It all comes down to what you want your retirement to look like, how long you need your money to last, and what other sources of income or savings you might have.
Let’s dig into it.
What Does Retirement at 60 Look Like?
Before diving into the numbers, let’s take a moment to think about what retirement at 60 actually means.
You’ve likely done your time in the world of work, and now you’re ready to enjoy a bit more freedom.
Whether that’s more holidays, quality time with the grandkids, long walks with the dog, or simply having a bit of breathing space in your week.
Whatever your plans, your finances need to support your lifestyle, not anyone else’s idea of what retirement should be.
What Does £150k Get You?
According to the Pensions and Lifetime Savings Association, a comfortable retirement costs around £43,900 a year for an individual or £60,600 a year for a couple.
Using those figures:
| Scenario | Pension Pot | Years Funded | Age Money Runs Out |
|---|---|---|---|
| Individual, £43,900/year | £150,000 | ~3.5 years | Around 63.5 |
| Couple, £60,600/year | £150,000 | ~2.5 years | Around 62.5 |
So, if you’re retiring at 60, £150k won’t last long on its own.
But – and this is important – those national averages might not reflect your situation.
You might spend less, have additional income, or plan to downsize in later years.
The key is knowing what your lifestyle will cost.
Retirement Isn’t One-Size-Fits-All
Here at Joslin Rhodes, we always say retirement’s not about hitting a magic number – it’s about shaping your money around the life you want to live.
Let’s say your mortgage is paid off, you enjoy a simpler lifestyle, and you’re happy pottering about at home or heading off for the odd caravan trip. You might not need to spend anywhere near those numbers.
But if you’ve got big travel plans, want to help your kids financially, or enjoy eating out and treating yourself, you’ll need to budget accordingly.
So, is £150k enough?
Possibly – but only if it works for your goals and circumstances.
What Other Income Do You Have?
£150k is a good start, but it’s rarely the full picture.
Other sources that could help stretch your retirement income include:
- State Pension – currently available from age 66–67
- Savings or ISAs
- Rental income or property
- Part-time or freelance work
- Inheritance
- Other pensions – workplace or final salary schemes
We call these your stream (regular income like State Pension or rent) and your reservoir (pots of money like savings or lump sums).
The trick is managing both so your money flows when you need it – and doesn’t run dry too soon.
Let’s Be Honest – Inflation and Care Costs Matter Too
Inflation, unexpected healthcare costs, or supporting loved ones can all eat into your pot faster than expected.
That’s why it’s vital to have a proper plan that’s flexible and built for the long term.
