In our Pensions Crisis Coach series, we aim to help ease your retirement worries. Are you concerned you’re not saving enough for your later years? Do you want to know if you have enough to retire or don’t know how to find your lost pensions? Email us at money@theipaper.com. We’ll seek to get you on the right track with help from some of the best financial experts and advisers in the business.
Andy writes… I am 62 and would like to travel and make the most of retirement while still healthy enough – please can you tell me if I am in a good place to retire at 65? I have £270,000 in ISAs and pension savings.
Alina Khan, the i Paper’s money coach reporter responds… After receiving your email and some back and forth, we established a clearer picture of your finances.
You have £210,000 invested in a pension savings fund, as well as £60,000 in cash ISAs. The ISA money is cash that you have put into tax-wrappers after being made redundant in 2011 and receiving a payout.
But you also have other money that’s worth taking account of. In that job, you were paying into a public sector defined benefit (DB) pension. These pensions don’t involve money going into a savings pot – so can’t be quantified as simply as your other pension.
