Hey all,
I'm working my way through life and slowly learning the lessons that come with age.
I'm 42 married to a 47 year old man we have one child (23) that is an independent mortgage owner in his own right.
We are looking to retire early ( the current UK age is 67/68 it is likely to go up to 70) approx 62 for hubby and 57 for me.
Hubby has a pension with work, that will pay quite well so that is one aspect of our plan covered.
My pension however is not too great, i have £40k saved into various pension pots most of which is self invested ( with the obvious tax relief) i am saving £500 a month currently and am not looking for a huge pension, just enough to bounce below the tax threshold. I am also looking to have money in an ISA to help top up the money i make.
Our state pensions will pay approx £7.5k a year so i have ( currently) £2.5k yearly pension to find, i know that that will obviously increase as i head towards retirement.
Hubby earns ok money £25k and i earn £6k student bursary and £2.5k in wages from a part time job i work around my studies.
So current situation is this, Hubby pays into his works pension and we are not saving anything to add to this as we are trying to get some pension for myself, my pension is currently £40k but i am so far putting £500 a month into it ( not sure how long i will continue to manage this for as i am currently studying to be a student nurse) i am investing my money in the Vanguard 80% acc fund as i am going for a slower safer build of pension as i dont feel i know enough to be risking money.
We have a home with a smallish mortgage (£26k) which we are paying a bit more off each month ( £250) so hopefully the mortgage will be cleared in 3 years then we intend on putting some of that money into savings for early retirement.
Any questions feel free to ask and i will answer if i can
I'm hoping to learn a lot as i go along our journey and welcome any advice available ...
I'm working my way through life and slowly learning the lessons that come with age.
I'm 42 married to a 47 year old man we have one child (23) that is an independent mortgage owner in his own right.
We are looking to retire early ( the current UK age is 67/68 it is likely to go up to 70) approx 62 for hubby and 57 for me.
Hubby has a pension with work, that will pay quite well so that is one aspect of our plan covered.
My pension however is not too great, i have £40k saved into various pension pots most of which is self invested ( with the obvious tax relief) i am saving £500 a month currently and am not looking for a huge pension, just enough to bounce below the tax threshold. I am also looking to have money in an ISA to help top up the money i make.
Our state pensions will pay approx £7.5k a year so i have ( currently) £2.5k yearly pension to find, i know that that will obviously increase as i head towards retirement.
Hubby earns ok money £25k and i earn £6k student bursary and £2.5k in wages from a part time job i work around my studies.
So current situation is this, Hubby pays into his works pension and we are not saving anything to add to this as we are trying to get some pension for myself, my pension is currently £40k but i am so far putting £500 a month into it ( not sure how long i will continue to manage this for as i am currently studying to be a student nurse) i am investing my money in the Vanguard 80% acc fund as i am going for a slower safer build of pension as i dont feel i know enough to be risking money.
We have a home with a smallish mortgage (£26k) which we are paying a bit more off each month ( £250) so hopefully the mortgage will be cleared in 3 years then we intend on putting some of that money into savings for early retirement.
Any questions feel free to ask and i will answer if i can
I'm hoping to learn a lot as i go along our journey and welcome any advice available ...
Last edited: