Retirement

You need to talk to a financial advisor. As far as I know no one on GN is a financial advisor and anything we tll you could lead to you spending your retirement in poverty.

Yes, a financial dvisor may be costly, but that is something you can afford.

Start with the government approved 'Money and Pensions Service' maps.org.uk/en

Do what Monica advises.
Do you want to be bothered with a rental property? I know that by the time we sold ours we knew we didn’t. We have a really good FA, ask around and get recommendations.

Following on from the old car thread - you could always use the £200K to buy me an Aston Martin - I’d repay when I win the lottery!! 😂

Seriously though, you definitely need to see an Independent Financial Advisor - they often make home visits and won’t put you under pressure to commit to an anything, Mine’s coming next Wednesday to update me.

Absolutely with you re the rental. The house is 40 years old now, I have no emotional ties to it and I dread the next email saying the boiler has packed up!!! Also the tax implications on a rental are quite high.

I agree you need an FA. I would buy £ 50,000 of Premium Bonds. You may win, but you do not pay tax on it. You can remove the money swiftly if needed.

Rachek Reeves has grand designs on second homes, hence the FA.

I recommend getting a FA. We saw someone just refore we retired . We also sold our rental property last year .

FWIW. Definitely get yourself a IFA. Worth their weight in gold. Due to bereavement I’m in a similar financial position at 53. Mine has stated I could retire now, should I wish too. HOWEVER! that is dependant entirely on what I want to do and my outgoings both now and planned. Which of course will be different to anyone’s else position and demands due to the simple fact we are all unique in our lifestyles and desires. So yes, go to an IFA and interview several to find one you are comfortable with, and also research their employment history, training, credentials, insurances and reviews etc etc. You are making a big life change with big money that you may not be able to easily replace - professional face to face advice over random internet people all the way.

Could not agree more with advice already given ! An IFA is not cheap certainly but you would'nt buy a house without a survey same rationale applies.
Good luck .

Get an accountant if you don't have one already. You'll be looking at a potential 24% capital gains tax on the difference between the acquisition cost and disposal value on the let property. If the property you sold for £200,000 was let, you'll likely pay tax on that too. Go on the gov.uk site.

Thank you! Yes we have an accountant.
The 2 properties were sold for £850,000 and the proceeds split between me and my 3 siblings hence about £200,000 minus the CGT.
Definitely will purchase premium bonds.

Yes, I agree about the FA. We've had one since we neared retirement, his advice has been invaluable. He advised us on the most tax efficient way to use a lump sum which has saved us quite a bit and adds to our income.
We also have a rental property and plan to sell if we can when our current tenant leaves. Legislation means that it is becoming more and more expensive to meet government requirements, and they seem to be trying to push private landlords out of the rental market. An FA should be able to advise you whether the sale would raise, after tax, sufficient capital to give you an income equivalent to the rent you receive.

Definitely need professional advice. Certainly no advice here, never been in your financial situation!

I’ve just had the financial advisor here this morning. Make sure you have your full amount in premium bonds and ditto your husband. They are a good stop gap while you think what to do. You can have £20 k each in cash ISAS and dear Rachel is probably going to change that to £4k so get that done quickly as they are tax free in an isa . If you have a SIPP make sure it is nominated to your husband or children on your death. I thought it went automatically to partner on death but it isn’t . I thought we had very little money and what a to do but he said we were wealthy for our age. I was a tad nonplussed. DH happily plays with stocks and shares and is good at it but I hate them. And give away your allowances to your children . You can double it if you haven’t given it away last year. Getting advice helps in all the confusion.

All I can say is lucky you.

Neither have I, nor will I ever be.

I don't like posts like these. They make me feel that life is very unfair.

Etoile2701

I don't like posts like these. They make me feel that life is very unfair.

I also wonder if the OP is based on a need to brag about their wealth…………..

Message deleted by Gransnet for breaking our forum guidelines. Replies may also be deleted.

Seems very unwise to give such personal details on a website like this.

That is what I thought too. I also wondered if it was a genuine post .

Is this person for real? How I wish I had that problem! My husband thinks it is someone being provocative and vulgar.

I think this person is very unwise to put information like that out on a platform like this.

To the people suggesting the poster is ‘bragging’ or ‘vulgar’ or questioning, whether they are even genuine, I think that’s a little harsh and would suggest they are perhaps just a little naive posting their financial situation in such detail and expecting a ‘lay-person’ to advise.
Clearly this is one for a financial advisor and that is the best advice one can give. .

Blimey! Lucky you!