Where to put my money
Comments
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Where to put my money....
I always stuff it into cracks around the window frames; keeps the draughts out which then saves more on fuel than I'd have earned in interest putting it in the bank.0 -
Given that the OP is early fifties, would dumping money into a SIPP be more of a tax planning excercise? Im in a similar position with a DB pension and lots of spare money hanging around and no real home for it.I am also early fifties.. I'm thinking if you invest in a sipp ,get tax back,,you would have to pick fairly lowish risk items in your basket as there isnt much of an investment window??bowlhead99 wrote: »
I would suggest the following:
£30k into a pension as I'm going to arbitrarily assume you have this much salary left over after your own pension contributions, and also enough allowance left over after considering both you and your employer's pension contribution for the current tax year but including carry forward of prior year unused allowance if your current year remaining allowance isn't sufficient.
.Feudal Britain needs land reform. 70% of the land is "owned" by 1 % of the population and at least 50% is unregistered (inherited by landed gentry). Thats why your slave box costs so much..0 -
C_Mababejive wrote: »Given that the OP is early fifties, would dumping money into a SIPP be more of a tax planning excercise? Im in a similar position with a DB pension and lots of spare money hanging around and no real home for it.I am also early fifties.. I'm thinking if you invest in a sipp ,get tax back,,you would have to pick fairly lowish risk items in your basket as there isnt much of an investment window??
When would you want to draw the money out of the SIPP?
Before Age 65 say (assuming that is when your DBs) pay out, or at Age 65 (not sure why you would do this) or over 30-40 years of possible retirement?
That is what sets the investment window isn't it?
Your current Income Tax Rate and expected rate once retired also come into play. Getting 40% now and paying 20% once retired is a good deal. Getting 20% now and paying 20% on it when drawn out not so good.
My wife and I are mid 50s, and paying into a SIPP which I doubt we will ever take much out of in reality assuming we work for a few more years then main pensions kick in so our investment window is very long terms even if ages are similar to yours and the other posters. If we retire early then we may need that money ahead of main pensions so in that case a very short investment window, and we may lose out as it is not in low risk (no-equity?) investments in that case.
As with many of the discussions on here it comes down to individual circumstances.0 -
bowlhead99 wrote: »At least if my answer is anything other than perfect I can blame the inadequacy of the question
Looking back at the post history now, he asked a few months ago about the best place for his son to save £55k. Was pointed to the savings section and a relevant thread, and didn't make any followup comments or questions.
Now the amount is £65k and it's his, but he still doesn't know what the money is ever likely to be used for. It's probably just a fiction.
Post #2 suggested he tell us "What do you see as the eventual purpose for the money?" Without that, any answer may be laughably inappropriate; we can but try!
:beer:
haha - are you some kind of private investigator??We’ve had to remove your signature. Please check the Forum Rules if you’re unsure why it’s been removed and, if still unsure, email forumteam@moneysavingexpert.com0 -
Where to put my money....
I always stuff it into cracks around the window frames; keeps the draughts out which then saves more on fuel than I'd have earned in interest putting it in the bank.
Ah, that made me smile. :rotfl::rotfl::rotfl:
And once the cracks are filled, give some if it, a nice chunk, to a charity that would know exactly what to spend it on. Cancer research say, Alzheimers research, MIND....you get the idea. The return on your investment beats any savings rates.0 -
what about gold0
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what about gold
Always believe in your soul
ive come into some cash just wondering what my options might be... seen all the interest rates...rubbish.
Gold is a shiny metal that pays no interest. What attracts you other than it being shiny rather than any of the suggestions so far? Even more so, your original post was moaning about pittance interest rates. So why are you considering something that pays absolutely no income?
Surely if you want max income you'd go for S&S investments paying 4% plus?Remember the saying: if it looks too good to be true it almost certainly is.0
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