We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
i am considering retiring from work at 58 ..
Comments
-
0
-
.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 .
1 -
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 Expert1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247K Work, Benefits & Business
- 603.6K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards