Evening everyone.
Just recently joined, although have spent the last 3 years getting up to speed with finances, I now feel I (belatedly) have a plan and would like peoples thoughts. I am UK based and here the basics:
Plan is to:
It sounds quite simple and I'm sure there will be bumps on the way, but hoping that we haven't overlooked anything major!
Any feedback appreciated.
Just recently joined, although have spent the last 3 years getting up to speed with finances, I now feel I (belatedly) have a plan and would like peoples thoughts. I am UK based and here the basics:
- I'm 44 years old
- Partner is 51
- Based in UK
- No kids
- Current networth is approx £1,165,000 (approx £815k is our property)
- Mortgage is just £85k
- Current FIRE assets (pensions, investments) are £340k
- Our 'number' is £24k a year (net) to live off
- To do that we need £600k (which is 4% withdrawal rate)
Plan is to:
- Save approx £30k per year for next 5 years (mixture of pensions and ISA's)
- Assuming modest growth of 7% per year, then in 5 years we should reach £600k
- Then we drawn down mixture of pension and ISAs (to minimise tax)
- When we each reach 67 then we will be able to draw another £8k each of state pension
- We then have option to either downsize and release equity if required and/or reverse mortgage to pay for any care home / medical costs in later life
It sounds quite simple and I'm sure there will be bumps on the way, but hoping that we haven't overlooked anything major!
Any feedback appreciated.