Savings advice with potential easy access

Mrsnuffleupugus

Hi all,

My husband is in his late 50s and has had a stroke a little over a year ago. It has left him disabled, both physically and cognitively. His company has been brilliant and so far he still has his job, but we are both worried that it may not be something he can keep forever, and he certainly wouldn’t get another one at that level. I am having to work part time so that I can care for him.

With this in mind I’ve been trying to save as much as possible and now have around 30k. I suddenly realised it’s just sitting in a starling pot doing nothing and I should probably do something a bit more intelligent with it.

Because the future is uncertain I don’t want it locked away. I also don’t want to fund the fossil fuel industry or anything highly immoral.

I would really appreciate any suggestions/advice.

Thanks in advance.

Snuffles

Albermarle

You have to decide between savings accounts - safe and pay some interest . Best for money you will need in the next 5 years.

Or you can invest it, to hopefully get some good growth in the long term.

How is your ( and your husband’s) pension provision?

Mrsnuffleupugus

I think between us we’ve got around the 500k mark in private pensions.

eskbanker

I also don’t want to fund the fossil fuel industry or anything highly immoral.

https://www.moneysavingexpert.com/savings/green-savings-accounts/

SacredStephan

If you haven't already, I'd suggest you check your and your husband's state pension forecasts.

friolento

https://forums.moneysavingexpert.com/discussion/comment/82123610#Comment_82123610

Definitely. Also sort out Power Of Attorney if not already done.

friolento

You find a complete range of accounts on https://moneyfactscompare.co.uk/savings-accounts/easy-access-savings-accounts/

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82123318#Comment_82123318

Assuming these are DC Personal pensions, then hopefully you have looked into how they are invested.

Unless you have made specific ( and expensive ) choices it would be very likely that some of the money will be invested in fossil fuels, armament's etc.

Mrsnuffleupugus

https://forums.moneysavingexpert.com/discussion/comment/82123880#Comment_82123880

Yup, done POA thank you. I’m guessing that there isn’t much I can do on the state pension other than factor it into my budgeting plans?

Mrsnuffleupugus

https://forums.moneysavingexpert.com/discussion/comment/82124294#Comment_82124294

Started planning how to reduce our impact here, but then my husband had his stroke and it took a back seat.

friolento

https://forums.moneysavingexpert.com/discussion/comment/82125028#Comment_82125028

Excellent that POA is sorted 👍

Your state pension forecasts will tell you how much you can expect to get, when you will get it, and whether further contributions or credits are required for the maximum amount of state pension, which can vary from person to person. It’s important to know where you stand, and it’s easy enough to obtain the forecasts https://www.gov.uk/check-state-pension