S&S ISAs - cash in or keep running?

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PoorPaul
PoorPaul Posts: 101 Forumite
in ISAs & tax-free savings
Hi,

Neither the wife or I have the greatest understanding of all things financial.

Although I'm sure those in the know would do much, much better, rightly or wrongly many years ago we both took out S&S ISAs the 'easy way' - mine was with the Halifax, hers with the Co-Op (now Royal London), each adding £100pm.

These have trundled on and based on last statements are currently worth £40k-£50k each. Over the last few years, we've dreaded the statements arriving as sometimes we see that they have reduced in value despite adding in £1200 per year.... :(

We're hoping we may be able to retire in about 6 years, but would then need this money so would therefore hate to see their value plummet as a result of Brexit etc in the meantime.

As we are risk averse and generally clueless re investments, would now be a good time to 'cash in' - or not ?

Hope that makes sense, any advice or opinions appreciated.

Paul

Comments

  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
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    No one knows if "now" is a good time to cash in, for any value of "now".
    If it's beyoind your risk tolerance and you'll need the money in 6 years, and it would be disastrous if it was as worth less than now, then do cash it in.
  • user1168934
    user1168934 Posts: 564 Forumite
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    It is generally recommended to move your funds into safer investments as you get close to your retirement. Most pension systems have lifestyle strategies built in which do it for you at regular intervals. In your case, it is just a S&S ISA so understandably it has not realigned your investments. If you are this close to the retirement then you should be moving the funds into safer investments. Most people would move all their funds to safest investments like bonds or fixed rate investments, by the time they are 5 years to retirement.


    Whether it is a good time to do it "now" or not, I cannot say. May be seek profesional advice.
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  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
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    edited 20 March 2019 at 12:28PM
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    user1168934 wrote: »
    It is generally recommended to move your funds into safer investments as you get close to your retirement. Most pension systems have lifestyle strategies built in which do it for you at regular intervals. In your case, it is just a S&S ISA so understandably it has not realigned your investments. If you are this close to the retirement then you should be moving the funds into safer investments. Most people would move all their funds to safest investments like bonds or fixed rate investments, by the time they are 5 years to retirement.

    Whether it is a good time to do it "now" or not, I cannot say. May be seek profesional advice.


    I dont believe that is generally recommended any more. Only if you plan to buy an annuity or have another use for the money, for example paying a mortgage off.
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