Bugger me, I seem to have accumulated half a million

[GreatPotato]

I've always had a decent job in my world, but not by MN standards and been a saver (not enough to make me a higher rate taxpayer).

I put aside some cash every month in a cash ISA, premium bonds and paid into savings policies etc. with the idea that I am saving for a rainy day and my eventual retirement. Haven't really paid much attention to how it was accumulating, for which I realise I need a slapped wrist.

Recently some savings policies have matured and I've been the beneficiary of a life policy. Tallying it all up for the first time in years it's all just a few pounds short of half a million!

Now, obviously the bank is not the right place for it, but how in earth do I go about finding a home for it?

I actually have fairly decent pension provision through employer schemes, but I'm thinking this cash gives me the option to retire early without reducing the annual pension amount. I.e. I can wait until retirement age to draw the pensions, even if I'm not working .

Mortgage is paid off.

For me a real case of look after the pennies and the pounds look after themselves. I've never felt that I was scrimping, just being sensible. There's nothing material that I want and don't have.

People really are bitter when others have more money than they do. It's different priorities. You don't know what OP has gone without over the years to amass that money.
OP is asking on the money board, if talking about money affects you, I suggest you hide the board. They have every right to ask for advice.
Well done OP, that's fantastic. You have every right to come on to Mumsnet and ask for advice. Ignore anyone who tells you otherwise.

People really are bitter when others have more money than they do. It's different priorities. You don't know what OP has gone without over the years to amass that money.
Pretty sure its not food and paying utility bills, which is why most people are not able to save 10% of their income.

@bunnybuggs

I notice you were a beneficiary of a life insurance - I assume this was because it matured which would explain why the amount has suddenly increased. Given your age I would also assume inheritances built up your savings. If it was all off savings and you are not including the property you own that is very impressive. My advice live a little - give up work and enjoy the years as they go by so quickly.

I am sorry I was insensitive in mentioning the life insurance - I thought it was one that had reached maturity rather than paying out when you lost someone dear to you. I would however reiterate my last para - do spend some on things you can do now rather than keeping it for the time when you are a pensioner. I am 74 - retired from a lucrative career when I was 55 having been single parent most of my life and did the things I wanted to do which I had always been so busy working to do. Now I am too damned tired to do all those things

@Everanewbie

Jng1 I think you have misconstrued my response. People mention SIPPs without realising that they are just pensions, and are only really needed for certain things. A SIPP, or indeed any pension may or may not be suitable, depending on the objectives.

My point is that listening to amateurs on here spouting half truths and misconceptions is a bad idea, go to a good adviser, disclose everything and concentrate on fulfilling objectives, which is what a good adviser will do, not arbitrary "get a SIPP" or "Invest in property" shouted by so many financially illiterate posters on here.

Good point on the SIPP, no draw down until 55 and it sounds like OP is quite close to her pension maximum anyway.

Remember a pension is just a tax efficient wrapper that sits on top of an investment, similar to isa wrapping an investment

@Everanewbie

Jng1 I think you have misconstrued my response. People mention SIPPs without realising that they are just pensions, and are only really needed for certain things. A SIPP, or indeed any pension may or may not be suitable, depending on the objectives.

My point is that listening to amateurs on here spouting half truths and misconceptions is a bad idea, go to a good adviser, disclose everything and concentrate on fulfilling objectives, which is what a good adviser will do, not arbitrary "get a SIPP" or "Invest in property" shouted by so many financially illiterate posters on here.

You make a very good point then spoil it by being rude calling those of us mentioning a SIPP as financially illiterate - I can assure you I am definitely not and am very financially savvy thank you but of course the best way forward would be to see an independent IFA.

I don't think it is easily achievable by any means for a lot of people, especially fairly young people.

If we are fortunate we will save a bit, pay into a pension fund and inherit some. Earning a good salary helps of course but not everyone can do that and the amount you need to buy and maintain an ordinary house is ridiculous.

Avocados aren't expensive are they? I haven't had one for ages, used to eat them regularly at one time. Never on toast, I don't get that one bit, it seems weird to me. I just like them with vinegar.

Just checked: £1.20 in Asda; 75p each or £1.20 for two in Sainsbury's; £3.50 for an organic avocado from Ocado, that's a bit steep but they look big.

Instead of getting bitter about someone who's managed to do quite well with their money, maybe someone might feel a bit inspired..or maybe a bit curious to find out more about financial instruments.

About 25 years ago a friend told me she'd just received her something like £1400 yearly interest on her ISA. I was like WTF!! and went and did some research. I'd heard of ISAs but didn't think they were for me on my very low income at that time. With the high interest back then ISAs were 'free money' and I could definitely get my head around that so I opened one up and started saving!

