Personal details
Age: 48
Spouse's age: 47
Number and age of children: 15, 14, 12
Income and expenditure
Annual gross income from employment or profession: 140K + 18K Employer Pension Con
Annual gross income of spouse/partner: 65K
Monthly take-home pay: Combined @ 9,300 monthly (after my 22.5% pension/con)
Type of employment - e.g. Employee or self-employed. : Both PAYE
In general are you:
(b) saving? Not including Mortgage & Pension saving @ 1k p.m.
Summary of Assets and Liabilities
Family home value: 625K
Mortgage on family home: 98k - 3% fixed interested and @ 5.5 yrs left.
Cash:
10K - short term - Trade Republic @ 4% interest
70K in Post Office - Mixture of 5 & 10yr saving certs - Kids Child allowance of 410 p.m. goes there every month - Use towards college etc when needed.
Shares :
15K - With 280 p.m. paid in Zunich Funds
35K in Broker A/C - Used invest regularly in shares. Now taking out % every yr while trying to keep it under 1,250 profit allowance.
Other borrowings – car loans/personal loans etc : none
Do you pay off your full credit card balance each month? Yes
Pension information
Value of pension fund: @ 575K - Paying 3.5K per month (includes both employee & employer Con)
Spouse - Government Pension - Although as was out of country for number of yrs so to date only has @ 20 yrs service.
What specific question do you have or what issues are of concern to you?
I would love to Retire early and have spent a number of hours going through different related posts on this site and others and found them excellent source of information.
Thinking of a stepped approach.. When I have mortgage fully paid back I will be 55yrs, so go working in either a lower pressured job that covers just my living expenses or work part-time in my existing industry...
Either way stop paying towards my pension (as I'll let compounding work it's magic, while from 52 onwards pension will move to safer investments each yr until 60, pretty much 100% in bonds / cash) and no mortgage payments I think I'll need @ 3 to 3.5k per month take home pay to live comfortably, as my wife is planning on working until @60/62 at the moment (she loves her job) although than may change and she may end up changing to part-time as well by time she's in late 50's.
So around 60 yrs (hoping pension pot is @ 1/1.2M) take lump sum and draw down 4% p.a to live on.
Now I think all the above sounds reasonable on paper however I won't for a minute claim to be an expert here at all, so I'm sure there are a number of pitfalls / areas I should be looking at... Do I have all my eggs in one basket by having all my money in a form of equities i.e. pensions, Zunich funds & shares? Should I consider an investment property to spend the risk.
so would really appreciate any feedback / thoughts?
Age: 48
Spouse's age: 47
Number and age of children: 15, 14, 12
Income and expenditure
Annual gross income from employment or profession: 140K + 18K Employer Pension Con
Annual gross income of spouse/partner: 65K
Monthly take-home pay: Combined @ 9,300 monthly (after my 22.5% pension/con)
Type of employment - e.g. Employee or self-employed. : Both PAYE
In general are you:
(b) saving? Not including Mortgage & Pension saving @ 1k p.m.
Summary of Assets and Liabilities
Family home value: 625K
Mortgage on family home: 98k - 3% fixed interested and @ 5.5 yrs left.
Cash:
10K - short term - Trade Republic @ 4% interest
70K in Post Office - Mixture of 5 & 10yr saving certs - Kids Child allowance of 410 p.m. goes there every month - Use towards college etc when needed.
Shares :
15K - With 280 p.m. paid in Zunich Funds
35K in Broker A/C - Used invest regularly in shares. Now taking out % every yr while trying to keep it under 1,250 profit allowance.
Other borrowings – car loans/personal loans etc : none
Do you pay off your full credit card balance each month? Yes
Pension information
Value of pension fund: @ 575K - Paying 3.5K per month (includes both employee & employer Con)
Spouse - Government Pension - Although as was out of country for number of yrs so to date only has @ 20 yrs service.
What specific question do you have or what issues are of concern to you?
I would love to Retire early and have spent a number of hours going through different related posts on this site and others and found them excellent source of information.
Thinking of a stepped approach.. When I have mortgage fully paid back I will be 55yrs, so go working in either a lower pressured job that covers just my living expenses or work part-time in my existing industry...
Either way stop paying towards my pension (as I'll let compounding work it's magic, while from 52 onwards pension will move to safer investments each yr until 60, pretty much 100% in bonds / cash) and no mortgage payments I think I'll need @ 3 to 3.5k per month take home pay to live comfortably, as my wife is planning on working until @60/62 at the moment (she loves her job) although than may change and she may end up changing to part-time as well by time she's in late 50's.
So around 60 yrs (hoping pension pot is @ 1/1.2M) take lump sum and draw down 4% p.a to live on.
Now I think all the above sounds reasonable on paper however I won't for a minute claim to be an expert here at all, so I'm sure there are a number of pitfalls / areas I should be looking at... Do I have all my eggs in one basket by having all my money in a form of equities i.e. pensions, Zunich funds & shares? Should I consider an investment property to spend the risk.
so would really appreciate any feedback / thoughts?
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