Where to invest

erasmus666

I'm 60 and newly-divorced. I'm selling my terraced house soon and am planning to rent a larger house but in a different area. The sale will release (after loan and mortgage have been discharged, gifts to daughters and other expenditure)about £30,000. The question is where do I put it? I'm reluctant to leave it in my current account as when I asked my bank for a small overdraft they turned me down flat because I've got about 3 years to go before a debt CCJ is removed from my credit file with Expedia. I'm still working full-time and plan to do so for at least another 10 years health permitting as the thought of retirement horrifies me. Should I invest it as an AVC in my company or personal pension or what? I'm sure that I'll be innundated with people who'll want to help me to decide purely because they want the best for me and never because of the commission they might earn..........Anyhow, what's your advice / comments please? Thanks.

bigadaj

First question is how long before you need to access it and whether the time might vary for different amounts. If you need to access in the next coupe, of years then keeping in cash is wise, current accounts pay best now bizarrely so look on the main site and check numerous threads on here for suggestions including nationwide, lloyds, bos, tsb, Santander etc

Longer term might suggest investments thorough either pensions or isas, pensions better I higher rate taxpayer or if you get salary sacrifice or matching employer contributions. You mention avcs which could be useful depending on your scheme they can sometimes be used to make up the lump sum and so preserve higher pension in a defined benefit arrangement.

You might want to review the gifts to daughters, nothing you can't do later on e you are settled on e again but potentially difficult to get back if you do have problems in the future and might give more flexibility as £30k isn't a huge amount of money and you won't know your new expenditure, also renting would obviously be less secure than ownership.

Is there anything you can do to resolve the ccj, as I wonder if thi might affect your options including renting.