Is my retirement plan ok or am I being naive?
Resume IA
Le couple prévoit de prendre sa retraite avec un pot de pension conjoint de 50k£ et un revenu annuel de 100k£, en comptant sur la vente d'une maison à Londres pour financer leur retraite.
Conseil cle
Il est important de réévaluer leur plan de retraite et de considérer des stratégies d'épargne et d'investissement plus précises pour atteindre leurs objectifs.
We have a joint pension pot of £50k, I'm 40 and my husband is 45. We plan to work until state pension kicks in. Our mortgage is basically paid off, and we have a joint income of close to £100k. We currently live fairly rurally, and does have an impact on my salary (as most roles are hybrid within London, but also pay substantially more). So the idea is that once the children finish school, we'll move to London, where our joint salary will be closer to £150k. We also plan to get a more expensive house, hoping that it will sell for at least a million once we retire. Then we downsize, and live off the interest of the leftover money, plus the state pension, plus whatever we have in our private pensions. There's also the possibility of retiring in Mexico as I'm a dual national and money will spread further. For our retirement, we plan to be mortgage free, one car, and go abroad maybe once a year. As proposed by a fellow Redditor. - you’re focusing on paying off the mortgage - how much have you been putting towards that? if its done in July I guess doesn’t matter but context is useful. -- probably around £1200 every month for the past year. We're only mortgage free because of an inheritance. (And our hard work, but that wasn't the main factor). - when thats done, how much will you both be putting into pensions/savings? have you done a budget so you know how much is free to save and do you intend to keep that up until retirement? (we hopefully have ours paid off next April and after that I’ll be over 50% contribution of salary into my pension) - that's a bit of a big unknown, but we reckon at least £6000 into either savings or pensions. If I do get my bonus (£10k) I'll put into the pension pot. - rough timeline of moving you’ve already mentioned but good to repeat - Moving in 5 years - are you hoping to move without affecting savings too much - eg use current equity as deposit to minimise mortgage requirements, aiming for a job with salary that’ll c