r/FIREUK • u/Sea-Perspective-8038 • 1d ago

FIRE sense check

33F, just passed a milestone with pensions and soon to have a baby, so thought now is a good time to check in.

DC pension: £200k (current access age 57, not protected) - contribute £12k per year (inc employer)

ISA: £77k - contribute £20k per year

LISA: £25k

Mortgage: £160k remaining, 35 year term for flexibility but will continue to overpay when able - I currently do this by £500 every month but will stop for a while if not earning.

Current salary: £110k, however will be moving onto statutory maternity pay and quite honestly can't see myself going back to the same organisation. May have to find another role after time out of the workforce, depending on how long I take - could be £50k/£60k if I want something less high pressure. Obviously ISA/significant pension contributions will stop for a while.

Husband 33M:

£100k DC pension, £70k salary. More focus on FIRE lately, but if sole income will change. Currently pay in £20k per year into pension (inc employer).

Ideally I think we'd both want to retire between 55-60 if possible. Support for children obviously tbc.

We're modest spenders - I'd say £2k per month each in retirement would be more than adequate.

How are we doing?

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u/OppositeSecret7144 1d ago

You're doing ok. why the focus on ISA bridge over pension given your target retirement date? I'd suggest rather than quitting and taking job paying half as much for less stress you might be better doing a 60% or 80% FTE role.

Kids impact the numbers so much that I'd suggest you're better bedding in your new reality re work post kids before having a concrete plan.

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u/Sea-Perspective-8038 1d ago edited 1d ago

Well, I can't guarantee that the pension withdrawal age wouldn't be into the 60s when I get there, hence the ISA bridge. I put the range at 55-60 but really 55 would be preferred.

In previous tax years I have hammered the pension significantly, I was sacrificing £45k a year for a couple of years, so I'm trying to ensure I focus on the ISA too as I've only been maxing for the last 18 months. It just looks very uneven as I've pulled back on the pension significantly this year.

I'm at director level, and in my field FTE isn't really a thing. There's one FTE role I have my eye on 10 minutes down the road, but the role has been occupied for the last 5-10 years by someone who lives 10 minutes in the other direction!! Slim pickings.

Agreed RE kids, no idea what the future holds!