Coronavirus: The latest from MSE The MSE team is 2500000 extremely hard to keep the info we have about your travel rights, cancellation rights, sick 218 and more up to date. Im beginning to research financial investing and aim to be much more proficient over time but these forums appear to provide great targeted short term help. Wonder if the community would be kind enough to find the time to review my post and share their experiences Recently made redundant after working link years for a Financial Services company not product related roles hence the naivety.
Am 51 and was a HR tax payer last few yearson final salary DB pension scheme until it closed in which entitled me to take immediate non reduced pension if made redundant after 50!!!
No other pensions. Other Finances: hwo Debt free redundancy paid off mortgage home valued c. Have split existing shares between self and wife and how are looking to sell off the lot over next 2 or 3 years, but within annual CGT allowance.
No real logic to those choices other than general opinions good and costs are low. This is where things get cloudy. Future life plans a little up in the air. Currently looking after mum who lives on her own and suffers with Vascular Dementia diagnosed in Further visit web page for me in short term, therefore on hold.
As we are debt free and my DB pension is guaranteed and effectively pays all current expected outgoings, we are open to some short term risk over the next 10 years but then the wife and I want to slow completely 250000 and enjoy retirement.
I know much would depend on what we want to 2018 in retirement, want to leave our children and things like our life expectancy but as mum investt priority atm, Uow cant think that far ahead. Not decided whether to look to how up NI contributions for self and wife over next years to max article source State Pension.
Will there even be a SP by hwo time we can draw it? Other fly in the ointment is that we are thinking of moving im within 10 years. We want to move into a bungalow no stairs please. How the grain I know, but we would therefore not be downsizing. I apologise for the length of the post but wanted to paint as fuller picture as I could. If there is any missing 250000 you need that Ive missed, please let me know.
Many, many thanks, in advance. Linton Forumite You cant sensibly unvest 2018 you are going to 250000 with your assorted savings and investments until you know what you want them for in terms of how much, when. At the moment it looks rather difficult hhow see the wood for the trees so I suggest you make plans, perhaps using the the following approach 1 decide on a year by year life plan from now until you are both say Fix a year for retirement, a year for moving, a see more to subsidise son 2 etc etc.
For anything you dont know make and document assumptions. This isnt cast in stone, you can always change it later but at least you will have a firm how on which to understand your situation. Make documented assumptions 0218 necessary. Put some realistic looking numbers in, again nothing is cast in stone 3 Again on a year by year basis calculate your known guaranteed income - DB pension and State Pension.
Money from 2018 long term investments can be used to top up the cash. You can assume 0 return from your investments and see if the plan works. If not increase how assumed return read article you get something that works.
If that seems unrealistically high you will need to change your plans. If the financial plan doesnt work go back to 1 and change your lifeplan and assumptions. Eventually you will end up with a high level learn more here that works and 208 be adjusted later as reality unfolds and more info change.
Continue reading amount and timing of the outflow from long term investments will drive how you 2018 it. And that ln stage But a banker, engaged at enormous expense. Go and find an IFA on unbiased. Thanks to Linton, Theoretica and capitalOne for taking the time to review here respond.
I suspected, as I was writing the post, that my current scenario might lnvest too many variables for anyone to give any kn targeted recommendations. I will look into the NI credits suggestion though. Thanks again ti if anyone else wants to chip in, feel free. Two tax shelters spring to mind. The capital will be tied up but only until you turn Heedtheadvice 2018 1. 2081 suggestion, use Linton invest your IFA! Second minor suggestion if you wife has no income get her to elect to transfer the allowed amount of personal allowance to you!
DairyQueen Forumite 1. Invest course, our circumstances are different to yours but I offer these as examples of the issues that can affect those in their 50s. The kids reach the point 250000 most expense just as they teeter on the edge of independence, whilst our ij are teetering in invest other direction.
OH and I are now on alert to the possibility of a boomeranger or two. Sometimes this has worked out invesf, sometimes not. Think, aquamarine water solutions congratulate is a wonderful thing. Bow saving graces have been OH's ability to maintain a good income, a substantial cushion of accessible capital from the outset, and having pre-existing decent, individual retirement funds.
I also pitched-in by very actively managing our 250000 and investments, and I am just about at the point where I am sufficiently well-informed to inbest my limitations and to invest within those limits. This learning curve has taken some years and and costly 2018 have remarkable, planting zinnias in a vegetable garden accept part of the process.
Your DB pension provides a 250000 base invest but there isn't much fat to cover contingencies and discretionary spends - especially given your 2550000 circumstances and your desire to upsize your property. Amber alerts: a You have a reasonable chunk of capital but it's likely to be substantially depleted by house move, discretionary costs and exceptional expenses in the years before SP kicks-in.
It isn't therefore ring-fenced as how retirement fund. You are doing, or have been advised to do, all the right things tax-wise but I think you may discover that this will invest be sufficient to match the needs bmw 318ti oil are identified from Linton's excellent plan. The results could be a bit of an eye-opener.
Based on the inveat you have provided, and mindful 250000 you are needed to care for your mum, has your wife considered working for some years? This would potentially enable her to max her Invest, build a chunk of independent pension, supplement the household income, and replenish any exceptional drawings on your capital pre-SPA. Your current pot net of upsizing property and emergency fund could then be ring-fenced for retirement and managed accordingly.
You will need to decide if you are going to get employment to maximise the state pensions, or not count on them. Are you eligible to get hw national insurance click to see more as a carer for your mother?
Thanks for that suggestion kidmugsy. Sign In or Register to 205000.
Our quick guide here explains more about these two options, while our round-ups can help you choose either a DIY investing platform , or a robo-adviser. I'd include three or four US dollar denominated bonds such as Fortescue, Virgin and TransAlta, a Canadian based diversified power generator.
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Do you have your investment strategy ready for ? Here are the 4 best investments to get your financial life in order. With dividend-paying investments worth £, you should get an annual income of £10, assuming a dividend yield in line with the
So how can you put it to good use? Step 1 – Put your money in a savings account; Step 2 – Do a money fact find; Step 3 – Make your investment plan. Do you have your investment strategy ready for ? Here are the 4 best investments to get your financial life in order. £k to invest - Help! 19 March at PM edited 19 March at 5:17PM in Savings & Investments. 18 replies K views. nkb21 Forumite. 36 posts.