we have no debt.
any thoughts on best way of making my lump sum work for me?
I will have no other income apart from my salary for next couple of year which i manage fine on.

Triumph13

Presumably the lump sum, plus the next couple of years pension whilst still working, will be needed to plug the gap between stopping work and your state pension at 66 - with some of it probably going on voluntary NIC contributions to get you closer to a full SP.

Have you got a state pension forecast yet to see how much you'll get / how many voluntary years you need to pay? Will SP plus that £5,500 be enough for you long term?

Brynsam

Attitude to risk? Health? Objectives?

thebullsback

in feb 2021 I will recieve a £2300 p.a. pension from a previous employment.
I also have a F.S. pension from another employment that if I were to take now would pay £1300 p.a. but obviously the nearer to my 65 birthday I leave it the more it will be.
I am ok with risk my kind of thoughts are £7000 in bank for unexpected things and the rest invested hopefully making about 5% p.a. or is that stupid.

Triumph13

I'm still missing what you plan to live on from 2021 to 2025 when your SP starts. £5.5k from NHS, £2.3k and £1.3k from previous employers makes £9.1k is that enough?

xylophone

I'm still missing what you plan to live on from 2021 to 2025 when your SP starts. £5.5k from NHS, £2.3k and £1.3k from previous employers makes £9.1k is that enough?

His wife will also be retiring, presumably with a pension?

He could regard his pension income as a replacement for part of the salary and contribute from the salary to another pension?

If he invests his lump sum in ISAs for himself and his wife he could take the natural yield - small amounts perhaps but it all adds up!

thebullsback

I have a very simple lifestyle my NHS pension will be put into a joint account with my wife ( first time this has happend ) she will match it and this pot will pay our core living expensess.
I can easily get by on £60 per week pocket money