Can I retire?

Roger175

You don't say as such, but I'm assuming that with your health condition, you have a reduced life expectancy. This being the case, I would be looking to retire ASAP. You seem to live a very frugal lifestyle, so if the numbers work (which you indicate is the case), then go for it. You may not have another opportunity regards the voluntary redundancy.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/81947559#Comment_81947559

You did say in your original post that the PIP payment should not be counted as general income, but now you are counting it. It is up to you but best to be consistent as the numbers are a bit tight.

Also you did not mention a partner before, and obviously another income and being able to share some costs will help.

I think due to your health problem, it would make sense to retire, especially with a redundancy lump sum on offer. When to take your DB/CPS pension is just a calculation. If you take it early you get less but for longer. Based on average longevity it should work out about the same. If you feel with your health problems that you will not live to a ripe old age, then probably better to take it early. The fact that it is now closed does not make any difference.

I will mention again that money you have that you will need in 10 or 15 years time, will probably be better invested rather than saved in a cash savings account. Something to maybe think about once everything else is sorted out.

LHW99

Worth checking the conditions for your partner (if not married / civil partnership) to be paid a "spouse" pension if you do pass first. Some rules allow payment to non-married / non-CPs, some don't.

Veloflyer

It think a minimum of @14/ann is light. My basic spend from last year, which I do not think is excessive, is @ 1800/month and that does not include meals out, day trips, holidays, etc - although the food bill is for the 2 of us. It's mainly council tax, fuel, heating oil, electric, car bills, insurance, phones. There is also only one way those prices are going. For sure I could reduce it a little, but the largest expenditures of council tax, electric and heating costs are really non-negotiable. Car does cost, but up here in the sticks, it is very difficult without it.