UkGP51
Dryer sheet aficionado
Hi I live in the UK and am keen to retire as soon as possible. My husband is convinced we can't afford it.I am a G.P. (family Dr) and am able to take my pension from 50, I am now 51.
If I took my pension now it would be worth £28,000 per year with a lump sum of £90,000 in addition. If I paid no more in it would give me a pension of £41000 and a lump sum of £123000 at age 60. I went half time 20 months ago and as I currently pay in the pension will be worth £50000 at 60 with a lump sum of £150000 if I continue earning the same until 60 (it's actually likely my income will reduce a little).
As I am self employed my takings / monthly income is less than it should be. I have recently reduced monthly drawings from £3100 to £2100 ( perhaps in practice for retirement but also as a huge tax bill meant I was overdrawn re accounts). My husband is a deputy principle and his monthly income is around £3500. These figures are net of superann, national insurance and tax.
We have children aged 18, 16, and 13 and would intend to send all of them to University which will probably cost us £40 to £50000 for each child.
We currently owe £62,000 on our mortgage for a house worth around £500,000. We have decreased the mortgage by £90,000 over the last 10 years.Endowments x 2 are due in 2014 and should pay out around £100000. They should have been worth £135000.
We have 10 rental properties worth about £1,000,000 with mortgages of about £800,000. We currently get a net income of £24000 per year ( only for the last couple of years since rates went right down ) after mortgage payments and expenses and before tax. My husband wants to pay off the mortgages but the additional £800,000 would only give us an additional £28,000 or so income and we would no longer get tax relief on the mortgages / loans. There would be something to be said for reducing the loans a bit as interest rates will not be low forever. I rather thought we might sell one every other year to help fund retirement / university fees etc.
At present we have been ticking over with no debts on a monthly take home income of £6,600 which I have recently reduced to £5,600. I have reduced our mortgage payments from £1200 to £250 and have an ISA savings account I will stop paying in £850 a month for now.
I am also due to get around £100000 profit from surgery property when I retire.
We only have savings of £25000 including stocks / shares at extra money has been invested in property and paying down our mortgage.
Retirement calculators don't really work for UK information. I would be really grateful for any advice / input.
If I took my pension now it would be worth £28,000 per year with a lump sum of £90,000 in addition. If I paid no more in it would give me a pension of £41000 and a lump sum of £123000 at age 60. I went half time 20 months ago and as I currently pay in the pension will be worth £50000 at 60 with a lump sum of £150000 if I continue earning the same until 60 (it's actually likely my income will reduce a little).
As I am self employed my takings / monthly income is less than it should be. I have recently reduced monthly drawings from £3100 to £2100 ( perhaps in practice for retirement but also as a huge tax bill meant I was overdrawn re accounts). My husband is a deputy principle and his monthly income is around £3500. These figures are net of superann, national insurance and tax.
We have children aged 18, 16, and 13 and would intend to send all of them to University which will probably cost us £40 to £50000 for each child.
We currently owe £62,000 on our mortgage for a house worth around £500,000. We have decreased the mortgage by £90,000 over the last 10 years.Endowments x 2 are due in 2014 and should pay out around £100000. They should have been worth £135000.
We have 10 rental properties worth about £1,000,000 with mortgages of about £800,000. We currently get a net income of £24000 per year ( only for the last couple of years since rates went right down ) after mortgage payments and expenses and before tax. My husband wants to pay off the mortgages but the additional £800,000 would only give us an additional £28,000 or so income and we would no longer get tax relief on the mortgages / loans. There would be something to be said for reducing the loans a bit as interest rates will not be low forever. I rather thought we might sell one every other year to help fund retirement / university fees etc.
At present we have been ticking over with no debts on a monthly take home income of £6,600 which I have recently reduced to £5,600. I have reduced our mortgage payments from £1200 to £250 and have an ISA savings account I will stop paying in £850 a month for now.
I am also due to get around £100000 profit from surgery property when I retire.
We only have savings of £25000 including stocks / shares at extra money has been invested in property and paying down our mortgage.
Retirement calculators don't really work for UK information. I would be really grateful for any advice / input.