A Real Retirement Plan for a Couple at 60, Built Step by Step

NOTE: The spouse's pension pot entered into the model was £5k and not £50k, so the analysis and numbers on the model are based on this. —— 1 - RETIREMENT CALCULATOR - https://financialeducation.co.uk/reti... - Use our interactive model to help you work out how much you need and how much you can spend in retirement. 2 - EQUITY RELEASE CALCULATOR - https://financialeducation.co.uk/how-... - More and more people are using equity release to fund their retirement. Use the free calculator to see how much you could borrow. 3 - RETIREMENT PLANNING CHECKLIST - https://financialeducation.co.uk/reti... - Download my free checklist and make sure you have not missed any of the big retirement decisions, deadlines or details. Retiring at 60: The Maths To retire at 60 you need enough to cover the 7 years before your State Pension starts at 67, then only the gap above the full State Pension of £12,548 a year for the rest of your life. Most people obsess over the size of their pot, but those 7 gap years are where retirement plans at 60 actually break. If you've been asking how much you need to retire at 60 in the UK, whether you can afford to retire early, or what to do about a pension shortfall, this live demonstration of our retirement calculator runs the numbers step by step. It covers the State Pension gap, how much income your pension pot can sustain, and the practical ways to make good a shortfall, from extra contributions and salary sacrifice to carry forward of unused annual allowance. It also touches on how flexi-access drawdown, the Pension Commencement Lump Sum and the Uncrystallised Funds Pension Lump Sum (UFPLS) shape the income you take. HOW MUCH DO YOU NEED TO RETIRE AT 60 IN THE UK? It depends on your spending, but you need to fund 7 years on your own before the State Pension at 67, then only the shortfall above £12,548 a year after that. The calculator in this video works out both figures from your own numbers. WHAT CAN YOU DO ABOUT A PENSION SHORTFALL AT 60? The biggest levers are working 1 or 2 years longer, paying more in while you still get tax relief at 20%, 40% or 45%, or trimming your target spending. Part-time income in your early 60s also cuts how hard you need to draw on your pot in the gap years. CAN YOU TAKE YOUR PENSION AT 60? Yes, private pensions can be accessed from 55, rising to 57 from April 2028, and 25% of what you take is usually tax-free. The State Pension can't be claimed until State Pension age, which is 67 for most people reaching 60 now. ABOUT ME My name is Saq Hussain, and I have over 25 years of experience in the UK pension industry, helping to shape pension and retirement strategies for some of the world's largest organisations. BACKGROUND & ROLES Strategic Advisor: EY (Ernst & Young) Pensions Former Director: UK Head of DC Pensions, Benefits & Wellbeing at PwC Pension & Benefits Consultant: Aon, Willis Towers Watson and KPMG PRESS CITATIONS This Is Money (Daily Mail): https://www.thisismoney.co.uk/money/p... The Express: https://www.express.co.uk/news/politi... CONNECT WITH ME Retirement & Pensions: https://financialeducation.co.uk Help & Advice: https://helpandadvice.co.uk Later Life Care Planning: https://ukcareguide.co.uk LinkedIn:   / saq-hussain   LISTEN ON PODCAST Spotify: https://open.spotify.com/show/6786MNM... Apple Podcasts: https://podcasts.apple.com/gb/podcast... DISCLAIMER: For educational purposes only. Not regulated financial advice. Consult a qualified advisor before making pension decisions.