Toe In the Water

TBC15

SIPP thing is free money, whats to think about?

cloud_dog

TBC15 wrote: »

SIPP thing is free money, whats to think about?

True. Where else can you guarantee a 25% return on your money over 1 year, risk free.

kidmugsy

orlaflutter wrote: »

Have +/- £38K in individual shares which pay dividends to help with bills, and although some are a waste of time, OH has vetoed cashing them in.

I wonder whether the following might work. Phone Hargreaves Lansdown (or AJ Bell or CSD or ....) and explain that you've got a haphazard collection of shares which you'd like to be used to fund (i) a SIPP (£2,880 net), then (ii) an S&S ISA (£20k), and then (iii) a fund-and-shares account: could they suggest the cheapest way for you to achieve this?

Wildsound

orlaflutter wrote: »

I see people on here being asked what is their goal/strategy and beyond growing our money, I don't really know

Not to sound too rude, but I think it's worth taking some time to think what your goals with the money is. It's all well wanting to grow your money, but if you don't know what it's for, then what's the point?

Perhaps drifting off topic, but something I will share anyways. In my experience with an IFA, there are a lot of elderly people who start thinking about inheritance planning and passing wealth on, but then refuse to do it when they are alive. Most IFAs probably won't tell you to spend the money/give it away as it then goes against their business interests of wanting to manage/invest your money whilst taking a fee. If you goal is to provide something for the next generation(s), then there is no better time than now to start this. If inheritance tax is an issue for you already, you will already be reducing this, as well as seeing the good you will be doing for future generations in person.

orlaflutter

WS:- regarding goals, now I've had a few hours to think about it I suppose I want to guard against an impoverished old age. My kids have had a helping hand in buying their houses (gave them the proceeds of sale of their grandad's house split between them 50:50 which gave them deposits).
Beating inflation is another. Third might be trying to beat the system .
The last few posts have given me a lot to think about, as I wasn't sure I was eligible for a SIPP,
Or that the fiver-down-the-sofa shares could be put to better use. (What is leap-frogging? Is that the sharp practice that was frowned on regarding getting more tax relief than one should with sipps? Something else to read up on.....)
I appreciate all the thoughts, everyone -thank you.