How will I get my money out of SS ISA?

j813ys

In 20 years when I want to live off this cash, how can I get it out of you can no longer transfer to a Cash ISA? Living off invested money seems risky.

El_Torro

One option is to take it out of an ISA altogether and put it in a current account or savings account.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/6675004/how-will-i-get-my-money-out-of-ss-isa

What rules do you think will be in place in 20 years time?

If you are worried about the changes happening next year, they only apply to people aged under 65.

Keep_pedalling

How old will you be in 20 years time?

Newbie_John

Move all to money market? As safe as cash ISA, and no need to switch every year for better deal..

j813ys

I'll only be 58 in 20 years, I thought they were going to tax money market investments too

wmb194

https://forums.moneysavingexpert.com/discussion/6675004/how-will-i-get-my-money-out-of-ss-isa

You can withdraw money from your S&S Isa to your current account and spend it.

friolento

https://forums.moneysavingexpert.com/discussion/comment/82057547#Comment_82057547

We should wait until the final consultation results are known, which won't be for a few months hence.

However, one aspect is already clear: there has never been any suggestion that your S&S capital (invested or uninvested) gets taxed. They are only talking about taxing interest, that is interest on uninvested cash. As it stands for now, interest from Money Marketing Funds can also be avoided by simply not having 100% of your S&S ISA in MMFs.

Though the entire scheme is badly explained, and the idea that the plans would encourage people to switch to investments is unlikely to come to fruition. If anything, people will be put off investing.

jaybeetoo

The government changes the ISA and SIPP rules so often I really wouldn’t worry about what will happen in 20 years time. Hopefully, a future government will apply some common sense and simplify our tax rules instead of making them far more complex.

dunstonh

https://forums.moneysavingexpert.com/discussion/6675004/how-will-i-get-my-money-out-of-ss-isa

Are you saying that in 20 years you want all your money out of the ISA in one go?

That isn't what most people do. They draw it down over time.

Also, if you're going to be in your late 50s plus in 20 years' time, then why are you using an ISA and not a pension? The Pension Tax Wrapper Beats ISA.

j813ys

Because they can move the goal posts for when you can access a pension, and the tax rate for coming out may change for the worse by then.