Taking early retirement soon, confused about max lump sums, level pensions etc.

stuhse

I have a rail pension , and as i plan to retire before 67, i intend to take the level pension option as it gives you more money early in your retirement when i believe i will be more active and fit hence spend more money. At 67 the pension decreases but i will start getting state pension which will compensate. I made a simple spreadsheet with accross the top: Year (from now until the youngest of you is 70), My Age, My wifes age. Down the side , my salary, my pension rail, my pension private, my pension state, my lump sum (any other income)--then the same for wife. Do a total for each year at the bottom. You can then see what you will have each year and quiclky enter the different pension options to see how it changes things. You can spread the lump sum to subsidise years where you are low or think you need extra. Worked really well for me -- also been realistic that past certainly 75 you are likely to slow down considerably. You can also look at how each partner will be if the other dies at any stage. Copy and paste the sheet onto other sheets and run different senarios.