Retirement Planning

Redscope77

I'm trying to plan out what I might expect to get when I retire.    

I'm 47 years old in June and would like to retire when I turn 60.  I am mortgage free and easily live on £1800 per month for my expenses.

I have a ISA investment account currently with £64k. I am fortunate enough to be able to invest £1667 per month (20k per year).  I have assumed a growth of 5% so at 60 I could have around £475k

I also have a
  1) General investment account with £122k.  
  2) A private pension with £100k. I am able to contribute an additional 2k a year to
  3) A previous employers pension with £141k.  I do not contribute any additional funds.
      The defined benefits of the Pension means I can't transfer it to my personal pension(2)
  4) I have a brand new works Pension and contribute via salary sacrifice £622 per month 
      (includes company match contributions)
  5) I have about 25K in cash savings for emergencies 

So I have roughly £650 per month spare cash and I think the sensible thing for me to do is :
    1) Add 250 per month to the General Investment account growing it to £270k base on an
        annual growth rate of 5%. 
   
  and

    2) Save £400per month towards holidays and other annual expenses 

I feel I am on the right path to have a comfortable pension pot and monthly income

Would anyone do anything different?  

NoMore

You don't seem to be tax efficient as you could be.

I would be moving the GIA into pension and also not adding to the GIA but instead those contributions into pension as well, not sure why you have so much in GIA and yet not seem to be using your Pension allowances to the full.

This is assuming you have enough earned income to cover the tax relief from the pension.

Redscope77

NoMore said:

You don't seem to be tax efficient as you could be.

I would be moving the GIA into pension and also not adding to the GIA but instead those contributions into pension as well, not sure why you have so much in GIA and yet not seem to be using your Pension allowances to the full.

This is assuming you have enough earned income to cover the tax relief from the pension.

That's a good point. I could boost my private pension pot by 50k for the next couple of years and get the tax relief.   I'm in the 40% tax bracket, so that's a lot of money.  

Thanks :-)

2nd_time_buyer

If you are looking at £1800 per month in todays money, it look likes you are going to overshoot by a big margin. 

Maybe, you will need to consider some combination of spending-more, saving less, retiring earlier, or  passing on more when you die.

You appear to have posted duplicate threads. Maybe close one of them?