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TessA
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12-08-2017, 05:02 PM
11

Re: Nest Egg?

I' m busy "bidding" on bungalows near my daughter, I'm 21st on the list for one!
KarenC
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West Sussex
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12-08-2017, 05:11 PM
12

Re: Nest Egg?

Goodness,I hadn't expected such heated responses,but maybe if I clarify further it might make a little more sense!

Income and assetts are one thing,but outgoings another and I should probably have covered that part too!

Because our house is large it is very expensive to run. Due to our private pensions and the fact we choose to work, we qualify for no benefits,nor do we expect to.

This is why it is on the market,in an attempt to move somewhere smaller and cheaper and release some money to meet bills,and also because it is getting very run down as we cannot afford the repairs on it ( pitched roof needs doing,flat rook leaks and a lot more.)

Council tax alone is nearly 200 a month, fuel bills 160 although our fixed tarriff is coming to and end. Water rolls in around £60 a month,metered as we all are now.

We both travel a long way to work as we live in an isolated village. I do not have a car,so my bus fares are around £16 per day (not worth getting a bus pass as some weeks I am not offered work,its a zero hours as and when contract)

Husband drives,and pays around £400 a month in fuel as he can be expected to do 100 mile round trip some days.(this includes our other use of the car as well though) Car is quite old,so a recent repair bill was £1500.

Groceries (including cleaning products and cat food) is around £400 a month.

House insurance,car insurance car tax, AA membership,TV license,internet subscription all add up. I had to get some glasses last month and they were £400. My husband is currently undergoing a course of dental treatment..no NHS dentist so it is going to come to around £2000.

If we give up work,our pensions will not cover bills living where we are now. I simply said,this is not how I forsaw life to be in what I hoped would be "retirement". Right now,we are able to work but how long that will last,who knows.

We do not smoke. We do not eat out. We do not drink alcohol.My clothes if I buy them come from Primark. Husband is a very tall large man,so, his can be quite pricey.

I know there are many worse off, and I was not attempting to come out with a "feel sorry for me"story,but with all respect to you all,my question was quite simply, I have 30 k in savings, and wondered if anyone had any ideas where this might be better invested?
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Muddy
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12-08-2017, 05:20 PM
13

Re: Nest Egg?

Karen you have recieved heated responses because to many people your combined income seems very good .
It is good.
You outgoings are about average .
That is what most people pay in council tax water etc .
If traveling costs so much why not give up work ?
Why don't you apply for the bus pass it will save you money when you DO work .
To get a pension forcast you only have to ring up the pension dept and they will give you one .
If you and your husband have paid full contributions throughout your working life your pension will be £159.55 a week .
That could be as much as much as £691.38 a month ( before tax ) each ( if you multiply £159.55 by 52 )
Hope this helps .
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12-08-2017, 05:24 PM
14

Re: Nest Egg?

Originally Posted by KarenC ->
Goodness,I hadn't expected such heated responses,but maybe if I clarify further it might make a little more sense!

Income and assetts are one thing,but outgoings another and I should probably have covered that part too!

Because our house is large it is very expensive to run. Due to our private pensions and the fact we choose to work, we qualify for no benefits,nor do we expect to.

This is why it is on the market,in an attempt to move somewhere smaller and cheaper and release some money to meet bills,and also because it is getting very run down as we cannot afford the repairs on it ( pitched roof needs doing,flat rook leaks and a lot more.)

Council tax alone is nearly 200 a month, fuel bills 160 although our fixed tarriff is coming to and end. Water rolls in around £60 a month,metered as we all are now.

We both travel a long way to work as we live in an isolated village. I do not have a car,so my bus fares are around £16 per day (not worth getting a bus pass as some weeks I am not offered work,its a zero hours as and when contract)

Husband drives,and pays around £400 a month in fuel as he can be expected to do 100 mile round trip some days.(this includes our other use of the car as well though) Car is quite old,so a recent repair bill was £1500.

Groceries (including cleaning products and cat food) is around £400 a month.

House insurance,car insurance car tax, AA membership,TV license,internet subscription all add up. I had to get some glasses last month and they were £400. My husband is currently undergoing a course of dental treatment..no NHS dentist so it is going to come to around £2000.

If we give up work,our pensions will not cover bills living where we are now. I simply said,this is not how I forsaw life to be in what I hoped would be "retirement". Right now,we are able to work but how long that will last,who knows.

