I'm nearly 60 with £235,000 in my pension - is it enough to retire at 65?

I'm married, mortgage-free and have two adult children and am nearing 60. I hope to retire at 65 as my job is quite high pressure.

That said, it is never too late to increase your pension contribution if you have the funds to spare. Luckily, both you and your wife have full state pensions, both of which will alleviate the pressure on your own pension pot, but with a planned retirement age of 65, you will have to survive for at least a few years solely on your private pension pot. Someone who is 59 now will have to wait until 67 to get their state pension, as our state pension age guide explains.

A typical trend for retirees is often slightly lower expenditure in the immediate months that follow, as they adjust to retired life. Your outgoings in retirement will likely be significantly lower than when working thanks to the mortgage being paid off, and the children having left home. READ MORE: I've saved £1M and need help... I've managed my own investments and savings so far, and have built up a huge sum, but am now in a position where I think I need help.But I have a big trust issue, certainly around people, money and the fact that I don't understand financial adviser's fees.

If contributions are paid before tax and NI has been deducted then you will have already received the tax saving but will also have received a saving on National Insurance Contributions . What will your lifestyle look like? How much will this cost? Are there other aspirations such as helping children onto the property ladder?

The state pension for the 2024/25 tax year is £221.20 per week, which will provide an income of £11,502.40 per annum.Retirement income Target=£43,000 for couple Annuity after £58,000 taken as 25% tax-free lump sum=£8,500 to £13,000 In terms of your pension pot, you have a number of options in respect of how you generate an income in the future.

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