Future planning

7685

Do I have enough money to see my out? or do I need to get back to work just in case my health needs some support 1- 2 /week to start with and then care home? Plan B? get back to work?

I have already started to spend instead of save and spend :
Do I need to think about draw down plan as I do not have large size work  pension ? 

 

Marcon

7685 said:

Do I have enough money to see my out? 

Do I need to think about draw down plan as I do not have large size work  pension ? 

 

How old are you (probably easier to answer than 'when are you doing to die?'!).

Linton

It is not clear how State Pension fits into your numbers, so more information will help people come up with a useful response….

How old are you?
Does your required income include State Pension?
Have you accrued a full Sate Pension. If not how much?

Also, are you on your own or do you have a spouse? If you do, then it would be sensible to include their finances in your calculations.

squirrelpie

7685 said:

*Premium Bonds (need to understand it first)

There's not much to understand.  The maximum holding is £50,000. The nominal interest rate is currently 3.6%, but actual income can vary from nothing to a million or more depending on what you win. It's all tax free

squirrelpie

7685 said:

squirrelpie said:

7685 said:

*Premium Bonds (need to understand it first)

There's not much to understand.  The maximum holding is £50,000. The nominal interest rate is currently 3.6%, but actual income can vary from nothing to a million or more depending on what you win. It's all tax free

'There's not much to understand' - excellent !

If you do not win anything that means your money will not incurred any interest so not tax but may worth less?

You don't ever get any interest with Premium Bonds, but you can win prizes. As I said "It's all tax free". The worst that can happen is that you end up with as many pounds as you started with.