We do not smoke. We do not eat out. We do not drink alcohol.My clothes if I buy them come from Primark. Husband is a very tall large man,so, his can be quite pricey.

I know there are many worse off, and I was not attempting to come out with a "feel sorry for me"story,but with all respect to you all,my question was quite simply, I have 30 k in savings, and wondered if anyone had any ideas where this might be better invested?
Hi Karen...a gracious response considering the tone of some of the replies!
There's a thread on Premium Bonds that might interest you.
Myself, I'd go to a trusted Financial Advisor.
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12-08-2017, 05:27 PM
15

Re: Nest Egg?

Originally Posted by KarenC ->
Goodness,I hadn't expected such heated responses,but maybe if I clarify further it might make a little more sense!

Income and assetts are one thing,but outgoings another and I should probably have covered that part too!

Because our house is large it is very expensive to run. Due to our private pensions and the fact we choose to work, we qualify for no benefits,nor do we expect to.

This is why it is on the market,in an attempt to move somewhere smaller and cheaper and release some money to meet bills,and also because it is getting very run down as we cannot afford the repairs on it ( pitched roof needs doing,flat rook leaks and a lot more.)

Council tax alone is nearly 200 a month, fuel bills 160 although our fixed tarriff is coming to and end. Water rolls in around £60 a month,metered as we all are now.

We both travel a long way to work as we live in an isolated village. I do not have a car,so my bus fares are around £16 per day (not worth getting a bus pass as some weeks I am not offered work,its a zero hours as and when contract)

Husband drives,and pays around £400 a month in fuel as he can be expected to do 100 mile round trip some days.(this includes our other use of the car as well though) Car is quite old,so a recent repair bill was £1500.

Groceries (including cleaning products and cat food) is around £400 a month.

House insurance,car insurance car tax, AA membership,TV license,internet subscription all add up. I had to get some glasses last month and they were £400. My husband is currently undergoing a course of dental treatment..no NHS dentist so it is going to come to around £2000.

If we give up work,our pensions will not cover bills living where we are now. I simply said,this is not how I forsaw life to be in what I hoped would be "retirement". Right now,we are able to work but how long that will last,who knows.

We do not smoke. We do not eat out. We do not drink alcohol.My clothes if I buy them come from Primark. Husband is a very tall large man,so, his can be quite pricey.

I know there are many worse off, and I was not attempting to come out with a "feel sorry for me"story,but with all respect to you all,my question was quite simply, I have 30 k in savings, and wondered if anyone had any ideas where this might be better invested?


Id look at spreading that money in SHARES,

Look at the Stock Market , WATER Companies are a good investment , although they can go down as well as up , when they rise keep an eye on how much , if the profit margin is worth it cash them in ,
The Electric and Gas companies are another ones to watch ..Buy when low sell when high ,
Ive had shares bought at £4 sold at £10 after a few years .
You really do need to be sharp ,

You should ask your Bank for an appointment to see a Financial Advisor , they will be the best to advise ..
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12-08-2017, 05:47 PM
16

Re: Nest Egg?

No FA will tell you what shares to invest in.
Buying low seeking high is the ideal.
But
When do you know when a share is low or has reached its high?
That is the question .
At the moment the stock market is at an all time high.
is it going to fall or go higher ?
Crystal ball time !
Utilities are generally ( but not always )a good investment if not for growth for dividends.
As are other Blue Chip companies such as BP ( unless the there is an oil spill or a glut of oil )
So it all depends how much risk you want to take .
Shares have outperformed most other forms of investment over the last decades ( except the British property market )
We are in uncertain times who knows what the financial future holds .
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12-08-2017, 06:14 PM
17

Re: Nest Egg?

Originally Posted by KarenC ->
I know there are many worse off, and I was not attempting to come out with a "feel sorry for me"story,but with all respect to you all,my question was quite simply, I have 30 k in savings, and wondered if anyone had any ideas where this might be better invested?
IMO, an open forum is hardly the place to detail income and assets then ask what to do with them ..... you may be contacted by some very unsavoury characters (not forum members, of course ..... ) .....
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Muddy
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12-08-2017, 06:23 PM
18

Re: Nest Egg?

Wise advice Omah .
Of course we are all stellar here but there may well be shady characters lurking about
KarenC
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KarenC is offline
West Sussex
Joined: Aug 2017
Posts: 4
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12-08-2017, 06:28 PM
19

Re: Nest Egg?

