Both our cash Isa's maturing what should we do.
Discussion
Hello.
Both mine and the wife's cash Isa's are maturing at the end of the month. £130,000 total.
Earlier this year we each started up a stocks and shares Isa. (Better late than never) Me with fund smith and wife with lansdown hargreaves each saving £500.00 pcm. I also put a £10,000 lump sum in mine.
Now what do we do with the cash Isa's. Tied up over last year at 1.40%. Now offering 1.10%.
Do I risk it for a biscuit excuse the pun and shove it all in the s&s Isa's and keep our fingers crossed.
Have a small pension that I've already taken £147.00 month - wow. I'm 58. Wife 50. No mortgage on house. Have a reasonably successful Small property portfolio that I suppose we have semi retired on.
Thanks in advance for any helpful comments.
Mark.
Both mine and the wife's cash Isa's are maturing at the end of the month. £130,000 total.
Earlier this year we each started up a stocks and shares Isa. (Better late than never) Me with fund smith and wife with lansdown hargreaves each saving £500.00 pcm. I also put a £10,000 lump sum in mine.
Now what do we do with the cash Isa's. Tied up over last year at 1.40%. Now offering 1.10%.
Do I risk it for a biscuit excuse the pun and shove it all in the s&s Isa's and keep our fingers crossed.
Have a small pension that I've already taken £147.00 month - wow. I'm 58. Wife 50. No mortgage on house. Have a reasonably successful Small property portfolio that I suppose we have semi retired on.
Thanks in advance for any helpful comments.
Mark.
Mark,
Forgetting the type of investment or saving tactic for the moment, have you considered the pros and cons of investing into a pension? If Terry (Fund)Smith *is* the fund manager for you, you could still invest with him, but within the constraints and the potential benefits of a pension 'wrapper'. All investing carries its own risks don't forget - saving is, relatively speaking, absent of those unique risks. Do you need to invest, or is it appropriate anyway?
https://www.moneyadviceservice.org.uk/en/articles/...
Forgetting the type of investment or saving tactic for the moment, have you considered the pros and cons of investing into a pension? If Terry (Fund)Smith *is* the fund manager for you, you could still invest with him, but within the constraints and the potential benefits of a pension 'wrapper'. All investing carries its own risks don't forget - saving is, relatively speaking, absent of those unique risks. Do you need to invest, or is it appropriate anyway?
https://www.moneyadviceservice.org.uk/en/articles/...
trickywoo said:
If your circumstances allow the 20% HMRC 'clawback' on pension contributions, and given your age, maxing out your pension contributions are pretty much a no brainer.
I'd describe it as rebate rather than a "clawback" ! But yes, immediate relief available at highest marginal rate of tax within a pension wrapper, and due to age, immediate availability if required. Only drawback is contribution limits.
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