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i am considering retiring from work at 58 ..
Options
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.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 .
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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
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