Retiring right now

@Retiringrightnow, I totally get you. I don’t work on the NHS bit also have a public-facing role and I will be retired at the end of the month. I turn 60 during September.
im not retiring out of choice but because I can’t continue in my current role and going part time would impact my pension (I know that sounds crazy).
Enjoy every moment. I described in my leaving speech that I was giving myself the gift of time - I hope it will be the same for you too.
All the best.

I think that if your worry is that your savings may not be enough should you need paid assistance in future, you should be able to live reasonably comfortably on less than the £40k pension you have so should still be able to add to that savings pot, especially when you get your state pension in 2-3 years time. You should still be able to travel/take holidays if that’s what you want to do, as you can take advantage of cheaper deals now you are more flexible with your time. And I imagine living by the sea would be a bonus for both your physical and mental health.

I retired 18 months ago now - don’t regret it!

Sounds like you’re in a fab position and really don’t need to worry. Try to relax and enjoy it.

If you had a standard pension pot I thought that you had to have approx 100k in the pot to get back 4k/ 5k a year, so this is the equivalent of a 800,000-1mil pension pot? As you can see OP this is a huge pension to most people and you should be feeling very content entering retirement that you have made some great decisions and put in a lot of hard work to get to this point

I edited my post and added more!

You are in a great position and in a few years time you'll get state pension too. Good on you. I expect you had to work hard for many years to be in your position. I'm also 64 and I retired from teaching at 57. I live on my Teachers Pension and passive income from btl portfolio and investments. In 3 years time I'll get a full State Pension too. You'll find you can go on holiday out of peak times and great bargains on holidays. Make sure you have plenty to keep you occupied after you retire.

@Retiringrightnow It is such a big change in life. You've worked had a salary and prospects and suddenly that's gone. You have a finite income (however generous that might be) and now you have to live on what you have.

It is a scary prospect.

But you will be OK. You have a good income, and in 3 or 4 years time you'll have your state pension too (minus tax). The first year can be scary, so I advise that you monitor your income and expenditure carefully, and in some detail. What are all the fixed costs: utilities, insurance, council tax, car. What are the slightly variable costs: food, household costs, meals out, clothes. What are the variable costs or luxuries: holidays, meals out, clothes.

After a year you will be so much more reassured. Enjoy your retirement.

As a PP said, your retirement pension pre State pension is already higher than the national wage average and you have have over 100k savings, a lot of which I imagine you could invest in an ISA and just leave to happily generate continuous tax free interest.

The 40k will eventually become 50kpa and you’re 64 so I’m wondering why you’re worried it won’t be enough for the rest of your lifetime?

If there are things that worry you, maybe talk to a financial advisor to set your mind at rest. There may be some good investment products/plans etc that they could advise you on to make you feel a bit better?

You’ve been v generous with your DC and definitely will need to stop funding them any longer and focus on yourself.

Hope you have a long and happy retirement!

This is a very strange stealth brag.

Your income will be higher than the average salary in the UK, you have no debts and presumably very small outgoings.

Well done OP!

I am a couple of years ahead of you and with a much lower D.C. pension.

It feels different, and yes less secure, to not be earning an income, and the finiteness of it: what you have is it, and will only deplete.

But you will definitely be ok unless you have very extravagant tastes and habits.

On £40k income you will probably be able to save especially once you get state pension. A fund for next car, boiler, house maintenance.

I have time and flexibility to get good deals: cheap theatre tickets, off peak train deals, cheap cinema tickets. I go to the gym, swim, walk, go camping, hiking, and am part of a political campaign.

I am not prepared to be tied down by the needs of a dog and the restrictions that dog ownership brings. Or any regular commitment to any volunteering.

See how it feels and how it pans out before making any big changes, commitments or decisions - just relax and enjoy yourself.

Well done! Enjoy your retirement. It sounds like there is no reason for you to feel insecure. You've set up a nice retirement for yourself and given your children a good start.

40k a year, plus an extra 12k in 3 years? I don't see your problem.

Income is more important than savings so you’ll be fine Op

A humble brag with zero humility.