Originally Posted by Muddy ->
Karen you have recieved heated responses because to many people your combined income seems very good .
It is good.
You outgoings are about average .
That is what most people pay in council tax water etc .
If traveling costs so much why not give up work ?
Why don't you apply for the bus pass it will save you money when you DO work .
To get a pension forcast you only have to ring up the pension dept and they will give you one .
If you and your husband have paid full contributions throughout your working life your pension will be £159.55 a week .
That could be as much as much as £691.38 a month ( before tax ) each ( if you multiply £159.55 by 52 )
Hope this helps .
I am very surprised you think our outgoings are average as they are certainly far higher than the majority of people we know in smaller houses but fair enough,that is your view!

Believe me,I would love to give up work or do voluntary work, but sitting alone in a house all day in a village where nothing goes on,no shops nothing and no car to even get out is no fun....I did that for a short time and it drove me mad!Hopefully if we can move back to a town it might be different

When calling the pensions people,I was told to apply for a government gateway which I did,then had to wait for a "pin" and now the site redirects me to another which says they HMRC do not recognise me..worrying after paying tax for 40 years.

We will not get full pensions as we were "opted out" in to our private ones, which is fair enough as we apparantly paid reduced NI, and as I now work for the NHS I am in their pension scheme but will not pay in long enough to build up much I am sure.

A bus pass is £26 per week..and if I am not offered work that week then it is £26 down the drain. As soon as you access the pass the week starts to tick down...free or subsidised travel here is not like in London .

A big thank you to all who have tried to answer the question I asked and I will certainly have a chat with the bank. Shares are not something I have ever considered and I would be pretty scared of losses but it is an idea.

I suspect I do not really "fit in " here as I had assumed this was a supportive community,so I will wish you all goodbye and good luck.
realspeed
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12-08-2017, 06:35 PM
20

Re: Nest Egg?

Quote "I have split 12k in premium bonds. 13k in peer to peer lending platforms" unquote
premium bond the value of the £ decreases so will your premium bonds in real terms and they don't pay any interest so it is a gamble but you don't loose what you put in.

Peer to peer lending i don't know much about, BUT the general rule is if the interest rate is high then be careful and remember those that do quote a highter interest rate is before tax.

We invested in granny bonds some 4/5 years ago which pay a better dividend but you have to leave the money in for the terms stated time wise. Any government backed bond issues you are safe with but they are as I said fixed term but you still have access to the money you just loose interest rates

Quote "I took early retirement some years ago as it was that or redundancy so I get a private pension of 1180 (net) per month.
My husband also took his private pension at 60 as he had been unemployed for a while.that is £800 per month. " unquote

from what you say you get a combined pension of around £24,000 a year, that is not including what you are earning.
it was mentioned in a previous post about £36,000 a year

Even so there are a lot of people earning far less than that and still manage, so this leads me to think of what your excess expenditure is?



quote " House insurance,car insurance car tax, AA membership,TV license,internet subscription all add up. I had to get some glasses last month and they were £400. My husband is currently undergoing a course of dental treatment..no NHS dentist so it is going to come to around £2000." unquote

house and car insurance I bet you have not gone on a internet compare site and got the same cover with another company far cheaper. AA? one of the most expensive breakdown cover companies you can get, look at green flag.
Internet subs do you need them. if no national health take out private dental insurance cover @x amount a month, but try NHS first. Say with Denplan

quote "Husband drives,and pays around £400 a month in fuel as he can be expected to do 100 mile round trip some days" unquote
If on company business let the company pay as expenses

quote"Groceries (including cleaning products and cat food) is around £400 a month.) are you buying the most expensive?

Seems to me just on those alone it is a case always have so will carry on the same.

Maybe sit down and list what you spend on a day to day basis and at the end of each week ask yourselves "did we really need that

This day and age you HAVE to compare prices. Our car insurance quote came through and by challanging the letter quote we got over £85 knocked off, and that was the same company we are with already.

Do you know about the hook line and catch method companies use? NO

first of all the hook, quote first year as being cheaper than others

then the line, that is to pull you in to the company, saying you won't find cheaper or better

the catch, got you now we well grab cash as much as we can from you, you are in our net



Only trying to help it is difficult to cut down but sometimes one must
 
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