Have we got enough

allyl22

I am 60 in January next year and my OH is 57 in August this year. I have a SIPP with £240k in it and currently contributing £780 gross to it . I also have a work pension which is a money purchase scheme with £87k in it and a total of £492 being contributed between myself and the company . I have a DB pension of £9k per annum and a lump sum of £59k which I will take aged 60 . My oh has a teachers pension due when she turns 60 of £14k per annum with a lump sum of £34k and a SIPP which is currently worth £32k and contributing £180 gross per month .  We have Isa's which total £234k and cash savings of £134k. My OH salary is currently £20k per annum net of tax. We need £35k net of tax as income . Will this work if I retire at 61 and my OH retires when she is 60 , 2 years later?

Stubod

..why not set up a spreadsheet and pump all the relevant numbers into it?...would be a lot easier than asking people on a public forum to do it for you and may help you understand your own finances a little better ?

burner03

Yep sure 👍

RobM99

You need £35K nett?   Wow!!

allyl22

Thanks for the responses so far . I have pumped them in to a spreadsheet and it looks like it could work . I was just looking to the forum for a sanity check I guess .

michaels

Put it in cfiresim. Have you checked out you state pension forecast?

I suspect you are more than there with the state pension and db pensions and you could probably spend between 45 and 50 after tax for any reasonable life expectancy and not run out.

allyl22

Hi michaels . Both myself and my OH will get full state pensions . 

Gary1984

You're miles over the line. Your DB and state pensions come to £41k p.a before tax so a little over £3k a month after tax once they're all in payment in around 10 years. You then have more than enough in the SIPPs, ISAs, from lump sums etc to bridge the gap until everything is in payment. Go for it now, don't wait! 

Albermarle

As a very approx calculation 
BY the time you retire you will have around £800K in various pots . Typically you can safely generate an inflation linked income of 3.5% from this = £28 K pa and it should last a lifetime and still be a good amount left ( hopefully )
DB pensions £23K pa 
SP pensions at 66 £17K 
Probably pay about 10% in income tax.
So at 66 , your net income could be £60 K pa 
So you have a good safety margin even before the SP's kick in .

dunstonh

RobM99 said:

You need £35K nett?   Wow!!

That is not unusual or strange and doesn't deserve a "wow".

AnotherJoe

OP you don't say what your salary is but given the fact you are over 55 and planning to retire soon so pension money will be accessible when you want it, at low tax rates ,  you seem to be putting very little money into your pensions currently. 

Also are you putting in enough to get the maximum employer contribution?