Retirement plan

Garyb2

Hi all, have been planning my retirement for over 30 yrs, i am 64 yrs old with a full projected state pension.
My wife has a projected state pension of around 8k and is 61. Not in employment with 1k a year disablement benefit.
Worked in a factory myself and a self employed business earning 8k per year for 15 yrs ongoing.
Retired from my factory job in May.
We currently have 190k in savings, all in isa's and bank accounts.
Own house outright with no debts or credit.
We intend to buy car and other costs next year around 25k cash.
I have an annuity worth £1370 per year and a defined benefit pension of £6,800 both of which i am taking now.
My wife has no pension.
We live a pretty basic lifestyle that we are both happy with.
Business is worth 10k.

Have i planned ok, should i sell my business or keep? it is quite physical which right now i am ok with but looking for opinions on where to go from here.

outoftheviciouscircle

You may be better off posting this on a different board as this board is for those with debt questions.

Garyb2

Ok thanks, did not realise.

Brenster

I would move this to the,

Pensions, Annuities & Retirement Planning Forum.

But in short i think it sounds tight for 2 people, but only you know how much you are likely to need for retirement.

draiggoch

As you have so much cash savings you could contribute to a pension for you and your wife for the next few years, even without earnings you can contribute £2880 and receive £720 (within the pension)  from the government as the 20% tax break.
You can even take the total of £3600 out every year without paying a penny in tax for your wife.

sourcrates

Moved for you.

Albermarle

My wife has a projected state pension of around 8k and is 61

You should buy extra NI years to make sure she gets the full state pension . It is is excellent value for money . Something like £800 buys you over £200 pa in index linked pension for life .

michaels

You need to check the gov website to see exactly how much pension you and your wife have now and what you would get when you  stop working and whether their is the scope to increase this.