Is this enough to retire on?

[zippitydooda]

Name changed.

Hating my job. Stressful but grateful I'm working. I can retire early age 60 in 2026 on an annual pension of 25k. I'm mortgage free and have 100k savings.

Doesn't feel like a lot for a lifetime working but I so need to stop as I'm just so worn out.

Do you think this is enough to retire on given that I may never earn again? Would it be enough for you?

No partner and my DD is grown up and working so ok.

I think no mortgage, savings of £100k and an annual income of £25k is a very fortunate position to be in.

You make it sound like you will be living in a tent under a flyover and begging for scraps.

I think millions would love to be in your position.

@THisbackwithavengeance

I think no mortgage, savings of £100k and an annual income of £25k is a very fortunate position to be in.

You make it sound like you will be living in a tent under a flyover and begging for scraps.

I think millions would love to be in your position.

I don’t think this is fair or helpful.

And maybe OP MUMSNET isn’t the place for this type of fincancial advice.

Money saving expert has some good boards on pensions and retirement and you won’t have to suffer the just be grateful you have any money at all comments😊.

@cabbageking

You will be taxed on the Pension and it is still 6 years away. Difficult to gauge what £1700 a month now will be worth then. Depends what you want to do in your retirement? I would look at some forecasts further down the line. Hubby retired at 55 and then went back to work 2 days a week for two years. Same job but he felt great freedom to not be reliant on the job

pension will likely be subject to RPI or CPI as it is final salary

Also the first 12.5k will be tax free so the tax will be 20% of 12500 so £22,500 or £1875 pm take home

I think it's a lot to retire on. You will be doing better than the majority of people. Our future will not be so bright. 40 now and pension forecast looks grim, despite the massive monthly payments we make. Things have got worse for the younger generations. We are trying to make overpayments to our mortgage so we can downsize and use money from the house instead.

@TartanTed

You could give yourself 6 months of living on your ‘retirement income’ whilst saving the rest of your salary and decide after that if you think it’s enough.

Excellent advice.

Go for it. With £100k in savings behind you and that income you'll be fine, seriously. You can always dip into those savings if you want a great holiday as down the line you'll have your state pension to add to it again. Don't forget as you get older, in general, your day to day requirements tend to get less.
If you hate the job see it as the means to an end. Get out when you can and have an active and fulfiling retirement while you are in a position to enjoy it. Unfortunately illness often increases with age so don't put it off longer than you need to.

Money saving expert has some good boards on pensions and retirement and you won’t have to suffer the just be grateful you have any money at all comments😊.

Great advice, will check it out.

Thank you fussy. That's my thinking exactly.

@blarbed

I think it's a lot to retire on. You will be doing better than the majority of people. Our future will not be so bright. 40 now and pension forecast looks grim, despite the massive monthly payments we make. Things have got worse for the younger generations. We are trying to make overpayments to our mortgage so we can downsize and use money from the house instead.

You have another 20 years at least. Mine looked poor 20 years ago but now doesn’t look too bad and that’s with the current stock market pensions are still rising.

Sounds ok to me
Presuming you will get full state pension age 67
So approx another £600 a month would be added on then.

Wow did it take 23 years to get that 4 grand a year!!

Yup.... but all's well, don't worry about me 😀