Early Retirement?

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Early Retirement?

I might have the chance to retire at 53 with a pension of around Â£15K per annum and a lump sum of around Â£45K. My mortgage is paid off and I'm single with no dependants. How much money will I need to have saved to make this a viable proposition?

Lt. Dan

You sound like things are well in hand. I retired at age 42 and had a far different financial outlook. A clever lad like you will have no trouble picking up the odd consulting gig if you ever want for money.
I say go for it and enjoy your years, my parents died young so I took the chance when I had it to retire and it has been good so far.

Trying2BNice

Take it!

You can always find another job, should you get bored or need more cash. I wish I were in your position.

Jo W

Work out how much you spend and compare this with your pension income and any other income you might have from other sources.

Are you in a position to get another job fairly easily if you retire and then find that it's not financially viable?

What would your pension be if you stayed on a bit longer?

Bardic

Very simple, mate, how much do you spend?

Chap n' Flowers

I think you are a very smart man ,and you can take care of what you need to do

steffi

How much a year do you need to live on? From your figures, I would guess you are on a salary of Â£30000pa? In your circumstances, you could probably live on a lot less. If you were getting a pension rather than salary, you would not be paying National Insurance Contributions (rate would depend whether you were contracted out or not), and you would save Â£3300pa in tax. So you wouldn't be losing Â£15000pa. That is assuming your savings don't take you into the Higher Rate of 40% tax level.
If you go for this, you should look into your National Insurance situation, to see if you have enough contributions for a full state pension, and if you haven't, what you can do about it. That is unless you are looking to take another job. You have quite a long tme to go before you are entitled to the state pension.
As to savings, it depends how much you have, and at what rate of interest/dividends. Your lump sum would affect that situation. I don't think anyone on here can tell you what you need your income to be, as we don't know you, or your lifestyle.
To the other posters, I guess this is an offer of early retirement, where qualifying period has been enhanced.