Advice plz ... pensioner

Hello I'm new here and a bit dumb when it comes to finance. I'm a very fit and healthy 80 year old single male with an annual pension of £10,500  I put £20,000 into an ISO last year and will do the same this year. I now have another £20,000 to invest. At this moment I'm not looking for extra monthly income.
All replies gratefully received.
Thanks

Comments

  • DE_612183
    DE_612183 Posts: 3,425 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Ok, so what do actually want to happen to the money you invest?

    Do you just want it to grow in case you need it at a later date?

    Whats your position regarding house and possible future care needs?

    Whats your position regarding inheritance requirements etc?
  • Brie
    Brie Posts: 14,136 Ambassador
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    what do intend to do with the money eventually?  care costs?  wild holidays?  
    I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe and Old Style Money Saving boards.  If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

    "Never retract, never explain, never apologise; get things done and let them howl.”  Nellie McClung
    ⭐️🏅😇
  • tacpot12
    tacpot12 Posts: 9,156 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper
    There are a broad range of savings accounts and savings institutions. You should have a look at the best rates here: Best savings accounts: 5.03% easy access or 4.8% fixed rates

    Have a think about whther you need instant access to the money, or can you draw out from one of your ISAs if you  need it. 

    Also have a think about whether you want online access to the account, so you can make withdrawals instantly, or whether you want to have to go to a branch of a Buidling Society to make a withdrawal.

    The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.
  • Albermarle
    Albermarle Posts: 27,061 Forumite
    10,000 Posts Sixth Anniversary Name Dropper
    Without more details ( such as answers to the questions in the previous post) nobody can give you a sensible answer. 
    Here are two more questions;
    What sort of ISA did you add £20K to ( a cash one or a stocks and shares one?
    Is the £10,500 the state pension or additional to the state pension?
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 349.9K Banking & Borrowing
  • 252.6K Reduce Debt & Boost Income
  • 453K Spending & Discounts
  • 242.8K Work, Benefits & Business
  • 619.6K Mortgages, Homes & Bills
  • 176.4K Life & Family
  • 255.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.