Can you help me with what I should do next? 21 March 2007 at 11:23PM in Over 50s Money Saving 3 replies 987 views

Betterlate01

HI, I Have recently had to retire earlier than expected due to medical problems. As I have no dependants I decided my best way forward was to start a new life for as long as it may last. Rightly or wrongly I sold my house and took my retirement pension in a lump sum under the rule of Critical Illness. I bought a car and booked a holiday of a lifetime and will be renting a flat very soon. This means that i now have cash which I assume I should invest in the best way possible in order to make life reasonably comfortable for the forseeable future. I have taken out an ISA and invested certain amounts in savings accounts etc. I also intend to pay off all my outstanding credit cards and use the most profitable (for me) in the future paying it off before incurring interest. You can I hope see that I have been checking out Martins tips and utilising them hopefully to my best advantage. However, I am now concerned about where and how I should best invest any further cash, trying to ensure a reasonable monthly income money to enjoy and a secure future. Any one with ideas on my best way forward would be seriously listened to. Many thanks in advance.

gemini_john

Hi Betterlate01. Like you, I retired on health grounds at a very early age '48' & had a triple heart bypass January 2003. Am unable to advise on your next step financially but, never forget, there are millions out there in worse situations. Enjoy every macro second of your life to the best of your ability. I state this when I will be 72 in June. My information is that I should never have come out of hospital when aged 6 months...My sincere best wishes...
gemini john

missile

You may be better posting this on Savings and Investment board where you may get a better response.

To give any meanful advice one would need to know a little more info regarding your circumstances and attitude to risk. Good investments are generally accepted to outperform savings in the longer term, i.e. 5 years or more. Bad investments can loose you a lot of money very quickly. Savings are only at risk where the interest rate does not match inflation.

To be blunt, if you don't think you are going to live long enough to spend all your cash, there would seem little point taking any risk.

I wish you success in your new life!

Betterlate01

Thanks to both Gemini John and missile for their good wishes. Please done't think that I am a negative thinker I am just trying to ensure that I have a pretty good time for the next years of my life however long that might be. Also thanks for the advice on where to post my thread for possible advice in my best way forward to missile. Betterlate 01