Simon is a 54-year-old freelance IT consultant who earns £50,000 a year. His wife is 49 and earns £55,000 a year as an administration manager at a public sector institution, where she has worked for 30 years. Their home is worth £300,000 and has an outstanding mortgage of £40,000.
Sipp invested in funds and cash, Isas invested in direct shareholdings and cash, property
Buy larger home, partially retire at 60 years, fully retire between 65 and 67 and draw £25,000 a year from investments, grow Sipp to £500,000 and grow cash savings to £100,000 in six years
"I hope to semi-retire at age 60, and fully retire between 65 and 67,” says Simon. “I remarried last year after divorcing in 2015, when I gave up two-thirds of my pension pot as part of the divorce settlement. I had £75,000 in my self-invested personal pension (Sipp) four years ago, but this reduced significantly. So I decided to grow this as aggressively as possible, and will invest up to £40,000 a year into it for the next five to six years. I currently have £243,000 in my Sipp, but would like this to grow to £500,000 by the time I am age 60, which shouldn’t require any significant growth. I also have cash worth £30,000 in an individual savings account (Isa) and hope my cash savings will grow to £100,000 or more by the time I am 60.