Can I Retire at 60 with £150k?

Plenty of people in Teesside and beyond ask this very question  – and the answer isn’t a simple yes or no.

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 £43,100 a year for an individual or £59,000 a year for a couple.

Using those figures:

Scenario	Pension Pot	Years Funded	Age Money Runs Out
Individual, £43,100/year	£150,000	~3.5 years	Around 63.5
Couple, £59,000/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.

Lifestyle Planning, Not Just Number Crunching

Rather than getting bogged down in a number, we recommend taking a lifestyle-first approach to financial planning. We’ll ask things like:

• What would a perfect week look like for you in retirement?
• Do you want to help the kids or grandkids financially?
• Are you planning big spends like travel or home improvements?

Once we know this, we can map out your timeline and move your money to where it needs to be.

It’s what we call PlanHappy Lifestyle Financial Planning, and it’s how we help Teessiders retire with confidence.

Still Working it Out?

If you’re sat there thinking “I’ve got a few pensions here and there but no idea what they’re worth” – you’re not alone. Lots of people have pensions scattered across jobs, and it’s hard to know the full picture.

Our advisers can help pull everything together, assess what you’ve got, and compare it against what you’ll need. It’s not about spreadsheets and stress – it’s about making sure you’ve got enough to live the life you want.

So, Can You Retire at 60 with £150k?

Potentially yes  depending on:

• What kind of lifestyle you want
• How long you expect to live (and stay active)
• What other income or assets you have
• Whether you plan to keep working in some form
• How you manage your money over time

We know this can all feel a bit like guesswork, which is why we offer personalised advice based on your goals, not national averages.

How We Help

At Joslin Rhodes, we answer questions like this every day.

1. First, we get to know you – your hopes, your plans, and your bucket list.
2. Then we match that up with what you’ve already got and see how the numbers stack up. If they don’t work, we’ll help you tweak things to get there.

Whether £150k is enough, too much, or not quite there, we’ll help you figure out your options and create a plan that’s shaped around your life.

Final Thought

£150k is a decent foundation – but whether it’s enough to retire at 60 comes down to what you want to do with your time and money. The earlier you start planning, the more options you’ll have.

So, if you’re starting to think about early retirement, don’t sit there worrying or guessing.

Let’s have a chat, explore what’s possible, and create a plan that fits your life – one that helps your money last, and your retirement feel exactly how you want it to.

Book a free no-obligation meeting with one of our advisers and we’ll help you answer the big question – “How much do I need to retire?” – based on your own life, goals and numbers.

Tap here to contact our team today.