Thanks to everyone for the advice..I'll set up a SIPP asap 🙏
Ok, very new to this and just going to put my numbers down and see what people say.
I'd like to retire at 55, I'm 52. Can save c£2k per month between now and then ..I currently spend roughly £26k a year
Premium bonds £50k 3.3% tax free
Stocks £62.5k c10% taxed (divi reinvestment)
YBS ISA £103k fixed till 2027 4% tax free
Leeds Building society ISA £20k 2027 4% tax free
NatWest savers £5.6k 1% taxed
Yorkshire BS £35.5k 3.65% taxed
State pension £11500 a year from 67
Pensions access from 58 circa £10k a year
I get this when I work out a plan...I feel like I am missing something fundamental here....but what?
(3% inflation on spending, 4.5% growth, pensions fixed)
Age | Start Pot | Growth | Spend | Pension | Net Draw
----+-----------+---------+---------+---------+----------
55 | 276,600 | 12,447 | 26,000 | 0 | 26,000
56 | 263,047 | 11,837 | 26,780 | 0 | 26,780
57 | 248,104 | 11,165 | 27,583 | 0 | 27,583
58 | 231,686 | 10,426 | 28,410 | 9,000 | 19,410
59 | 222,702 | 10,022 | 29,262 | 9,000 | 20,262
60 | 212,462 | 9,561 | 30,140 | 9,000 | 21,140
61 | 200,883 | 9,040 | 31,044 | 9,000 | 22,044
62 | 187,879 | 8,455 | 31,976 | 9,000 | 22,976
63 | 173,358 | 7,801 | 32,935 | 9,000 | 23,935
64 | 157,224 | 7,075 | 33,923 | 9,000 | 24,923
65 | 139,376 | 6,272 | 34,941 | 9,000 | 25,941
66 | 119,707 | 5,387 | 35,989 | 9,000 | 26,989
67 | 98,105 | 4,415 | 37,069 | 20,500 | 16,569
68 | 85,951 | 3,868 | 38,181 | 20,500 | 17,681
69 | 72,138 | 3,246 | 39,326 | 20,500 | 18,826
70 | 56,558 | 2,545 | 40,506 | 20,500 | 20,006
71 | 39,097 | 1,759 | 41,721 | 20,500 | 21,221
72 | 19,635 | 884 | 42,973 | 20,500 | 22,473