Chris is age 59 and his partner is 58. He earns £56,000 a year, while she works one day a week. They have financially independent children. Chris’s partner owns their home, which is worth about £800,000 and is mortgage-free. Chris owns two buy-to-let properties worth about £310,000 each, which are also mortgage-free. They generate an income of about £21,000 a year and incur expenses of £5,000-£6,000 a year.
Pensions, Isa and investment accounts invested in funds and cash, residential property, cash.
Retire in December, invest cash, total return of 4% a year.
“I would like to retire in December when I turn 60,” says Chris. “I have pensions worth £860,000, which will start to pay out from that age. One of these is a defined-benefit scheme worth £226,000, which will provide an annual income of £4,800. My partner has a pension worth £159,000, which she will start to draw in two years' time.