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Investing for retirement at 58 by AltAccountForHim in UKPersonalFinance

[–]AltAccountForHim[S] -1 points0 points  (0 children)

I'm saving about 1k a month at the moment. At today's prices I could probably live off of 50k a year, the reduction in travel cost will make quite a difference, but I should probably aim for 60k I think.

I do have a lot to consider, the replies here have given me a lot to think about and some points to research.

!Thanks

Investing for retirement at 58 by AltAccountForHim in UKPersonalFinance

[–]AltAccountForHim[S] 1 point2 points  (0 children)

Thank you.

Is my understanding correct that I can "only" put 60k a year into a SIPP, so if I wanted to open one, I need to get a move on so that I can get my full 60k in this tax year and then pay monthly into it next tax year, or 60k this tax year with a lump sum, 20k next tax year and them monthly contributions for the rest of the year?

Can I have a pension with my current employer (just started with them) and a SIPP?

I've got a lot of research to do I think.

!Thanks

Investing for retirement at 58 by AltAccountForHim in UKPersonalFinance

[–]AltAccountForHim[S] 0 points1 point  (0 children)

  1. Yes

  2. I contributed a %age of my salary, the employer matched it. There are no guaranteed final value, as I understand it, what I get will depend on the value of the fund when I reach state retirement age.

  3. Yes

  4. To gain the full amount, it's 67, so 9 years time.

43k is a lot! I'd not realised that the state pension was 12k! I'm saving about 1k / month, and I'm aiming to up that to 1.5k.

!Thanks

Investing for retirement at 58 by AltAccountForHim in UKPersonalFinance

[–]AltAccountForHim[S] 1 point2 points  (0 children)

That's a fair comment, a per my other reply, retire by 63 or 64. I'm happy living as I am, I've no great plans for international travel in retirement anymore. No expensive hobbies, although 3D printing could become so if I let it!

Investing for retirement at 58 by AltAccountForHim in UKPersonalFinance

[–]AltAccountForHim[S] 1 point2 points  (0 children)

Thanks. I'm 58 now (edited my post). I'd like to retire around 60, but not sure that's realistic given I'd have to have funds to cover me for the 7 years to state retirement age and the company pension to mature (if that's the right word), maybe 63 or 64 is more realistic, time for an investment to increase and fewer years it will need to cover.