Pension Financial Advice

LordCroker

Both my wife and I are in defined benefit pension schemes that are due to mature at age 60, and we also have other pensions that will continue until we are 65.

We have savings and are expecting an inheritance.

We would like to know whether we can retire early, but we need advice and are not sure what kind, pension advice, financial (investment) advice, or possibly both.

Dazed_and_C0nfused

LordCroker said:

Both my wife and I are in defined benefit pension schemes that are due to mature at age 60, and we also have other pensions that will continue until we are 65.

We have savings and are expecting an inheritance.

We would like to know whether we can retire early, but we need advice and are not sure what kind, pension advice, financial (investment) advice, or possibly both.

You may well benefit from advice but understanding the scheme rules for your DB pensions and what exactly you will be entitled to from 60 will be a good first step before parting with any money.

p00hsticks

Dazed_and_C0nfused said:

LordCroker said:

Both my wife and I are in defined benefit pension schemes that are due to mature at age 60, and we also have other pensions that will continue until we are 65.

We have savings and are expecting an inheritance.

We would like to know whether we can retire early, but we need advice and are not sure what kind, pension advice, financial (investment) advice, or possibly both.

You may well benefit from advice but understanding the scheme rules for your DB pensions and what exactly you will be entitled to from 60 will be a good first step before parting with any money.

Plus getting an idea of what income you think you will need in retirement . 

Flugelhorn

LordCroker said:

Both my wife and I are in defined benefit pension schemes that are due to mature at age 60, and we also have other pensions that will continue until we are 65.

We have savings and are expecting an inheritance.

We would like to know whether we can retire early, but we need advice and are not sure what kind, pension advice, financial (investment) advice, or possibly both.

I think as mentioned above, it is a case of how much you need in retirement - if you can manage on the DB pension  at 60 then maybe that answers your question. 

Or  consider how much do you like working? I enjoyed it so carried on for 18 months even  after I took my DB pension even though it meant silly% tax 

WillowLeaf

This guy has some good videos, this one in particular might be relevant.

https://www.youtube.com/watch?v=fGDs3whcwoI

I'm in a similar position, and can see from his videos that it is a complex picture made up of expected income, expenses, estimated life expectancy, desired standard of living.

Flugelhorn

WillowLeaf said:

This guy has some good videos, this one in particular might be relevant.

https://www.youtube.com/watch?v=fGDs3whcwoI

I'm in a similar position, and can see from his videos that it is a complex picture made up of expected income, expenses, estimated life expectancy, desired standard of living.

those look interesting - it is complex - I found it surprisingly hard to work out how much I would "need" in retirement compared with when working.  When it came to it I find being retired costs me far less than working did - at least I have more spare cash left over at the end of the month now, guess expenses not so great 

ali_bear

Another angle to take is to get an estimate of your retirement income and compare that with your current employed income. If it is about the same or more that would be a green light. 

tacpot12

I think the advice you need is likely to come from a Financial Planner. Such advisers will look at your whole situation and talk to you about what you want to acheive and put a plan in place that you can follow. The plan might need investment advice down the line, e.g. when your inheritance arrives.