Another "sanity test"
Posted: December 10th, 2023, 9:34 pm
Really enjoyed reading greylocks post and subsequent comments re going part time sanity check and thought it would be good to get some feedback on my plans.
I recently turned 62. I have worked 3 days a week for the last year and had planned to go to 2 days a week next year before finally retiring at the end of 2024. However my better half just retired age 60 and I decided that I should too. I finish in January.
Having made the decision to retire. When I did my sums, I reckon I will be fine and taking a low wage part time job will fill any gaps in social or financial needs if needs be.
We have around £65k pa income (index linked) from our defined benefit pensions. Total savings are around £160k in various pension funds and ETFs and £115k cash currently getting around 4% pa. Our State pensions kick in in 2028 and 2030 respectively when our income will increase to around £80k pa. We have properties in UK and Spain valued around £1m, no mortgage or other debt.
Our funds and ETFs are:
Aviva My Future Focus Consolidation S6 £60k (Low Risk majority in Bonds, Gilts etc)
Scottish Widows Pension Portfolio Five Pension (Series 2) £5k (Very Low Risk majority fixed interest, and Gilts)
Scottish Widows Pension Portfolio Four Pension (Series 2) £45k (Medium Risk 50/50 Global Equities/Fixed Interest)
USS Growth Fund £5k (High Risk Global Equities)
Various ETFs in Investengine with a decent spread across markets and a leaning towards income generation £45k (High Risk Global Equities)
UK 33.91%
North America 21.44%
Europe ex-UK 21.05%
Japan 13.02%
Asia ex-Japan 3.55%
Rest of the World 3.54%
Emerging Markets 3.49%
Looking for £6k a month income after tax and using the surplus for "treats" such as holidays. I was thinking of moving some of the cash into stocks and shares in the new year and perhaps increasing the investment in Emerging Markets.
Any comments/advice please?
I recently turned 62. I have worked 3 days a week for the last year and had planned to go to 2 days a week next year before finally retiring at the end of 2024. However my better half just retired age 60 and I decided that I should too. I finish in January.
Having made the decision to retire. When I did my sums, I reckon I will be fine and taking a low wage part time job will fill any gaps in social or financial needs if needs be.
We have around £65k pa income (index linked) from our defined benefit pensions. Total savings are around £160k in various pension funds and ETFs and £115k cash currently getting around 4% pa. Our State pensions kick in in 2028 and 2030 respectively when our income will increase to around £80k pa. We have properties in UK and Spain valued around £1m, no mortgage or other debt.
Our funds and ETFs are:
Aviva My Future Focus Consolidation S6 £60k (Low Risk majority in Bonds, Gilts etc)
Scottish Widows Pension Portfolio Five Pension (Series 2) £5k (Very Low Risk majority fixed interest, and Gilts)
Scottish Widows Pension Portfolio Four Pension (Series 2) £45k (Medium Risk 50/50 Global Equities/Fixed Interest)
USS Growth Fund £5k (High Risk Global Equities)
Various ETFs in Investengine with a decent spread across markets and a leaning towards income generation £45k (High Risk Global Equities)
UK 33.91%
North America 21.44%
Europe ex-UK 21.05%
Japan 13.02%
Asia ex-Japan 3.55%
Rest of the World 3.54%
Emerging Markets 3.49%
Looking for £6k a month income after tax and using the surplus for "treats" such as holidays. I was thinking of moving some of the cash into stocks and shares in the new year and perhaps increasing the investment in Emerging Markets.
Any comments/advice please?