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Where to invest proceeds of rental property


Apologies for the long post, but as we're fast approaching this financial year end, I’m hoping the good people on this forum can offer suggestions on what they would do in my position with the proceeds of a rental property sale.
I’m female, 64, own my main residence outright and living with partner whose only income is SP. I’m currently living on a small DB pensions/rental income/dividends/savings interest and the residual of £48870 TF lump sum I took in 2019 from my Royal London DC pension; this will last until my SP kicks in.
I’ve just sold one rental property and have one remaining (which I plan to sell before £91K BTL mortgage ends in 2027). I’m self-employed but effectively retired; in the last few years a non-tax payer, but likely to pay tax on dividend and savings interest moving forwards. If I continue to pay C2 NI contributions for 2 years I’m on track to receive the maximum State Pension in 2025.
I’ve received £63600 from the rental property sale; £19375 has been deposited to max out this year’s allowance in Virgin Cash ISA 3.0% and £44224 placed in Chase Savings 3.0% (until start of new tax year when I can add a further £20K to Cash or S&S ISA).
Other than an estimated £6K (after Private Residence Relief) for CGT and £18-£20K for home improvements in 3 months time, I’d like to invest the remaining £37600 for my retirement but I have a cautious attitude to risk. I prefer to invest for income rather than capital. I’d like to add at least £2880 to my RL pension before year end and a further £2880 in 23-24. What are your thoughts please on what I should prioritise?
In addition to the sale proceeds, my financial circumstances are as follows:
Gross Rental Prop Inc (2023-24 onward) £7500 pa
Dividends from £28760 EFAs £2700 pa approx
Self employment earned Income £200 pa (yes, p.a.!)
Savings (Reg Savers) £5363
Savings (Easy Access) £7693
Savings (Fixed & Notice Accounts) £28795 (remaining from Jul 2019 TFLS)
Cash ISA £15433
Wesleyan with Profits S&S ISA £25375
Royal London GP6 DC Pension crystallised but no inc taken £156072
PACE DC Pension uncrystallised £1732
Comments
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Desertstormer said:I prefer to invest for income rather than income.0
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Sorry eskbanker! I prefer to invest for income rather than capital!0
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You wish to consider investing for income rather than capital growth?
You could consider subscribing £20,000 to a stocks and shares ISA in the next tax year.
You could then choose funds which pay an income monthly /quarterly/ biennially/annually.You could have a look at
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xylophone said:You wish to consider investing for income rather than capital growth?
You could consider subscribing £20,000 to a stocks and shares ISA in the next tax year.
You could then choose funds which pay an income monthly /quarterly/ biennially/annually.You could have a look at
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