Is this good enough?

[Deleted User]

Of course you must consider the finances ,but they are not the only consideration. (Such as your health both physical  and mental)

Having read your posts I think it is doable, especially if your wife continues to work. Is the mortgage paid off? 

To answer the question ‘Is this good enough’ also depends on lifestyle and your priorities.
On numerous threads in other parts of this forum there are many people who live fulfilling retirements on just the state pension or of incomes £12000 upwards. Others seem to need a lot more. It is very personal and unique to circumstances or, as I have said, lifestyle and what makes someone happy.

Also have a read of this,
https://forums.moneysavingexpert.com/discussion/6228191/how-much-to-live-on/p1

Best wishes with your plans.

sgx2000

Yes motgage is paid off.....

[Deleted User]

sgx2000 said:

Yes motgage is paid off.....

That’s a great bonus. Start making those plans!

sgx2000

[Deleted User] said:

Also have a read of this,
https://forums.moneysavingexpert.com/discussion/6228191/how-much-to-live-on/p1

Best wishes with your plans.

I have  watched and learned from this forum for a few years....
How did I miss this thread?

[Deleted User]

Glad you found it lol!

sgx2000

Just spent an hour and read it all...

Some very good perspectives on what you really need

RogerPensionGuy

sgx2000 said:

Kim1965 said:

If you are a tradesman is itvpossible to work a couple if days a week to get you through to spa? Most sparks earn £200+ a day. 
 At spa your retirement would be so much better in financial terms. 

Agreed....
But,  
1. Will the annuity rates be anywhere near as good in 2.5 years
2. Every year I delay will always hopefully be better... But do you say this forever lol... You only get so many years

Maybe get a fancy annuity you buy now but, payments start in a set date in the future like 2 or 3 years Maybe. 

Albermarle

sgx2000 said:

[Deleted User] said:

Also have a read of this,
https://forums.moneysavingexpert.com/discussion/6228191/how-much-to-live-on/p1

Best wishes with your plans.

I have  watched and learned from this forum for a few years....
How did I miss this thread?

It is not in this forum, but lives here.
Over 50s MoneySaving — MoneySavingExpert Forum

A less busy/active forum . Some posters prefer to use it for questions/comments, rather than come onto the pensions board, which they think is a bit scary and largely inhabited by people out of their league, because from time to time some relatively big numbers are mentioned.

sgx2000

"because from time to time some relatively big numbers are mentioned."

Never a truer word...

The number of times I have seen people with 5, 6, or even £700,000 wondering if they can retire....

Oh! If only....

With my current annual expenditure
We currently manage 2 weeks in Greece
3 or 4 weekend away
and eat out once or twice every month

My biggest decision is whether to take the fixed rate annuity at £6k 
or
RPI annuity at £4k.....

Working on a 7% inflation rate.  The value of the £6k pension would halve in 12 years

I wish I was decisive,,,, I think... 

Albermarle

The number of times I have seen people with 5, 6, or even £700,000 wondering if they can retire....

On its own a £600K pot can only safely generate an income of around £20K pa, which is no jetset lifestyle.

However if there are other income streams, like the state pension, or a partners income/pension, or an old DB pension, then it's a different situation.