Have I got enough to retire at 60?

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I’m 60 and in a well paid job. Husband is 67 and retired with small private pension of 12k. We own our own home outright and have 200k savings. It’s my salary that keeps everything funded. I feel very responsible for my DH and grown up DD.

Ive been offered redundancy and would get a retirement pension of 35k per annum. I’m wondering if taking it is the right decision. Is it better to get years to enjoy retirement on less funds or keep working for the bigger income but possibly lose out on quality health years to have fun? I feel like retiring is somehow me failing.

Anyone any advice? What would you do?

I’ll also add that I grew up in poverty and have a fear of not earning. I’ve always worked, and worked very hard. I think I have a fear of not having a job.

If I were you I’d absolutely retire with that pension. As long as there’s no major shortfall in terms of how to cover all your monthly costs. I don’t think anyone would see it as failing if you retire at 60. You’ve worked hard and deserve to retire in time to have fun while you are healthy and able to enjoy some fun . Go for it !

There are a lot of variables to consider. In your case I would almost certainly take it, because I dont earn much more than that anyway, but as most of your household income, it isn’t huge; I would look for another job as well, perhaps part time.

But I think you desperately need to talk to a proper financial adviser.

My mum was terrified of retiring. By day 2, she was loving it.

35k is quite a lot - it’s about median wage but your housing costs are covered

you have more whilst your DH is alive
and state pension in a few years

question - is the 35k index linked ?

Please retire!

You have enough to have a comfortable life, a paid for house, and lots of savings.

I am currently surrounded by people dropping dead or getting serious illnesses in their mid 60s. They almost certainly had a fund like you and a pension of similar value. But they (3 in the last 3 months) only got a couple of years retirement in.

Live whilst you can. Don’t give it away to working. Tomorrow is not promised.

What proportion of your current take-home pay will your £35k pension give you? You won't have the same outgoings in retirement but how much of a drop/change would it be?

Will you get the 35k at 60, with the redundancy ?
Will your DH get state pension now he is 67 as that doubles his income to 24k.
Have you had a look at the Which? Guide to income as pensioners as that is really helpful
You do have to apply for state pension, so your DH needs to look that up on line and apply, it isn’t automatically paid out.

if the answer to one and two are yes, then go for it. Those 7 years age difference are actually a lot at pension age.

I think you do….. I don’t think your dh does.

In your shoes I would retire without a shadow of a doubt!

I would def retire. As per the previous poster, massive funds are no use if you pop your clogs and don’t get to enjoy it xx

As a married couple they will have plenty. 35k plus 24k.

A pension of £35,000 a year is more than many people earn in a year, and presumably you’ll get your state pension as well in a few years. With your husband’s private and state pensions and no mortgage you will be very comfortably off. Why wouldn’t you retire now?

My father worked until he was 72. He died at 79. £35k plus your DH’s money and your savings - retire.

I would. When I'm 67 I will just get gov pension and £20,000 for whole of retirement not a year.

100% I would. My mum died at 62 after a sudden and short illness. I wish she’d retired and enjoyed her last years more!

I know it depends on what your outgoings are, and you don't say. But my advice would be to go as soon as possible.

I retired on a pension roughly in line with yours as did one of my oldest friends. We both had ten very good healthy years post retirement, travelling a bit, kicking back a lot, the travelling and kicking back was done separately id like to add. He's a married man, I'm a single woman, no romantic thoughts there.

Then, for different reasons, we both became infirm within a couple of months from each other.

it's not how long you live post retirement that matter, but how many healthy years you have, post retirement. And no one can foresee that. At 65 you could have another 20 relatively healthy years, unlikely I admit, but possible.

or you could suddenly become infirm at 67. No one knows.

hi for it now

I will be going at 61 with a similar pension. Why wouldn’t you?

Since your DH has a private pension and state pension, with his income of 24k and your 35k, that sounds like a lot more than most people retire on, especially since you will also get your state pension. Unless you have a very extravagant lifestyle or a high mortgage, that sounds perfectly manageable.

We both work full time and currently spend around £40k a year of our net income and save the rest. We really don't need much more than that for a decent life.

We anticipate that is what we would need in retirement, which is only about £16k a year more than 2 state pensions, although we are trying to save more to ensure we can do a bit more in the earlier retirement years while we are hopefully still healthy.

But everyone is different. Some people manage to live well on quite small incomes yet others prefer to be able to spend more. Only you can know what you will be comfortable and happy with. But if I were 60 with that amount of pension I wouldn't hesitate.

I would take the redundancy but then look at getting a part-time job so you can ease yourself into retirement slowly

Yes I think you do, and I think you should.

• why did your husband retire when his pension is so low? Why do you have to carry the burden? If he has health issues even more reason for you to go now.
• do you both get full state pension?
• if you wait until you’re 67, your DH may not have many healthy years left and your could be his carer.
• he’s got more to worry about financially than you do if you pre decease him

And before you do retire, have a bit of a plan - that’s advice I read a lot.

I think it mainly depends on will your pensions cover your living costs? Could you take the redundancy and pension plus get a part time job elsewhere and start winding down but not be fully retired if not ready for that yet?

I would definitely retire. You could always take on bits of work later on if you feel like you want to for interest or extra money. But that redundancy offer might not come up again and you could regret not taking the chance of freedom. It’s a good offer that gives you some financial freedom, not a three line whip meaning you can never work again.

I think that's loads, unless there's some major outgoing you haven't mentioned.

You can't take it with you, and need to be healthy enough to enjoy it.

What's your household income now and how much do you need to fund your lifestyle?

Will that £35k be index linked?

I would definitely retire with that amount as it's a lot plus your husband is 7 years older so you can crack on with doing some things together. But I don't know how expensive your lifestyle is.

on the last point, presumably not because if she dies he’s entitled to OP’s pension as he’s her husband