60k from house sale

parkhadr

Mini ISA full for this year APR06 - Looking to leave money for at least 1 year.

Any suggestions ??? - so far ICICI 5.15% looks good!!!!!!

Cheers.

S.Aving

I have a similar problem having just downsized I have circa 300k left from selling my house.

So what can I do that is not gambling, Safe but generates some income , I have stopped work 55 years old and family have left home.

Now I need circa 2,000 per month to live. So hwo can I make my money work best. I'm scared of stocks & shares, don't like giving money to Financial Advisers who get paid regardless of how well they do their job.

So is the HSBC at 4.5%??

Chrismaths

I assume you need £2,000 per month from the £300,000 capital after tax.
HSBC would be a bad idea as they don't pay you any interest if you make a withdrawal in that month. But assuming you find an account that pays 4.5% gross, you're looking at £900 per month of net income (assuming you pay BR tax). So you'll be taking out £1,100 of capital per month, and ignoring the effects of inflation, and the possibility that interest rates might fall, that's a maximum of 22 years that the money is going to last. You are 55, so that takes you to 77 (and once you take into account inflation probably more like 70-72), and assuming good current health you are likely to live longer than that.

Might be worth considering the advice after all mate.