Long term savings/investments for £150k +

Katesss

I am looking for advice on where to save/invest £150k +

Currently my ISA allowance is maxed out in a cash ISA about £85k. I have some money in P2P Loans about £6k now as a few have recently matured and the rest is in building society savings accounts.

I also have several pensions, which will yield me an income; but not as much as I’d like as I love to travel.

I am saving on a monthly basis and expect to retire in the next seven years.

I’m looking for advice on saving and investments to put my money long term.

kinger101

I'd suggest seeing an IFA. There are far too many questions relating to your attitude to risk, and whether you intend purchasing an annuity or using drawdown, and how flexible you can be with retirement income.

It's unusual for people to use 100% cash as a vehicle for saving for retirement, but given you're 7 years away from retirement now, there's less time to ride-out downturns in the stockmarket (especially if you opt for an annuity).

The advice you need requires a long discussion and probing questions. Not suited to an internet forum.

Katesss

Thanks Kinger; I know a couple of IFAs and I’ll set up a meeting with them.

Thrugelmir

Review your pension position. Might be worth investing into "cash" assets to benefit from the tax relief. Possibly to short a time horizon to invest into equities etc. Seven years isn't regarded as long term.

Katesss

Thanks Frugelmir. Actually I am thinking that I put my cash somewhere where it will earn interests or dividends. These can then be reinvested or drawn upon to supplement my pensions. Does that make sense?

Thrugelmir

Dividends are not a guaranteed source of income. By investing in equities your capital is at risk. As market prices for traded company stocks rise and fall inline with expectations for their future profitability.