Qwerty2007
Registered User
- Messages
- 2
Personal details
Your age: 57
Your spouse's age: 60
Number and age of children: x2, both 25+, (flown the coop, but never far away!)
Income and expenditure
Annual gross income from employment or profession: 75k
Annual gross income of spouse/partner: 15k
Monthly take-home pay: 5k combined
Type of employment - e.g. Employees
Employer type: private company.
In general are you:
(a) spending more than you earn, or
(b) saving?
Not really saving much at present, but ramping up avc’s slowly. (At 17% at the moment), but feel our existing lifestyle spend is circa 50 -60k per year.
Summary of Assets and Liabilities
Family home value: 400k
Mortgage on family home: Mortgage paid.
Net equity: 400k
Cash: 10k
Defined Contribution pension fund: - see below
Company shares : 0
Buy to Let Property value: 400k
Buy to let Mortgage: 0
Total net assets: 810k
Other borrowings – car loans/personal loans etc
Do you pay off your full credit card balance each month? Y
Pension information
Value of pension fund:
Old Employer 1. Mixed DB / DC fund.
Old Employer 2 (DC)….Fund 80k
Old Employer 3 (DC)….Fund 150k
Present Employer (DC)….Fund 120k
Buy to let properties
Value: 400k
Rental income per year: 1.5k (gross)
Other savings and investments:
Online Share Trading Acc. Value 90k
Other information which might be relevant
Life insurance: (only via Death in Service scheme with employer)
What specific question do you have or what issues are of concern to you?
What should I do with Pension from old Employer Num.1. ? I was thinking of going for early retirement from this pension, (and continue working).
I requested early retirement details; is there any one of these options that I would be more advisable to take?
Option 1: Leave as is and get Annuity of 16k @65 (in about 8 years time) plus the value of an avc, presently worth 188k (and this fund is made up of a combination of arf-able and non-arf-able!)
Or take annuity of 16.9k now, with a lump sum of 59k.
Or take annuity of 13.6k now, with lump sum of 59k and an arf of 71k.
Or take annuity of 19.6k now, no lump sum, no arf.
There were a few more options….but these seem the most interesting choices.
Also should I do anything with existing DC schemes with old Employer Num. 2 and 3. (Consolidate, transfer to arf, etc.)?
Tired of work! How ‘soon’ could I retire but still maintain comfortable lifestyle, which I would like to think could include more holidays per year for the foreseeable future ?
Your age: 57
Your spouse's age: 60
Number and age of children: x2, both 25+, (flown the coop, but never far away!)
Income and expenditure
Annual gross income from employment or profession: 75k
Annual gross income of spouse/partner: 15k
Monthly take-home pay: 5k combined
Type of employment - e.g. Employees
Employer type: private company.
In general are you:
(a) spending more than you earn, or
(b) saving?
Not really saving much at present, but ramping up avc’s slowly. (At 17% at the moment), but feel our existing lifestyle spend is circa 50 -60k per year.
Summary of Assets and Liabilities
Family home value: 400k
Mortgage on family home: Mortgage paid.
Net equity: 400k
Cash: 10k
Defined Contribution pension fund: - see below
Company shares : 0
Buy to Let Property value: 400k
Buy to let Mortgage: 0
Total net assets: 810k
Other borrowings – car loans/personal loans etc
Do you pay off your full credit card balance each month? Y
Pension information
Value of pension fund:
Old Employer 1. Mixed DB / DC fund.
Old Employer 2 (DC)….Fund 80k
Old Employer 3 (DC)….Fund 150k
Present Employer (DC)….Fund 120k
Buy to let properties
Value: 400k
Rental income per year: 1.5k (gross)
Other savings and investments:
Online Share Trading Acc. Value 90k
Other information which might be relevant
Life insurance: (only via Death in Service scheme with employer)
What specific question do you have or what issues are of concern to you?
What should I do with Pension from old Employer Num.1. ? I was thinking of going for early retirement from this pension, (and continue working).
I requested early retirement details; is there any one of these options that I would be more advisable to take?
Option 1: Leave as is and get Annuity of 16k @65 (in about 8 years time) plus the value of an avc, presently worth 188k (and this fund is made up of a combination of arf-able and non-arf-able!)
Or take annuity of 16.9k now, with a lump sum of 59k.
Or take annuity of 13.6k now, with lump sum of 59k and an arf of 71k.
Or take annuity of 19.6k now, no lump sum, no arf.
There were a few more options….but these seem the most interesting choices.
Also should I do anything with existing DC schemes with old Employer Num. 2 and 3. (Consolidate, transfer to arf, etc.)?
Tired of work! How ‘soon’ could I retire but still maintain comfortable lifestyle, which I would like to think could include more holidays per year for the foreseeable future ?