Savings advice

Jacq1951

I expecting a a lump sum inheritance soon and am due to retire soon as well . i want to know how to invest this money which is under100k so l can have regular access to supplement my pension but get the best interest rate. Also can i set this up as a joint account with my daughter to save any power of attorney problems in the future. I have looked at ISA's but can't make head nor tail of them.

enjoyyourshoes

Could look at S&S SIPP, annual contribution per tax year £40 K


At 55 can take 25% lump sum out


or S & S ISA £15240 annual tax year allowance (15/16)


Loads advice on S&S isa on investment forum


Other money:-


£20K each into Santander 123 a/c (3% gross interest)(read conditions)
£5K each into Lloyds Club at 4% gross (also do a Regular saver at 4% @ £400pm) (read conditions for CL a/c)
£2k each (plus joint)into TSB classic plus


other good Regular savers
HSBC advantage customers & I think premier 6% max £250 pm
First direct £300 per month 6%

xylophone

Might you wish to invest as much as possible of it into a pension before you retire so as to take advantage of the tax relief, particularly if you will pay tax at a lower rate in retirement?

You would then be able to consider drawdown.

http://www.hl.co.uk/pensions/sipp


https://www.gov.uk/tax-on-your-private-pension/pension-tax-relief

Are you about to become eligible for state pension? You might wish to defer and use your capital to supplement your income?

You can open a joint account with your daughter.

http://www.hmrc.gov.uk/manuals/saimmanual/SAIM2420.htm may be worth a look.