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.