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This discussion was created from comments split from: Pensions Planning: The NUMBER.

jp2026

Looking for thoughts on my position and number. 

Currently 53, looking to retire at 55 (March 26 so will stay at 55) /56/57. Think I have enough for 55 but tempted to go longer and be in a stronger position. Quite a novice with all this as had been looking to my DB pension to sort everything but a bit of a lightbulb moment 5 years ago and a few bits of luck have led me to this position

DB at 55 = £30k per annum , will increase with inflation, no cap.

£85k TFLS at 55 in addition from DB.

SIPP - 183k will add about £20k to this before 55 so will be £203k plus any gains

S&S ISA 34k   

Other savings inc. Cash ISA , Premium bonds - £254k looking to add another £25k to this before 55 so £279K plus interest 

Possibly another £100k to add after a house move and some renovations by the end of this year.

Mortgage is very small £15k and ends Oct 27

Spending currently about £3200 without the mortgage. Quite a few holidays in that which I hope will increase.
Would like about 4k a month to be able to spend freely so £48k net. Probably a bit excessive but thought if I start high this may taper off over time.

Will have full state pension at 67

Working past 55 would mean more saving into SIPP and savings. As is comes closer I think I will do another year etc. Asking myself is it because I don't want to start spending the savings!!

NoMore

jp2026 said:

Looking for thoughts on my position and number. 

Currently 53, looking to retire at 55 (March 26 so will stay at 55) /56/57. Think I have enough for 55 but tempted to go longer and be in a stronger position. Quite a novice with all this as had been looking to my DB pension to sort everything but a bit of a lightbulb moment 5 years ago and a few bits of luck have led me to this position

DB at 55 = £30k per annum , will increase with inflation, no cap.

£85k TFLS at 55 in addition from DB.

SIPP - 183k will add about £20k to this before 55 so will be £203k plus any gains

S&S ISA 34k   

Other savings inc. Cash ISA , Premium bonds - £254k looking to add another £25k to this before 55 so £279K plus interest 

Possibly another £100k to add after a house move and some renovations by the end of this year.

Mortgage is very small £15k and ends Oct 27

Spending currently about £3200 without the mortgage. Quite a few holidays in that which I hope will increase.
Would like about 4k a month to be able to spend freely so £48k net. Probably a bit excessive but thought if I start high this may taper off over time.

Will have full state pension at 67

Working past 55 would mean more saving into SIPP and savings. As is comes closer I think I will do another year etc. Asking myself is it because I don't want to start spending the savings!!

Probably better off as its own thread, questions get asked like this all the time and can quickly evolve into very long threads about the specifics of drawdown to you.

jp2026

Ok, first time poster do you mean move to the main bit and not this bit

NoMore

jp2026 said:

Ok, first time poster do you mean move to the main bit and not this bit

Create your own thread instead of adding to this one. Use the Create New button, should be top right of website

MallyGirl

@jp2026 I split this off into its own thread for you

NoMore

MallyGirl said:

@jp2026 I split this off into its own thread for you

He already did: When to retire — MoneySavingExpert Forum

Probably best to delete this.