People who have no money are the very ones most in need of financial savvy. It's not condescending to say so. Quite the opposite.

@doublemonkey I really want to make money on my savings. However I graduated in 06, I've never really made anything on my savings. I have 2 S&S isa's now & I pay extra into my pension but anything else is just in PB.

Some of you want to have a serious word with yourselves.

OP - you're not tone deaf at all. It's the money board and you came here for advice and a discussion about yours, that's what it's here for.

@wellards, those high interest rates on savings were really something but remember, it meant that the interest rate on borrowing was equally high.

I'm just now learning myself about investing in stocks and shares. I've also put some money into crypto which is doing well. For me it's like learning a foreign language. I have to keep reading articles etc and asking smart people what they're doing.

You sound like you're doing ok and have some time on your side. Just keep adding bit by bit.

@doublemonkey yes I'm fully aware of that but it would be nice if we could experience our savings not going down.

@wellards, sorry, I'm not sure what your point is?

Op was not tone deaf to make her post.

This is a money board for all things and issues related to money. There is space for people struggling for money who want to discuss/ask for advice, room for those who have plenty, to discuss/ask for advice and room for all those in-between with money questions and thoughts.

This is not just a board for those with money difficulties, the same way the relationships board isn’t just for those in relationship crisis. People can share good news and successes on MN which relate to money, relationships, work, housing or whatever and should be able to do so without being told they should not post. MN is a place where people can post and talk about things which might not be easy to discuss in real life. Op is asking here precisely because it’s hard to have these conversations in real life as money is a tricky subject. Her question is as valid as someone asking how to reduce their weekly food shop bill or how to boost their income.

@doublemonkey that high interest rates meant good returns on savings but obviously made debt more expensive. as I said I would still like my savings to not be losing value.

@wellards, ok I get you. You've got to invest then.

I have a relative small sum in an AI forex trading company - been in 2 months made 10% ish so far. It's not a guaranteed return but I can't complain yet.

@WingingItSince1973

I think that's great. I wish I had done the same. Now 48 and sadly no longer employed because of health. Husband works and earns enough to keep us going. Trying to instill this kind of saving into the kids in a hope they won't end up like me x

At 48, you have not 'ended up' yet, Winging. I'm a lot older than you and haven't reached that point. There's life in the old dog yet and you are still a spring chicken by comparison.

I hope your health problems improve.

well done op, ignore the nasty comments.

Aw @Plumtree391 that's really kind of you xxxx

I’ve absolutely no idea what person could do with that amount of ‘accidental’ savings, but just wanted to say- bloody hell that’s a lot of money!

Perhaps ask a financial advisor about opportunities for ethical investments now you have it all sitting there.

There is nothing 'wrong' with a SIPP per se. But a SIPP is only type of pension. You would use a SIPP when looking to invest pension in commercial property or certain discretionary managed portfolios. Also a SIPP may be cheaper as they tend to have fixed fees rather than a %age charge which may be advantageous if you have a large value. Quite often a SIPP is unnecessary and with any pension there are limits on what can be contributed and restrictions on when it can withdrawn, with tax considerations.

Shouting "get a SIPP, get an ISA, etc" is as stupid a shout to this post as someone asking "I need to do some cleaning, what should I buy" and then various people shouting out "Dish cloth, washing machine, car wash, washing machine" If you don't know what they are looking to achieve then you can't possibly make a sensible suggestion.

@cheeseismydownfall.I agree with you.There surely is a better place to discuss your wealth than MN.very insensitive and thoughtless.For me, the sentence "I didnt realise,I had half a million in my account" beggers belief.There are some very odd people out there!!

"For me, the sentence "I didnt realise,I had half a million in my account" beggers belief"

@Sommernacht89 but you are the only person to have written that sentence

The OP has taken stock of her different accounts and finances, including settlements from her late husbands insurance (who died in a fucking pandemic with no hospital visitors) and once tallied it's an amount higher than she ever imagined. She realises she needs some advice about protecting/using it.

Then along you come attacking her on an Internet forum called, wait for it....MONEY MATTERS.

Have a word with yourself and get over the jealousy. It's ugly.

Agreed, NigelSlater. I think it's marvellous! It prompted me to look into my finances and it's amazing how it adds up.

I'm always pleased when I hear a fellow woman has financial security. That doesn't mean I don't sympathise with those who don't but we must surely celebrate good fortune.

You stated that you have had savings accounts, premium bonds, ISAs etc and have saved all of your life so I’m wondering why you suddenly need advice now? And if you did surely with that sum of money you could afford a financial advisor?

Sounds more like a bragging post