Hi, I am wondering what is a comfortable amount to live on as I am now 53 and would like to retire at 63 and so am coming up with this 10 year plan. I reckon by 10 years time I will all going well have 300k in savings and my pension pot will be approx 200k and my wife will be 60 then and her pension pot will be approx 200k also. The kids will have finished college. I would like to enjoy a bit of time with my wife while still relatively young. We are both tee totallers. The mortgage will be cleared.
So I know the pensions plans could go haywire and throw a spanner in my calculations.
But my question really is I what are people in my situation able to live on comfortably at the moment who have retired in the last few years. I would like to think that I would not have to work on until 67 in order to qualify for state pension and that I would manage from 63 until 67 when it would kick in. I would intend using 15k of our savings each year towards our annual costs.
Any thoughts welcome.
So I know the pensions plans could go haywire and throw a spanner in my calculations.
But my question really is I what are people in my situation able to live on comfortably at the moment who have retired in the last few years. I would like to think that I would not have to work on until 67 in order to qualify for state pension and that I would manage from 63 until 67 when it would kick in. I would intend using 15k of our savings each year towards our annual costs.
Any thoughts welcome.