Too old at 73?

Warslet

I'm considering a S&S ISA for the upcoming new tax year as it's not something I do compared to 'cash' savings. I have maximum in PB's, Cash ISAs in excess of £100k, Regular Savings accounts, Fixed Rate savings spanning from 12-18months. Instant access funds which are more than sufficient in an emergency. A pension plan which I no longer contribute too but don't need/want to use as would pay tax on except from 25% tax free element.  IFISA with 3 companies and reducing my exposure in these.  My pension income gives me surplus in excess of £1500pm and no liabilities. I have single company shares in an ISA (ex-employer). I am not adverse to risk (above might show differently).  I am too old to consider S&S ISA for better potential growth than cash with interest rates likely to be reducing?  Thank you for any views. 

boingy

Warslet said:

I'm considering a S&S ISA for the upcoming new tax year as it's not something I do compared to 'cash' savings. I have maximum in PB's, Cash ISAs in excess of £100k, Regular Savings accounts, Fixed Rate savings spanning from 12-18months. Instant access funds which are more than sufficient in an emergency. A pension plan which I no longer contribute too but don't need/want to use as would pay tax on except from 25% tax free element.  IFISA with 3 companies and reducing my exposure in these.  My pension income gives me surplus in excess of £1500pm and no liabilities. I have single company shares in an ISA (ex-employer). I am not adverse to risk (above might show differently).  I am too old to consider S&S ISA for better potential growth than cash with interest rates likely to be reducing?  Thank you for any views. 

My view is that you're never too old but in your case you should be aiming to spend some of your money! If you don't want to spend it on yourself spend it on your partner or kids or wider family. 

Warslet

I have about 12% of assets in equities, half of that is pension. Bulk of estate to spouse/family.  IFISA is about 3.5% of assets.  

Millyonare

For me, at 73yo, with £1500pm spare cash, and £100k in the bank, I'd be looking at buying a Lamborghini. Or a 12-month world cruise. Have some fun.

njkmr

Millyonare said:

For me, at 73yo, with £1500pm spare cash, and £100k in the bank, I'd be looking at buying a Lamborghini. Or a 12-month world cruise. Have some fun.

As Millyonare says, with that sort of money available at your age I would be inviting some ladies round, buying Champagne, and partying a bit. Hell I would even waste some.....!

subjecttocontract

I'm in a similar age bracket: I have virtually nothing in equities except my final salary pension fund and a few hundred quid in a single share holding. I spend most of my time hoping for a big win on my premium bonds and spend my money on drink, chasing women and music but I am very carefully never to waste any of it. After all, you never know what's around the next corner.

Londonlisa12

Your not going to live forever , enjoy it.

Albermarle

Warslet said:

I'm considering a S&S ISA for the upcoming new tax year as it's not something I do compared to 'cash' savings. I have maximum in PB's, Cash ISAs in excess of £100k, Regular Savings accounts, Fixed Rate savings spanning from 12-18months. Instant access funds which are more than sufficient in an emergency. A pension plan which I no longer contribute too but don't need/want to use as would pay tax on except from 25% tax free element.  IFISA with 3 companies and reducing my exposure in these.  My pension income gives me surplus in excess of £1500pm and no liabilities. I have single company shares in an ISA (ex-employer). I am not adverse to risk (above might show differently).  I am too old to consider S&S ISA for better potential growth than cash with interest rates likely to be reducing?  Thank you for any views. 

Just to put some perspective. IFISA's and single company shares are considered pretty high risk, so a S&S ISA invested in say a medium risk multi asset fund would be relatively tame in comparison.

On average you should live another 10 years so enough time for an investment to grow.

So notwithstanding the previous posts about spending some of it, a diversion of a small part of your cash savings into a S&S ISA, is probably not a bad idea.

pip895

May not be relevant, but if your estate is liable to go above the IHT threshold you could give away surplus income without penalty.  So you could put the money into ISAS for the Kids/Grandkids and reduce your eventual IHT bill.

Beddie

No, not too old. After all, you're not really investing for you, but for those you are leaving the money to when you die. As others have said above, perhaps give more away now and see the pleasure it brings to you and the recipients. And enjoy it!

thenewcomer

Never too old for anything. Only changes in priorities. 

I would say definitely go for the S&S ISA, although not individual stocks.

Question: In the event of one's passing, would the platform sells the stock holdings in deceased name? Or would the stocks be transferred to its beneficiaries?