investment for income

davidbulpitt

Thank you all very much indeed for your suggestions and advice. We didn't really know where to start so you have helped us considerably. We'll go through each of your replies and also do some research. Once again, thank you.

bostonerimus

We need more info from the OP to make sensible suggestions; for all we know an annuity might be right for this OP. But I'd like to mention that the ever popular ITs, ie closed end funds, are not the only way to get income. A simple low cost equity and bond fund portfolio will produce dividends and interest and capital gains can be cashed in too.

davidbulpitt

We would be thinking about investing up to £150,000, if that's any help.

davidbulpitt

Sorry that I have so little information to give you, but we have no experience at all. We're feeling our way, as it were.

HappyHarry

davidxxxxx wrote: »

Sorry that I have so little information to give you, but we have no experience at all. We're feeling our way, as it were.

With a lack of experience, it's probably important that you take things at your own pace, and consider only fully regulated products.

I would suggest that you have a chat with a couple of local Independent Financial Advisers (IFAs), and find one that you feel you could work with and you can trust. They should be able to help you set up investments that are straightforward and appropriate for you.

IFAs will generally have a free initial meeting, and the good ones won't put you under any pressure to commit further at that meeting. Take some time after the meetings to discuss between you what you think and feel about the IFA, and then look to work with one that you feel happy with.

There will be a cost involved, which will vary from IFA to IFA. However, as you have no experience, and are looking to generate a (long-term?) income from your funds, then paying an IFAs fee will likely put you in a far better long-term position, both financially and emotionally, than taking your own decisions and second-guessing them in the future.

Thrugelmir

Sue58 wrote: »

Not a recommendation so do your own research but you could take a look at Acorn Income Investment Trust (AIF). Its currently trading at a reasonable discount and yields 4.5%.

Recently took a sizable hit on the rapid demise of Conviviality PLC though. Investing in AIM stocks carrys a downside as well as an upside. Not a IT for widows and orphans in my personal opinion.

bostonerimus

Where has your 150k come from and where is it now? How old are you both and how much annual income do you need and when do you need it; now or in say 10 years? Do you have income sources like pensions, state pension or disability benefits. Do you own your own home?

An IFA might be useful to you, but you should also take some time to educate yourself by reading through this website and also looking at some books. Take a look at the videos in this series too. They explain some basics pretty well. When deciding what to do with your money never do anything that you don't fully understand, be a bit cynical and remember you are in control - don't take advice without double checking and you can always run it by the folks on this forum.

https://www.youtube.com/watch?v=_chiIIxMGl0

LHW99

I would second Bostonerimus's suggestion to read up about things on this site and elsewhere.
If you have picked up the meaning of some of the terms likely to be used - eg fund, multi-asset, multi-manager, annuity, fixed, variable etc it helps when you talk to the IFA's.
Also don't forget, your IFA is there to help you understand, as well as set up a suitable (range of) investment. Don't be afraid to ask questions, and if one of the IFAs you meet makes you feel "looked down on" if you do ask questions - try a different one. It is unlikely they would mean to do that, but some will communicate in a way you can understand better than others.

ThemeOne

dunstonh wrote: »

Still looking at around 27,000 options to filter from that could meet criteria.

Which is quite easy to do on the HL site. I'm the first to admit they're expensive, but I've found their web platform comprehensive and has easy to use research options.

I also have some investments with Bank of Scotland Sharedealing (same as Halifax I think) and by comparison it's a very bare bones experience for online research.

davidbulpitt

Once again, thank you for all your helpful replies. It's a new world for us and we obviously need to take it slowly and do the research and reading that you've recommended. You have all given us places to start and we're very grateful.