Retirement Decision

Ciprico

Your ISA has done very well, I'm 10 years older, had an isa and predecessors peps/Tessa's etc, for ever, always paid in the max, drawn nothing, invested in global trackers and prior in similar IT, and have 200k less ..

Well done ..

Maybe you could think about putting more into your Sipp if you can especially if youre a higher rate tax payer.

Or investigate reducing risk in SIpp as that could probably cruise to £1M with low risk investments (gilts) before you access it, and conversely increase the risk in the ISA as there is no higher threshold from a tax pov....

Albermarle

SouthCoastBoy said:

Albermarle said:

Triumph13 said:

The key thing I would add is that you are so well placed you don't need to find the perfect decumulation strategy, and shouldn't waste too much mental energy trying to find it.

Just make sure you use your PA when you can.

It is a good point.
Although I retired 10 years later than the OP plans to, I had probably done two or three years more than necessary.
One advantage of this, is that I effectively have more money than I need, and therefore do not spend too much time on worrying about decumulation strategies ( or worrying about money at all). Although I do read about them on here and take a kind of academic interest.

I'm pleased you're coming around to my way of thinking, in that it makes senses to do a few more years so the concern of running out of money doesn't become such an issue. 😀 

Yes but you can take it too far ……

cfw1994

SouthCoastBoy said:

Albermarle said:

Triumph13 said:

The key thing I would add is that you are so well placed you don't need to find the perfect decumulation strategy, and shouldn't waste too much mental energy trying to find it.

Just make sure you use your PA when you can.

It is a good point.
Although I retired 10 years later than the OP plans to, I had probably done two or three years more than necessary.
One advantage of this, is that I effectively have more money than I need, and therefore do not spend too much time on worrying about decumulation strategies ( or worrying about money at all). Although I do read about them on here and take a kind of academic interest.

I'm pleased you're coming around to my way of thinking, in that it makes senses to do a few more years so the concern of running out of money doesn't become such an issue. 😀 

For some, there will be a point they realise that running out of time is the bigger issue 😱
Come on in, SCB, the water is lovely 😉

As I slowly wake up, typing this in France, with 3 weeks of travel ahead, I already know there is more we want to see & do than we can fit in 😳
Now I’m the wrong side of 60, aches & pains will only increase 🫣  Although Ito be fair, that has been the case for 10 years now 🤣

As the song goes, enjoy yourself, it’s later than you think 👍

artyboy

I'm in a similarly fortunate position to the OP (or possibly the real OP's alter-ego), and at the same age, and with a Mrs Arty who is also in a similar position. Asset mix is a bit different with a greater leaning toward pension/property than more immediately liquid investments, but nonetheless...

My 'challenge' (if you can call it that) is a different one though - persuading Mrs Arty that we are well past the point where we need to be concerned about climbing the greasy pole any more, and reaching a common understanding about it being ok to start decumulating. She's not exactly in love with her job as it is...

I think I may just need to draw up a budget. I reckon I've got another good 25 years ahead of me to actually enjoy life and I'd rather be doing that than wasting it just trying to earn more that I have no need for.

Triumph13

We had a bit less than OP when I pulled the plug at 52.  In the 6.5 years since then there has not been a single moment where I have regretted that decision.

MallyGirl

artyboy said:

I'm in a similarly fortunate position to the OP (or possibly the real OP's alter-ego), and at the same age, and with a Mrs Arty who is also in a similar position. Asset mix is a bit different with a greater leaning toward pension/property than more immediately liquid investments, but nonetheless...

My 'challenge' (if you can call it that) is a different one though - persuading Mrs Arty that we are well past the point where we need to be concerned about climbing the greasy pole any more, and reaching a common understanding about it being ok to start decumulating. She's not exactly in love with her job as it is...

I think I may just need to draw up a budget. I reckon I've got another good 25 years ahead of me to actually enjoy life and I'd rather be doing that than wasting it just trying to earn more that I have no need for.

This is where I am. VR starts in July but Mr Mally is still thinking that I will get another job after taking the summer off. Unless something really interesting lands in my lap then that won't be happening. He is not interested in stopping yet even though I believe we could afford to.