Planning for Retirement
Dennis Hall gives advice to a teacher planning for retirement and hoping to maintain his family’s lifestyle in retirement.
WITH a large house, two salaries, two cars and the funds for £4,000 trips each summer, the King family is not used to financial worries. But their budget will tighten considerably next January, when husband Alan retires from teaching after 33 years.
The 59-year-old, who lives in Worthing, West Sussex, with his wife, Sue, 43, and sons Jack, 15, and Sean, 6, is keen to ensure that savings and investments of more than £60,000 are best placed to support their lifestyle. “I have no idea where to start,” he says.
On retirement, Alan will forfeit a salary of £41,000 for a teacher’s pension of £16,800, plus a £50,000 lump sum. Sue, like Alan, teaches geography at the local school, on a salary of £34,000 and will continue until retirement in 2015.
You can read Dennis’ advice to Alan on planning for retirement on The Times website.
