Apart from your pension income each month what other savings will you have?

[decionsdecisions62]

I'm 57 and trying to plan to retire at 62. I've worked out in addition to our pensions with are all DB and will cover our day to day needs we will only really have £60k savings. I just wanted to get a feel about what actual pots others have.

Don't hate me. 😬

@decionsdecisions62 is the 60k from 25% dc?

You can assume 1 or 2 cars will be needed in a 20 year period plus house maintenance so 60k could be enough but that really depends on your house now. Would downsizing be an option?

You have 5 more years so could you aim to save in that time?

I'm planning on downsizing so expect a lump of between £50-80k depending on what I buy. Hoping that bridges the gap between retiring and state pension kicking in

So with four years to go you need to get your ducks in a row and not worry about other people may have been doing for years -

• make sure you have paid off the mortgage.
• increase your pension contributions if you can
• save into an ISA

If you can secure a part-time job or develop your side hustle after 62, that can be holiday/car fund.

good luck!

We have a few hundred thousand in savings and investments and due to the current rise in interest rates are currently making £350 per week for at least the next year that are held in ISA savings. We worked in education and I’m already retired and DH will join me in about 2 years time, he is currently putting an extra 1.5k per month in to his pension. We contemplated BTL about 20 years ago but didn’t want the hassle. Our actual DB pensions are 12k and 20k, I also have a small pension pot from when I was very young that will bring in probably £100 a month.