NS&I Premium Bonds

[Cooperman]

I fully accept any IFA would know more than I would, but I find this to be bonkers advice unless you are talking about having a huge amount of money.

I am saving now to be able to retire as early as possible and live a good life while also providing for my child. I've seen family members have to go into care and the costs burning through their (pretty extensive) savings in frighteningly quick time. The idea of spending any large lump sums I have once I'm past 60 and potentially leaving nothing for my child when I pass is not something I can get on board with, at least not without more understanding of why an IFA would recommend that.

There’s an alternative to this which is to divert as much as you can to your children, as early as possible. They don’t have to know about this, but by doing so it protects you somewhat from care costs. Nobody enjoys a holiday more than me, but probably like you I won’t be blowing tens of thousands on an around the world cruise once a year.

 

[Niigata Jack]

I have used a stocks and shares ISA for quite a few years for investment rather than saving for a rainy day accounts and had very good returns, obviously goes up and down but generally over the long term it has out performed any other account i have ever held.

Although now at mid 60s i am trying to spend money rather than save at my time of life. My IFA said once you are aged 60-80 you need to stop saving and start spending any large lump sums you have. You obviously need a pot for emergencies but generally you need less to live on as you get older and can spend more on the good things for yourself.

Tried Premium bonds but didn’t have a great return, the only benefit i suppose is that if you have maxed out all other tax free products and you will get hit with any return on your tax threshold then its better than nothing.

The way prices are going with energy, council tax, food shopping etc I'll be struggling on my state pension and what I've put aside so far, that's why I'm looking at investment opportunities cash ISA's at around 4.5% aren't gonna give me great returns.

 

[Pacemaker]

My stocks and shares ISA over the last 3 years have given me a 29% return.

As Cooperman States above the best advice for inheritance tax reasons is to invest in your children and grandchildren.

I have given my children a large amount of my spare mortgage money (ie after i paid off my mortgage i invested in my children and grandchildren first) i also set up a tax efficient investment in my grandchildren which is tax free and they can only use for further education, a deposit on their first house or pension.

It cannot be accessed for any other reasons until retirement.

I have 3 separate pension some bigger than others which i live off and will get my state pension next year.

A pension investment has to be one of the best use of extra earnings

 

[monmouth]

There’s an alternative to this which is to divert as much as you can to your children, as early as possible. They don’t have to know about this, but by doing so it protects you somewhat from care costs. Nobody enjoys a holiday more than me, but probably like you I won’t be blowing tens of thousands on an around the world cruise once a year.

8 days on a cruise is enough!

We did all the long distance holidays when we were young. Really don’t fancy the long flights now, although I’ve still never been to Canada. So that’s still on the list. Over 65 now so better get arse in gear I suppose. We’ve a taste for spa breaks in posh country hotels now.

Beware health costs though. New knees are £15k each or a two year wait. That’s only going to escalate. I hate insurance (I’ve seen how profitable it is) but I’m seriously thinking about it now, despite the cost.

 

[Cooperman]

8 days on a cruise is enough!

We did all the long distance holidays when we were young. Really don’t fancy the long flights now, although I’ve still never been to Canada. So that’s still on the list. Over 65 now so better get arse in gear I suppose. We’ve a taste for spa breaks in posh country hotels now.

Beware health costs though. New knees are £15k each or a two year wait. That’s only going to escalate. I hate insurance (I’ve seen how profitable it is) but I’m seriously thinking about it now, despite the cost.

Nothing lasts forever which is what I was saying on Sunday as I started to dismantle our decking. Remember that conversation? Fourteen years that has been down and I have touched it up as much as I am prepared to. The wood which cost me £600 back then is > £3k now.

 

[Cooperman]

My socks and shares ISA over the last 3 years have given me a 29% return.

Likewise. There have been some huge gains off the back of the tech industry. However I will heavily caveat it by saying that there is almost certainly some market turmoil ahead. So before everyone rushes out to invest in the tech boom, get some financial advice from a certified source.

 

[J_B]

My socks and shares ISA over the last 3 years have given me a 29% return.

As Cooperman States above the best advice for inheritance tax reasons is to invest in your children and grandchildren.

I have given my children a large amount of my spare mortgage money (ie after i paid off my mortgage i invested in my children and grandchildren first) i also set up a tax efficient investment in my grandchildren which is tax free and they can only use for further education, a deposit on their first house or pension.

It cannot be accessed for any other reasons until retirement.

I have 3 separate pension some bigger than others which i live off and will get my state pension next year.

A pension investment has to be one of the best use of extra earnings

Likewise, the isas have been brilliant recently.
We're 3 years into state pension which has been very generous recently thanks to the triple lock and between the two of us we're getting £2k every 4 weeks. That's reduced our drawing from the isas too.
Your "socks and shares" isas sound interesting. What's your foot size,

 

[monmouth]

Nothing lasts forever which is what I was saying on Sunday as I started to dismantle our decking. Remember that conversation? Fourteen years that has been down and I have touched it up as much as I am prepared to. The wood which cost me £600 back then is > £3k now.

Oh god, yeah I remember. I thought it was about 5 years ago.

 

[Squarebear]

Likewise. There have been some huge gains off the back of the tech industry. However I will heavily caveat it by saying that there is almost certainly some market turmoil ahead. So before everyone rushes out to invest in the tech boom, get some financial advice from a certified source.

I was massively overexposed to Tech so have just dumped it and now 95% of my S&S ISA is cash.

I'm poised, waiting for a Warren Buffet moment.

 

[Cooperman]

I was massively overexposed to Tech so have just dumped it and now 95% of my S&S ISA is cash.

I'm poised, waiting for a Warren Buffet moment.

I’m getting more nervous by the week and might have to temporarily quit whilst ahead.

 

[Niigata Jack]

My stocks and shares ISA over the last 3 years have given me a 29% return.

As Cooperman States above the best advice for inheritance tax reasons is to invest in your children and grandchildren.

I have given my children a large amount of my spare mortgage money (ie after i paid off my mortgage i invested in my children and grandchildren first) i also set up a tax efficient investment in my grandchildren which is tax free and they can only use for further education, a deposit on their first house or pension.

It cannot be accessed for any other reasons until retirement.

I have 3 separate pension some bigger than others which i live off and will get my state pension next year.

A pension investment has to be one of the best use of extra earnings

Who has advised you on the stocks and shares ISAs Pacy, had a phone call appointment with my pension provider today, he's getting back to me and my mate who was my FA for yrs and now virtually retired is calling up next week, my pension as yielded over 10% gains over the last year, so it's tempting to throw more money into that.