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Small pot pension

Mint1955
Mint1955 Posts: 685 Forumite
Part of the Furniture 500 Posts I've been Money Tipped!
in Pensions, annuities & retirement planning
I have £8000 with friends life. I am Age 60 Dec 2015 with no state pension until 2021.
Should I redeem this small pot and put int savings or leave it where it is or something else?

Not working and don't need the money but I just want to do the right thing.
Living the dream and retired in Cyprus :j

http://forums.moneysavingexpert.com/showthread.php?t=5105296

Comments

  • kidmugsy
    kidmugsy Posts: 12,709 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    No pension and not working: what is your annual income?
    Free the dunston one next time too.
  • Mint1955
    Mint1955 Posts: 685 Forumite
    Part of the Furniture 500 Posts I've been Money Tipped!
    20,000 in interest yearly
    Living the dream and retired in Cyprus :j

    http://forums.moneysavingexpert.com/showthread.php?t=5105296
  • brewerdave
    brewerdave Posts: 8,856 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Mint1955 wrote: »
    20,000 in interest yearly

    ..So you have a considerable capital pot already? In your case I'd have a bit of a gamble with the £8k pot -transfer to a SIPP and invest in some "adventurous" sector - you never know it could grow rapidly over the next 5 years!
  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
    10,000 Posts Combo Breaker
    Mint1955 wrote: »
    I have £8000 with friends life. I am Age 60 Dec 2015 with no state pension until 2021.
    Should I redeem this small pot and put int savings or leave it where it is or something else?

    Not working and don't need the money but I just want to do the right thing.

    It's personal opinion really.

    I would cash it in....and spend it on a holiday whilst you're still young enough to thoroughly enjoy one.

    What do you do with your time?
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • Mint1955
    Mint1955 Posts: 685 Forumite
    Part of the Furniture 500 Posts I've been Money Tipped!
    We live in Cyprus lol
    Living the dream and retired in Cyprus :j

    http://forums.moneysavingexpert.com/showthread.php?t=5105296
This discussion has been closed.
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