Retire at 56 ?

jimjames

I'm not sure taking money out of the cash ISAs to pension would be a good thing (assuming that was what you were suggesting). I'd think it was better to move to S&S ISA instead and use some of the inheritance instead to allow you to retain the ISA wrappers.

TheQuaker

jimjames said:

I'm not sure taking money out of the cash ISAs to pension would be a good thing (assuming that was what you were suggesting). I'd think it was better to move to S&S ISA instead and use some of the inheritance instead to allow you to retain the ISA wrappers.

We're  waiting on probate which is unlikely before the end of the tax year. We want to claw back the 40% tax paid this year by my partner by putting into the pension in this financial  year. Hence the having to use upto 30k of the ISAs.

TheQuaker

I've not had too many comments, so I guessing I'm on the right track

barnstar2077

TheQuaker said:

I've not had too many comments, so I guessing I'm on the right track

Those final salary pensions make it pretty hard to lose tbh! :  ) 

FIREDreamer

barnstar2077 said:

TheQuaker said:

I've not had too many comments, so I guessing I'm on the right track

Those final salary pensions make it pretty hard to lose tbh! :  ) 

The only way to lose with those figures are death or divorce. 😃

TheQuaker

barnstar2077 said:

TheQuaker said:

I've not had too many comments, so I guessing I'm on the right track

Those final salary pensions make it pretty hard to lose tbh! :  ) 

20 years of hell in one company seems to be paying off eventually

TheQuaker

FIREDreamer said:

barnstar2077 said:

TheQuaker said:

I've not had too many comments, so I guessing I'm on the right track

Those final salary pensions make it pretty hard to lose tbh! :  ) 

The only way to lose with those figures are death or divorce. 😃

We're not married which I guess is another issue we'll need to address unfortunately!!!

Bostonerimus1

FIREDreamer said:

barnstar2077 said:

TheQuaker said:

I've not had too many comments, so I guessing I'm on the right track

Those final salary pensions make it pretty hard to lose tbh! :  ) 

The only way to lose with those figures are death or divorce. 😃

Yes I encouraged the OP to understand the consequences of an early death of either partner, but divorce should be another "stress test" for the plan. The OP's focus of planning is also a good opportunity to get wills and estate stuff sorted.

TheQuaker

Bostonerimus1 said:

FIREDreamer said:

barnstar2077 said:

TheQuaker said:

I've not had too many comments, so I guessing I'm on the right track

Those final salary pensions make it pretty hard to lose tbh! :  ) 

The only way to lose with those figures are death or divorce. 😃

Yes I encouraged the OP to understand the consequences of an early death of either partner, but divorce should be another "stress test" for the plan. The OP's focus of planning is also a good opportunity to get wills and estate stuff sorted.

For sure, thanks for everyone's advice. It's  all been taken on board. Not easy this retirement lark !

GenX0212

Looks like there is something off with your calculations when you reach the point of not needing drawdown (where your flexible income is £-ve). E.g. age 67 column M you have grown your DC pot by £11k whereas it should only increase by 1%. You have added the -£11k from column J but that's just money you haven't taken from your DC pot, not money to be added to it.

Have you factored in income tax or is your income required the pre-tax amount?

Looks like you have factored in a fairly low inflation rate (2%?) on your desired income. Try modelling with higher ones as well.

You are taking a significant chunk of monies from your DC pots when 57,58,59 so another suggestion I picked up on this board is to model a market crash by reducing your starting DC pot by 25% to see where that leaves you.

Overall not too dissimilar to my own plans and numbers, you have more DB but I have more DC. If you can do it then pay as much into your DC pots as you possibly can in those final years before retirement.