What to dox with 60k

PeterJames66

Hi. I`m 63. I have a 20k cash ISA and 60k in a normal fixed 1 year savings account (matures in August). I don`t have a pension account that I pay into and am now retired living of a 5 year annuity paying 28k annually. I also have a guaranteed "fixed" pension "pot" with a maturity value of £412k with Canada Life (which I can reassess what to do with nearer the time my annuity runs out). I have a personal tax allowance of £12570. So I obviously pay tax on my pension and now I`m going to get stung for tax on my 60k savings (as this will be over my 1k personally saving allowance). When the savings matures in August this year (a few years before my annuity finishes) the tax man will lower my tax code to take his bit, so where would be the best place to put my 60k after this. And I`d probably use the interest made of the savings to offset the tax sting (my own fault for not looking in to this earlier!) Possibly dump 20k in a new ISA and put the rest in Premium Bonds? (I`m not interested in stocks and shares etc).Looking for ideas please.

Andyjflet

I have just invested £20k into a cash isa at 4.82 and £40k in premium bonds, have won £1100 since september on the bonds

PeterJames66

Andyjflet said:

I have just invested £20k into a cash isa at 4.82 and £40k in premium bonds, have won £1100 since september on the bonds

Maybe the best way for me too. Thanks.