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  • FIRST POST
    • Willpope
    • By Willpope 9th Oct 17, 12:39 PM
    • 1Posts
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    Willpope
    Looking for advice on a 10 year investment plan.
    • #1
    • 9th Oct 17, 12:39 PM
    Looking for advice on a 10 year investment plan. 9th Oct 17 at 12:39 PM
    Hello all.
    49yr old single with no savings or investments looking to set up a 10 or so year plan to pay me a lump sum at the end.
    I have never saved or invested as I have never really had a disposable income.
    I no longer own any property either but recently, I have found myself earning a higher than average income and would like to start paying into a plan that will mature in 10 years so I can have a bit of a blast!
    Is there anything out there that someone could recommend or should I just start paying into a high interest account?
    I could probably afford up to 500 a month.
    Thanks.
Page 1
    • dunstonh
    • By dunstonh 9th Oct 17, 12:52 PM
    • 89,955 Posts
    • 56,658 Thanks
    dunstonh
    • #2
    • 9th Oct 17, 12:52 PM
    • #2
    • 9th Oct 17, 12:52 PM
    49yr old single with no savings or investments looking to set up a 10 or so year plan to pay me a lump sum at the end.
    What is happening in 10 years that you will be required to draw all the money?

    Is there anything out there that someone could recommend or should I just start paying into a high interest account?
    We need more detail. You haven't given much to go on. It could be pension or S&S ISA or cash savings. If you are going to put £60k in over 10 years and then spend it all in one go on the 10th anniversary then the options will be different to whether you have just said 10 years but dont really mean 10 years.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • drwillseeyounow
    • By drwillseeyounow 9th Oct 17, 5:21 PM
    • 3 Posts
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    drwillseeyounow
    • #3
    • 9th Oct 17, 5:21 PM
    • #3
    • 9th Oct 17, 5:21 PM
    I am the OP. Not sure what's happened as forum won't let me log in on my original login.
    There is nothing specific happening in 10 years time and I am not intending to spend it all in one go. I just see there is an opportunity to spend the next 10 years saving some cash for a rainy day, something I've never been able to do before.
    What more details do you need??
    • dunstonh
    • By dunstonh 9th Oct 17, 5:41 PM
    • 89,955 Posts
    • 56,658 Thanks
    dunstonh
    • #4
    • 9th Oct 17, 5:41 PM
    • #4
    • 9th Oct 17, 5:41 PM
    We need to know your objectives for the money. It maybe that pension is best. It may be that ISA is best.

    Is it going to provide an income. Is it going to be a fund that could feed ad-hoc lump sums over the next 30 years. That sort of thing.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • drwillseeyounow
    • By drwillseeyounow 9th Oct 17, 5:53 PM
    • 3 Posts
    • 0 Thanks
    drwillseeyounow
    • #5
    • 9th Oct 17, 5:53 PM
    • #5
    • 9th Oct 17, 5:53 PM
    Is it going to be a fund that could feed ad-hoc lump sums over the next 30 years. That sort of thing.
    Originally posted by dunstonh
    Yes, that sort of thing. I just feel I need a fast track to having some savings. Something I've never done before. Catch-up if you like!
    • DairyQueen
    • By DairyQueen 10th Oct 17, 8:29 AM
    • 99 Posts
    • 132 Thanks
    DairyQueen
    • #6
    • 10th Oct 17, 8:29 AM
    • #6
    • 10th Oct 17, 8:29 AM
    Your choice of forum suggests that you see this investment within a context of retirement/pension planning. If so, do you have any existing pension provision (DB/DC)? Are you currently contributing into a pension plan? Is your employer? Are you self-employed? Are you a higher rate taxpayer? Are your current pension arrangements forecast to cover the income you will require in retirement? Are you on course to receive the full SP (i.e. will NI contributions be sufficient at SPA)? At what age do you hope to retire?

    Do you feel any need to have a cash buffer to protect you against the vagaries of the employment market in your 50s/60s? Is this the aim of your rainy day money? How much would you need if it was bucketing down for 6 months to a year?

    You mention that you don't own property and that you have no current savings (do you mean savings net of any pension?) but you also mention that your aim is to have 'a bit of a blast' in 10 years. At age 49 those statements seem superficially counter-intuitive so the experts here will need to know more about your pension situation, and how this investment fits within that context (assuming that's your aim), in order to comment.
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