£170,000 to save

david1949

Need some help with where to put the money from the sale of my house.

I have now sold my house and will not be buying another home instead i will be renting from 17/2/16 i have savings of £22,000 in a cash I S A . So as a non tax payer and aged 69 where do i put £170.000 to get the best deal Thanks:money:

Linton

What is the £170K for and when?

Eco_Miser

Simple and safe answer National Savings Income Bonds earn 1.25% gross.
More complex, but still safe, use all the accounts in this list to get between 3% and 6% AER on around £50k. There are also some accounts paying 2%.

But while these cash savings won't lose your money, they will lose value with inflation, so if you want to live off this money for a long time, you need to consider investments - which do carry a risk of capital loss, but normally provide a return well above inflation.

kidmugsy

It's only a small amount, but bung £2880 per tax year into a pension e.g. a SIPP at, say, Hargreaves Lansdown. You can do this until your 75th birthday. hmrc makes up the money to £3600 per tax year.

Then when you want the money out, if you get your calculations right you'll get it all out tax-free.