I'm 60 with £1 million. How much can I spend in retirement?

Retirement can feel overwhelming with so many uncertainties:
• Do I have enough to retire?
• How can I minimise tax?
• Will my family be secure if something happens to me?
In this video, I take you through the retirement planning journey of Steve and Sarah, a 60-year-old couple with a £1 million retirement portfolio. We’ll explore their financial situation, retirement goals, and the strategies they can use to build a sustainable and enjoyable retirement.
Key Topics Covered:
✅ Asset allocation - Understanding their portfolio.
✅ Expense planning - Matching their spending with long-term sustainability.
✅ Pension management - Making the most of pension options.
✅ Tax efficiency - Minimising tax to keep more of their wealth.
✅ Lifestyle adjustments - Small tweaks for big impacts.
This video is all about how small changes can make a big difference in achieving financial security and maintaining your desired lifestyle in retirement.
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Timestamps:
00:00 Introduction
00:42 Meet Steve and Sarah: A Case Study
00:58 Assessing Financial Position
01:41 Retirement Goals and Initial Analysis
03:11 Modeling Retirement Scenarios
06:06 Exploring Adjustments for a Secure Retirement
08:38 Optimizing Investment Strategy
09:54 Tax Efficiency in Retirement
11:33 Volatility Analysis and Stress Testing
13:36 Conclusion
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Risk Warnings:
✅ The value of your pension may go down as well as up and you may get back less than you invest.
✅ Past performance is not a reliable indicator of future performance.
✅ Levels and bases of, and reliefs from, taxation are subject to change and their value will depend upon personal circumstances. Taxation and pension legislation may change in the future.
✅ A pension is a long-term investment, the value of your investment and the income from it may go down as well as up. Your eventual income may depend upon the size of the fund at retirement, future interest rates and tax legislation.
✅ Your pension income could also be affected by the interest rates at the time you take your benefits. The tax implications of pension withdrawals will be based on your individual circumstances, tax legislation and regulation which are subject to change in the future.
✅ Cash flow forecasting is not regulated by the Financial Conduct Authority.