Managing Your Money 

On track for £40,000 at age 60, unless equities crash

Reader Portfolio

Philip, 56


Pensions and Isas


£40,000 income at age 60

Philip is a 56 year old telecomunications executive and is aiming to retire on income of £40,000 at age 60. He is divorced with two children at university and lives with his partner, a school teacher. They have not yet married but are thinking of doing so in order to share spouses' benefits from their respective defined-benefit pensions. His partner is making her own provision for retirement.

Philip has a substantial portfolio made up of pensions, individual savings accounts (Isas) and buy to let property.

He says: "I would like the option of moving from full-time work to part-time work anytime between now and aged 60 to enjoy a more leisurely life. I would also like to help my children with deposits onto the property ladder.

"I would like to keep maximising paying into my Isa allowances over the next three to four years. I am less interested in contributing to my Sipp although I could afford to pay an additional £10,000 a year for as long as I am working full time."

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