Planning for retirement at 60, now 56

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Brightspark

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Current age 56, spouse 54. Current joint salaries €170k gross
Planning to retire when i reach 60.

Pension - DB scheme approx €70k pa plus €200k lump sum

Savings and investments €350k in state savings, ETFs, deposit accounts, just about achieving parity with inflation but low risk for 70% of it.
House value :approx €450k
Mortgage ; no
Investment properties : no
Children: at college/work.

Privileged to have a decent pension coming and some good savings in the bag.
My wife and I would like to retire at 60 and maybe spend a lot of time abroad travelling/chilling out. We intend to leave our children the family home as their inheritance but the rest will be ours to spend.
Would like to keep some investments going into my 60s.
Don’t want the hassle of a second property
Don’t mind dying penniless (with kids inheritance in place)
Any general advice on financial front would be appreciated.
 
Are the pension details just for you?
What about your spouse?
Are either/both of you public servants or in the private sector?
Do you have any debts?
What are the details/asset mix of your non-pension savings?
Seems overly cautious?
 
DB scheme is well funded , but as you say things can change.
It does allow retirement at 60.
Wife doesn’t have a pension, only works part time , but will be entitled to a gov pension at 67.

No debts
Investment risk is quite low , with only blue chip US and EU stock(€40k)and two US based ETF’s making up less than €100k of the €350k total.
Remainder is in government certificate savings and deposits accounts
Equities market has done really well for me over 10 years , but should i cash in now ?

Yes, i would be a naturally cautious person with money as me or my family didnt have any growing up.
 
Brightspark said:
Pension - DB scheme approx €70k pa plus €200k lump sum
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Is there an actuarial reduction if you start drawing down your pension at 60?

€70k pa is a really generous pension and should fund a very good standard of living in retirement.

I don’t think it matters very much what you do with your after-tax savings. In your shoes, I’d leave things as they are.
 
No reduction, goes up slightly if i stay until 67 . i will have 40 year service at 60, so i can leave or stay on a reduced working week from 2-4 days if i wish.
 
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