Lump sum investment.

MamaJenko

I have £20k that I want to invest. I'm in my 50s & live in rented accommodation. I can't get a realistic mortgage & would like some advice on investment with the best prospect returns. I've only got 14 years until I reach state pension able age. I had looked into whisky cask investment, but in reality, I have no idea what to do. I'd really like to make this money work in my favour for my retirement, but savings/ISAs just seem almost pointless these days. Any constructive advice welcome.

celica56

Put where to invest 50k into Google and it ended up a guy phoned me up offering me 7% per annum with a Lloyds fixed rate bond is this genuine, it seems too good to be true, where's the catch.

masonic

Give me strength

Linton

celica56 said:

Put where to invest 50k into Google and it ended up a guy phoned me up offering me 7% per annum with a Lloyds fixed rate bond is this genuine, it seems too good to be true, where's the catch.

It is not genuine.  The catch with such "opportunities" is that they are either a complete scam and you will never see your money again or it is a very high risk loan to a dodgy company.  In this case it would seem to be the former since they are saying it's a Lloyds bond.

Never, ever, give your money to someone who phones you up.

xylophone

Are you a member of a pension scheme?

kuratowski

MamaJenko said:

I have £20k that I want to invest. I'm in my 50s & live in rented accommodation. I can't get a realistic mortgage & would like some advice on investment with the best prospect returns. I've only got 14 years until I reach state pension able age. I had looked into whisky cask investment, but in reality, I have no idea what to do. I'd really like to make this money work in my favour for my retirement, but savings/ISAs just seem almost pointless these days. Any constructive advice welcome.

If retirement is 14 years away, then you could invest your £20k and possibly get better returns than interest rates on savings, but there are no guarantees, your capital would be at risk.  If you did decide to go down this route, then you're probably looking at a lower risk multi-asset fund, perhaps using a SIPP wrapper.  (I doubt anyone here would recommend the whisky casks!)

However, it is difficult to know whether or not this is suitable for you, because there isn't much information.  Are you employed, and do you have a workplace pension?  Any other pensions, for example from previous employers?  Does the £20k represent your entire savings?  Have you checked your state pension forecast?  (https://www.gov.uk/check-state-pension)

MamaJenko

Yes, I'm employed. I work for the NHS. Do you think my work placed pension is a better option?  I've looked at pensions based on stocks & shares, but don't  want to risk this.  I can take my NHS pension at 60, but I'll only have about 18 years in it, so it's not worth much. My state pension currently says approx £176/week. I'm always going to need to pay rent & worry I'll end up on the bread line despite being a worker.

Thrugelmir

MamaJenko said:

Yes, I'm employed. I work for the NHS. Do you think my work placed pension is a better option?  

Look into added pension. At least give you a secure income in your retirement years. 

colsten

MamaJenko said:

Yes, I'm employed. I work for the NHS. Do you think my work placed pension is a better option?  I've looked at pensions based on stocks & shares, but don't  want to risk this.  I can take my NHS pension at 60, but I'll only have about 18 years in it, so it's not worth much. My state pension currently says approx £176/week. I'm always going to need to pay rent & worry I'll end up on the bread line despite being a worker.

If you have only 18 years in your NHS pension, how many NI years do you have? As you will need at least 35 to get at full state pension (currently approx £176/week). Also, the earliest you will be able to get your state pension is when you reach your state pension age, which sounds upwards of 67.

Wanttodobetter

Definitely check your opportunities to add to your NHS Pension pot, either by direct payment or AVCs. I didn't do this when I had the chance at my company and now I'm looking at retirement I regret it. Any addition to a pension fund is a no-brainer unless you will need the money sooner (e.g buying a house, kids education etc). The tax benefits mean it's the best bang for your buck. (Albeit not very exciting)

wakeywakey74

I have £125,000.00 to invest but not sure which way to go. I have been looking at a self managed "buy to let"  close to home but would like more options as i am pretty new to this. I am willing to take a low to moderate risk investment. Your thoughts would be very much appreciated.