How do I best invest £190,000 + for my enforced retirement?

avrilmaria

Hi this is my first post, but I have been a follower of this site for many years. I have been unable to find any help with my current situation and I am wondering if someone can give me advice.

Last June I was made redundant at the age of 52, due to this and a lot of other circumstances I don't want to go into I have been unable to obtain work of the same calibre. I recently gave up a job I did for seven months in a pub on minimum wage which barely covered my cost of living, I had to leave last week due to health issues. I have no debt and I have just sold my house which will give me a sum of £175,000 in the next couple of weeks. On being made redundant I took my pension £10,000 lump sum and £29 per week. I also have another £10,000 in savings. The £20k is currently in premium bonds. I have an endowment policy which matures in December 2016 which is currently worth about £22k.

I have been through a lot of scenarios as to what I should do with the money, buy abroad, or buy to let in this country etc but I am unable to decide what to do. The best savings account I can find pay about 3% and I don't understand stocks and shares which might give me a better return or might leave me with nothing. I'm looking for advice from those of you who have experience in this field. A friend has told me if I am unsure what to do I should do nothing. House prices are now rising stupidly especially in the south where I live so I am reticent to buy a house here, but maybe elsewhere in the country would give me a better rental return. I am currently renting a property with my daughter who is paying the rent in return I look after my grandson:) but the rental expires in September so starting to get panicky about what to do. Your help would be appreciated.

atush

I personally would not have sold my house if I didn't have somewhere paid for to live, and I would have investigated what benefits being too ill to work would have produced. Because the value of your house would not have been taken into acct, but with 175K in your acct no benefits will come your way (apart from jobseekers so apply for it?)

The only thing I can think of is to rent another place with your daughter, and then see an IFA to invest the money on your behalf to pay you an income. You could expect something in the region of 4% or 7K per year, 580 quid a month. As your 29/month is only 1500 a year, and your total income will be below your PA all the income will be tax free.

avrilmaria

Thank you for your advice I didn't think I was entitled to any benefits as I have £20K in savings. I had to sell the house for other reasons, but I could always buy another. Do you know the best place to find an independent financial advisor?

mania112

https://www.unbiased.co.uk