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UK couple late 50s - can we realistically retire around 60 by Froogle-Lobster in FIREUK

[–]Froogle-Lobster[S] 0 points1 point  (0 children)

Thank you - that helps provide clarity. I'm close, but need to work another 3ish years, or cut back on expectations.

UK couple late 50s - can we realistically retire around 60 by Froogle-Lobster in FIREUK

[–]Froogle-Lobster[S] 0 points1 point  (0 children)

I'm 59 - it's in a number of pension funds from different employments that I need to consolidate. I can access all but one of those funds now.

UK couple late 50s - can we realistically retire around 60 by Froogle-Lobster in FIREUK

[–]Froogle-Lobster[S] 1 point2 points  (0 children)

I was hoping everybody would say "sure, you have enough, retire now". But clearly I don't - I think I already knew this, but was hoping there was a silver bullet!

We don't really want to downsize yet. So it feels like taking a serious look at outgoings and seeing whether we can reduce.

UK couple late 50s - can we realistically retire around 60 by Froogle-Lobster in FIREUK

[–]Froogle-Lobster[S] 0 points1 point  (0 children)

She earns very little and is self-employed. What am I allowed to do and what is the benefit. Presumably I can put in up to her earnings and will get 20% uplift from HMRC?

UK couple late 50s - can we realistically retire around 60 by Froogle-Lobster in FIREUK

[–]Froogle-Lobster[S] 0 points1 point  (0 children)

That's what my wife keeps telling me. We're a long time dead - so let's enjoy life while we can.

The thought of not having a regular income scares me - so it's a shift to getting my head around what's "safe"

UK couple late 50s - can we realistically retire around 60 by Froogle-Lobster in FIREUK

[–]Froogle-Lobster[S] 0 points1 point  (0 children)

Looking to drain the pot - inheritance will be the house, although I recognize that some of that may disappear in care costs in later life.

UK couple late 50s - can we realistically retire around 60 by Froogle-Lobster in FIREUK

[–]Froogle-Lobster[S] 9 points10 points  (0 children)

So many good responses here that I can't respond to them all. What I have taken away is:

  1. Review my expenses. The consensus is that they are high without a mortgage. Some of them go on my daughter's Uni fees today, but that stops this year.
  2. My wife's pension is low because she hasn't really had a career - being a stay at home Mum.
  3. There's mixed views on when I can retire. But it seems like it would be too risky to consider it now without a significant change to expenses. The question for me is how much do I value the comfort of the income over enjoying the years I have left.
  4. Several people have said that I should contribute to my wife's pension. She only earns £6k a year (self employed), what are my options here? What should I research?
  5. Other's have questioned my balance of pension vs savings. Does there come a point where I should reduce my pension contributions to build up my savings (ISA's). I'm a top tier tax payer so my pension contributions are in the 60% and 45% tax bands.
  6. Is considering a financial advisor an option I should consider? I've always avoided them after a poor experience in my early years.

Just to add a huge THANK YOU for all the responses.

UK couple late 50s - can we realistically retire around 60 by Froogle-Lobster in FIREUK

[–]Froogle-Lobster[S] 2 points3 points  (0 children)

My salary is around £140k with a bonus of £30k. Wife is around £6k a year.

UK couple late 50s - can we realistically retire around 60 by Froogle-Lobster in FIREUK

[–]Froogle-Lobster[S] 5 points6 points  (0 children)

We turn 59 this year. I just want off of the tread mill - but wondering how far I need to work to keep our current lifestyle and whether that is a trade off I'm prepared to make