Personal details
Your age: 61
Your spouse's age: 60
Number and age of children: One, aged 21
Income and expenditure
Annual gross income from employment or profession: 41,000, public sector pension
Annual gross income of spouse/partner: 80-100k (variable - self employed sole trader)
Monthly take-home pay: Self - 3500
Spouse - Irregular ranges from zero to 8,000 per month depending of speed of payment by clients but good proportion needs to be squirrelled away for tax.
Type of employment - Retired
Employer type: e.g. public servant, private company.
In general are you:
(a) spending more than you earn, or
(b) saving?
Traditionally, spending more but now have equivalent of mortgage repayments available (about 1500 per month)
Summary of Assets and Liabilities
Family home value: 900,000
Mortgage on family home: zero
Net equity: 900,000
Cash: 100,000
Defined Contribution pension fund: 0
Company shares :0
Buy to Let Property value: 0
Buy to let Mortgage: 0
Total net assets: 1,000,000
Other borrowings – car loans/personal loans etc
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card?
Pension information
Value of pension fund: Spouse has fund of approx 500,000
Other savings and investments:
None
Other information which might be relevant
Life insurance: None
What specific question do you have or what issues are of concern to you?
For first time ever following recent completion of mortgage, we have some excess cash to play around with and would like to ringfence it for good use before it gets bound up with other income. We're not good savers but are excellent borrowers, always repaying on time and without default.
Despite reading the guides on this site, the range of investment options still remains confusing. Ideally, we would like a simple investment option with some reasonable risk that we could access at reasonably short notice if ever required.
Also, we would like to now gift our son the annual 6,000 (at 500 a month), preferably into some sort of investment fund that he could access in the future should he wish to purchase a property etc.
We're familiar with some of the investment terms bandied about but we have never had cause (or the means) to properly interrogate them. I'd be grateful for some advice as to what might be the best investment option to suit our circumstances.
Many thanks.
Your age: 61
Your spouse's age: 60
Number and age of children: One, aged 21
Income and expenditure
Annual gross income from employment or profession: 41,000, public sector pension
Annual gross income of spouse/partner: 80-100k (variable - self employed sole trader)
Monthly take-home pay: Self - 3500
Spouse - Irregular ranges from zero to 8,000 per month depending of speed of payment by clients but good proportion needs to be squirrelled away for tax.
Type of employment - Retired
Employer type: e.g. public servant, private company.
In general are you:
(a) spending more than you earn, or
(b) saving?
Traditionally, spending more but now have equivalent of mortgage repayments available (about 1500 per month)
Summary of Assets and Liabilities
Family home value: 900,000
Mortgage on family home: zero
Net equity: 900,000
Cash: 100,000
Defined Contribution pension fund: 0
Company shares :0
Buy to Let Property value: 0
Buy to let Mortgage: 0
Total net assets: 1,000,000
Other borrowings – car loans/personal loans etc
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card?
Pension information
Value of pension fund: Spouse has fund of approx 500,000
Other savings and investments:
None
Other information which might be relevant
Life insurance: None
What specific question do you have or what issues are of concern to you?
For first time ever following recent completion of mortgage, we have some excess cash to play around with and would like to ringfence it for good use before it gets bound up with other income. We're not good savers but are excellent borrowers, always repaying on time and without default.
Despite reading the guides on this site, the range of investment options still remains confusing. Ideally, we would like a simple investment option with some reasonable risk that we could access at reasonably short notice if ever required.
Also, we would like to now gift our son the annual 6,000 (at 500 a month), preferably into some sort of investment fund that he could access in the future should he wish to purchase a property etc.
We're familiar with some of the investment terms bandied about but we have never had cause (or the means) to properly interrogate them. I'd be grateful for some advice as to what might be the best investment option to suit our circumstances.
Many thanks.
To be honest, he might learn more doing that than on some finance courses on offer.