so the plan now is..............

Linton

clive0510 said:

I still think drawdown is the better opotion.

That may well be the case, the question is whether you are planning to drawdown too much too early leaving you in poverty at the period in your life when you are most vulnerable.  Better in my view to make your plans on living until say 92.  A plan should be very cautious and so after a few years of retirement if, as is quite likely, the economic disasters the plan is designed to withstand dont actually happen you could re-plan.

Audaxer

clive0510 said:

i do have other assetts. premium bonds-£20000, gives me a little winner now n then. isas £10,000. shares in m&s- £4000

In your position I would convert the above £34k to cash, so that along with only £2k from your pension, will give you the £36k for the next two years. That will mean much more in your pension pot so that you there is much less chance of you running out money when you are 82.

[Deleted User]

Would a pot of £175000 now, only grow to £200000 after 6 more years of paying in and reasonable annual growth? Just asking as certainly no expert on the matter.

At 67 assuming you get a a full state pension of about £9100 p.a. a drawdown of £5500 a year would give you about £14600 a year income. Not huge, but many people retire on similar amounts. I roughly calculated this assuming you had about £167000 left after those 2 years of higher withdrawal. I assumed a draw down rate of 3.5%. However, your final pot may be worth more than £200000 at 67. 
As mentioned above you could use some of your savings to support you during those 2 years from 65 to 67. I wouldn’t use all of them as an emergency fund of at least £10000 is important to have  in my humble opinion.

clive0510

Thanks for the comments. I think in principal I will stick with the plan I have,with a few tweeks. ie maybe as someone said plan on living into my 90s. and also using my other savings to fund me. the other thing to think about of course is where I been paying into my other savings plans via direct debit,as with my pension as well,I wont be paying in to any of it so that will save me money. worked hard enough for all of this and want to get it right.

[Deleted User]

So what is the new plan figures wise?

clive0510

well if I live till I'm 92 I should have enough money providing I draw £1250 a month (thats the limit before they tax you). that would be maybe topped up as required from other savings I have. when I get to 67 of course the state pension will kick in. so hopefully I'm doing this right. 

[Deleted User]

You mean £1250 a month from your pension from age 65 until the state pension at 67?

clive0510

[Deleted User] said:

You mean £1250 a month from your pension from age 65 until the state pension at 67?

yes indeed. topped up by my other money and savings I have. then at 67 reduce it because the state pension will come in to play.

1813

Imo as unlikely as it might be, having savings to 100 is probably a good contingency plan. Then I can talk. I have planned to 92. Just hope my planning is enough.

[Deleted User]

clive0510 said:

[Deleted User] said:

You mean £1250 a month from your pension from age 65 until the state pension at 67?

yes indeed. topped up by my other money and savings I have. then at 67 reduce it because the state pension will come in to play.

Thank you. I still think it is important to keep an emergency fund of at least £10000. Are you still paying into your pension?