Suggestions .... ideas...

Albermarle

sgx2000 said:

Yes I can.... But obviously riskier

It is a double edged sword.
The lower risk the fund , the lower income it will generate long term and the lower income it will produce. In this case the £2Kpa I previously mentioned should be reduced further.
The usual recommendation is to be in medium risk funds for drawdown.

Markneath

I’ll just add you might have left it a little late but your not in a bad position.

Your house is paid off, you have a reasonable amount of savings I know cash is a poor investment long term but having a decent cash buffer can take a lot of stress out of life. Personally I think 2/3 years living costs is ample though.

In your position I dont think I would bother taking the 25% tax free lump from the aviva pension as I don’t think you need it. I would rather take 25% tax free each year going forward.

sgx2000

Markneath said:

In your position I dont think I would bother taking the 25% tax free lump from the aviva pension as I don’t think you need it. I would rather take 25% tax free each year going forward.

Thanks for the reply...
I was just thinking the same......

I am only just starting to try and get my head around various options

sgx2000

Thanks to everyone who has replied....

A lot to think through..

My son 18 ( from a previous relationship) lives with us...
He is probably going to university  but in 4 years time will start working.  
My total annual requirement could possibly reduce by £2500 when he starts working.....
But then again...lol

My initial thoughts after reading all the helpful comments is to
put £25,000 into either a sipp or an isa - probably Vanguard middleing risk.
And add my monthly savings £1k+ to my existing Aviva pension

Hopefully I will make it to 66 before I have to retire..
It would be nice to retire a little earlier.... but financially unlikely
But like like most 62 year olds I have a few medical issues...

Once again thank you all

Albermarle

Putting £25K of £46 K savings in is quite a 'brave' move . Also you could not put all that in a SIPP and increase your regular contributions, as you do not earn enough to gain tax releif on it all . Probably the most you could add would be around £15K
Increasing regular contributions is fine , with maybe a smaller lump sum contribution?

sgx2000

This is probably totally wrong...  

I am in a LGPS sceme and recieving a pension of £6500

I have just looked at the lgps website and it allows extra pension payments by lump
And the website has a calculator that says if I add £7350 it will pay an additional £ 472.37 (FROM AGE 66???)

Probably some rule that you cant add if you are already re ieving a pension, but I cant see anything saying so.?

The main plus would be the (hopefully uncapped) cpi link...

Am I just living in cloud cuckoo land ...?

Dazed_and_C0nfused

sgx2000 said:

This is probably totally wrong...  

I am in a LGPS sceme and recieving a pension of £6500

I have just looked at the lgps website and it allows extra pension payments by lump
And the website has a calculator that says if I add £7350 it will pay an additional £ 472.37 (FROM AGE 66???)

Probably some rule that you cant add if you are already re ieving a pension, but I cant see anything saying so.?

The main plus would be the (hopefully uncapped) cpi link...

Am I just living in cloud cuckoo land ...?

Are you a current member of LGPS i.e. working in local government and building up additional pension?

Or are you working elsewhere and simply taking an old LGPS pension from a previous employment?

sgx2000

Thanks Dazed

Working outside LGPS.... old lgps pension started paying when I was 60...

Duh!  Lol 
Shot down in 2 sentances....lol

Why did I not even consider that.....

Woby_Tide

When you say "my monthly expenditure" do you mean "yours" or "ours"? Is your wife working also and you haven't included any figures for her current contribution or any potential future contributions, is that an income stream that could be covering whilst you increased your contributions in the short term then she can do so once you are past working age

sgx2000

Woby_Tide said:

When you say "my monthly expenditure" do you mean "yours" or "ours"? Is your wife working also and you haven't included any figures for her current contribution or any potential future contributions, is that an income stream that could be covering whilst you increased your contributions in the short term then she can do so once you are past working age

Thanks for the reply...

The figure was basically my half of the joint expenses, bills, holidays, etc.  plus my own expenses....
Everything I would need to sustain a similar lifestyle to my current one. (My wife who is 17 year younger would continue to pay her half of the joint expenses)

I created a spreadsheet a while back to help me keep track of what my real expenses are.
And, I expect that I will be doing a quarterly review during retirement. (OMG what am I saying?  probably going to be monthly for the first year - vacillation)