What is a big enough pension pot?

[1400spincycle]

I’m just turned 50 and weighing up my options.

I currently work in the public sector but began this second career in my mid 30s and have since had breaks for DCs been part time etc. Therefore my public sector pension is currently only at about £4,000 a year from age 67

My other source of funds is a lump sum from an inheritance of about 700,000 which I am hoping will allow me to retire early. I am married and we have paid off our mortgage. Is this sum, honestly, enough for a reasonable pension?

Ive been exploring the online calculators but finding it all a bit confusing.

If your husband is 72 and only just starting drawdown, have you been working because most people will need to start drawdown before that age to actually have money to live on.

@SkipAd Yes, he has. He enjoyed what he did. It’s enabled us to live very well and the pension pots are maximized. We’ve inherited money but never expected to live off it. At 50, DH was owner of an expanding company and was making a lot of money. So retirement wasn’t on his radar and we had teen children. So many people retire very early without enough money to last 25 years - and that’s what you need.

I would be putting as much as your remaining personal allowance allows into a pension from the inheritance now. Then you will get the tax uplift to grow your money. If you can't add to your workplace pension, you can take out a SIPP.

@1400spincycle?