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i am considering retiring from work at 58 ..

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  • xylophone
    xylophone Posts: 45,622 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 21 October 2020 at 9:49AM
    State Pension Forecast here
    https://www.gov.uk/check-state-pension
  • Albermarle
    Albermarle Posts: 27,909 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    .i could draw £100 per week of the £48,000 and it would last me till im 67 //t

    Presumably you have calculated this on the basis of the £48K being kept in a savings account . 

    Ideally you should invest some of it to try and get some better growth . Otherwise at least try and maximise the savings interest by searching for the best paying accounts and tying most of it up in fixed term savings which pay better . Some for one year, some for two years, some for five years etc .

    https://moneyfacts.co.uk/savings-accounts/

  • bluenose1
    bluenose1 Posts: 2,767 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    The experts on here will know better than me but would it be worth maximising how much you can put in a SIPP in the year you retire. For every  £80 into SIPP it will be topped up to £100. You can then withdraw this tax free as long as you stay below the £12,500 personal allowance. I am going to do a cash SIPP in my last year of work to the max I can . Also for future years each year you can put in £2880 and it will be topped up to £3600, even if not working.
    i think you definitely have options to make best use of your income.
     
    Money SPENDING Expert

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