Douglas is age 53 and typically earns £115,000 a year and his wife, who is self-employed, earns about £80,000. Their salaries can be even higher due to bonuses and profit shares, and they are higher-rate taxpayers. Their home is worth about £400,000 and mortgage free. They budget carefully, and always save up for holidays and large purchases such as cars. They have two children at primary school.
Sipps, trading account, Isas and pension invested in funds and shares, cash, shares in employer, residential property
Grow Sipp to £500,000 and my ife's investments to £400,000 to be able to retire in six to eight years, and save for our children
"My wife and I would like to retire in six to eight years,” says Douglas. “We want to maximise the returns our investments make so when we retire we can draw an income from them of 3.5 per cent a year. We are also saving for our children’s education in my individual savings account (Isa), and they each have a self-invested personal pension (Sipp) and Junior Isa into which we make monthly contributions.