I already said that!!
I know … I agree with that advice … 
Aytee – I was in a similar situation some 12 years’ ago at the age of 60 when I semi-retired. A personal pension was utilised to pay my mortgage off allowing me to move home to another area where houses were less expensive. I managed to buy a better house for the same amount as I sold my previous property for. With what was left in the pension an equity was purchased which gives me a small pension every month, this amount will remain the same for life.
The first thing I ensured I did was to sit down and work out all my outgoings, where possible I found better deals for broadband and utilities etc. From that I knew exactly what I needed as income every month. I was still working part-time, self-employed. At the age of 65 I could then fully retire taking the State Pension.
At the time of semi-retiring I had savings but they were not invested well enough to keep up with inflation, building society interest rates were appalling. I contacted an Independent Financial Adviser who went through everything with me. He then knew what was needed so advised on low risk investments. One of these was connected to life insurance which meant a small amount was paid out to me every month, no tax payable. Another investment gave me another amount a month, again tax free. Other investments were giving a far better turn than building society accounts. As many investments as possible have been invested in ISA accounts, maximum this year is £20,000 so no tax payable. This is done every year to the maximum amount so as much as possible comes under the ‘umbrella’ of ISAs whether that is in share ISAs or other ISA investments. My Independent Financial Advisor meets with me once a year for about two hours to discuss how it’s all going. He is also available for advice over the phone for anything I might be thinking of doing, that’s all in with the charges paid each month.
Full retirement was now eight years’ ago and I still have my same capital investment. Charges for investing plus the two amounts paid out each month have still left me with slightly more than I originally had as savings.
My house will always be a back-up so if necessary I could always downsize and use any equity to live on. I could also consider equity release but advice on that seems to be that it’s not good as, depending on what age you live to you can finish up with no equity in the house and owing money on it, although you might have owned it outright at the start.
You don’t mention if your savings are invested so I would suggest they need to be somewhere to get at least the present inflation rate (2%) as an interest rate, more if possible. If you don’t do that then your capital is slowly decreasing each month by whatever figure inflation is running at. An Independent Financial Advisor can advise you on this.
I would contact PensionWise as others have advised, link below, where there is free information. It’s also possible to book a free interview to discuss finances:
https://www.pensionwise.gov.uk/en
Information (free) from Citizens Advice on this link:
Money Advice Service on this link is also free:
https://www.moneyadviceservice.org.uk/en
All the above will advise on how to get an Independent Financial Advisor. You can check out any Financial Advisor through the FCA website. All genuine Financial Advisors will be registered on there.
Good luck with this, it’s important to get it right initially as that will pay off in the long run. 
it all depends on if you can manage on that income or not. Also your lifestyle needs to be considered.
So you need to work out an income and spenditure sheet on a weekly basis and go from there.
I don’t think anyone can give a direct answer to your question with the best will in the world
My wife and I had exactly the same worry before we gave up our business but we adapted, cut down on some things to allow us to have decent holidays and a reasonable standard of living
Sorry Aytee, but I think this is most odd.
I know I wouldn’t go on a forum and tell strangers how much I am earning, what I have in savings, and what my house is worth! For an ex-police force I am especially shocked.
I hope you find a satisfactory answer, though seeing as no one knows what lifestyle you expect , let alone what your life span will be, I don’t see how you can get an accurate answer?
i have to agree with Mups. I don’t think an open forum is the right place to discuss you financial affairs
Maybe it would have been better just to say you are worried about the future financially wise and how do or are members managing
maybe the mods can remove the thread so you can post again in more general terms to protect you
It may or may not be odd but I agree with your objection - however other FMs have discussed their financial circumstances at length so I guess it’s permissable for others with a predilection for disclosure to be allowed … 
IMO, discussing personal financial circumstances on a forum is a potentially risky activity, especially when the FM and their location can be ascertained … :shock:
Where pensions are concerned, only professional advice should be taken … as far as anecdotal advice is concerned, what’s sauce for the goose is not necessarily sauce for the gander … :!:
It seems fine to me!
I agree, Omah.
As I said just now, I am even more surprised because Aytree said he is ex-police!
Certainly worth boasting about that’s for sure. 
Had the same thoughts as yours myself Mups .
I’m in a similar situation as I’ve said before, but no, I wouldn’t tell anybody apart from my wife exactly what I’m earning/taking from my pension/leaving in there. You don’t submit your personal income and other similar details to the world. That’s just stupid and naive.
And a police officer should definitely know better!
I understand how some people keep their income private. THat’s their business. But I don’t care myself. When my wife and I were both working full time, I had two jobs (One for various organisations and the other my private practice) and she had one. We were earning nearly $300k a year between us. To some on a basic wage with no skills margins that may seem like a lot. To others it is chickenfeed. It’s all relative. But in both our opinions, even with a child to support, That was certainly enough for us. Now my wife still works FT but we live on less than half of that with the last of a mortgage still to pay. Our son does work part time and contributes. Our house needs work and the car needs updating. It will happen in time. Some of our friends are wealthier and get to go on overseas holidays more often. Big deal. Other friends have trouble making ends meet and are struggling.We still feel far from poor. No complaints at all.
Of course it is …
I agree. I just said what I earned (Then and now) but what I haven’t disclosed is my full name, address and bank account numbers and anything else that could reveal me to a potential cyber crook. So I am a “hypothetical”…Is that still stupid? If it is well what can I say?..silly me.
Pension wise offer good advice, but you need an independent pension advisor to advise you in what is best for you, I was going to see one in June but couldn’t make it, I will go in October, I’m hoping to semi retire next year, find a job doing something for a few hours a week, or even full time, just to avoid weekends and get out of the company I work for, I don’t have anything worked out financially, but I’m not too worried, something always turns up,we both have to wait until we’re 67, until we get the state pension, but I’m hoping to draw on my workplace pension and a private pension, the lady from pension wise said they are both good pensions…
Can we assume your house is paid off ? No mortgage?
And what have you done with your savings? Are they just sat in a crappy bank account earning laughable interest ?
If you invest wisely you should be ok imho but there’s the rub. Investing wisely is a skill ad comes with risk.
You should get advice about what to do with the savings imho and make sure it is working for you earning good interest. Diversify so all the eggs are not in one basket.
An IFA should be able to suggest options.
Going forward your house will provide equity. You could release equity later on or sell and downsize to liquidate its value.
Wow…to me, thats a fortune Aytee.
I now think I should have been a policeman… thinking about it, in my youth I was always helping them with their enquires
