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.

Facebook has an active FIRE (financial independence retire early) group. That is probably the best place to ask your question. Well done on your savings.

@NoLongerATeacher

Talk to an independent financial advisor - may suggest a SIPP - we’ve done that and although we have decent job pensions our SIPP has taken us to another level. We’ve retired at 55 / no mortgage - I get so mad when people say we are lucky - no we’ve worked hard for this and so have you - enjoy xx

I get so mad when people say we are lucky - no we’ve worked hard for this and so have you - enjoy xx

I'm sorry but this is so incredibly naive and short sighted! Not to mention infuriating. Anyone in your position has had an element of good luck as well! Millions of people work exceptionally hard all their lives, many study exceptionally hard as well, and have been dealt a really shit hand in life. Nobody is saying you haven't worked hard, but you've been fortunate to find your roles, whatever you've done

Mu issue isn't with asking for financial advice on the Money board. Obviously . Somewhere out there there will actually be the single most wealthy mumsnetter, and the single most poor one. Every single one of the rest of us is somewhere in between, and just because some people somewhere will be in a worse financial position does not in any way preclude anyone from asking advice on any topic they want.

My issue was solely with the tone of the post, which is profoundly tone-deaf.

You can't save 10% of your income if you need 100% of it to live.

I would walk myself in to work, hand in my notice and explain how glad I’ll be to never hear another client moan about ridiculous things!

I’d then march myself to the estate agent and buy myself a house somewhere sunny and get myself on a world cruise 🚢

Living the dream 🥳

@AdmiralCain I don't care inflation is worldwide at the moment. Listen to the Fed. Many guilts are now proxy equity funds and should be treated with caution. They are not the 'low risk' option that they once were. Direct ownership is extremely rare in the retail markets and I doubt the OP would be holding Emerging Market debt directly.

A correction in the equity markets is normal and should not be run away from. A lifetime in other asset classes would never make up for the loss of risk premium.

Congratulations?

Mass poverty going on and your like "oh there's half a million." Like it's normal? Smugness doesn't suit you.

Speak to a financial advisor though, you could of done that without mentioning how much money you have.

Well done OP :-). I've never earned more than the average wage and don't have a great pension, but I don't begrudge you one bit, I'm pleased for you.

It's taken until my mid-50's for me to be able to save money seriously and I'm doing that right now. I really wish I'd taken pensions more seriously when I was younger.

For those criticising, I've been in positions where I've had to choose between buying milk or buying bread but not having enough money for both. I also remember having to use a sock for sanitary wear as I didn't have money for tampons. Still doesn't mean that I've ever begrudged others who are in a better financial position than me. As others have pointed out, this is the money thread.

The standard advice is to see an IFA but you seem to have done well so far without one! If you do use this money to retire from work then it will give you extra time. You could spend that time on monitoring your investments yourself (like lots of pensioners do) instead of delegating to the finance industry. You could join an investment club.

Think about your attitude to risk. (it sounds like you are not a high-risk person!)
Don't put all your eggs in one basket.
Before planning, think hard about what assumptions you are making. Do lots of what-if scenario.
Make a will (going through that thought-process may help with the above thought-process).

I'm so sorry you're getting such a hard time OP when you came looking for financial advice. I dont see your post as smug at all. As they always say 'comparison is the thief of joy'.

I dont have anything even close to that so I cant advise, I just wanted to comment something nice as its all negative on here today.

@daisychain01

There's a current thread running where a MNer is sick with worry how they'll manage when they lose the £80:a week.

What have you achieved by announcing your bank balance? Bemused....

Just because some people are hard up and talk about it on here, which they are entitled to do, it doesn't mean that those better off cannot mention their good fortune and ask for advice.

Please go to a proper FA, not random internet people. Well done

Gosh. We give away 10% of our income to charity. It's amazing to realise how much this is over the years!

@cheeseismydownfall

Mu issue isn't with asking for financial advice on the Money board. Obviously . Somewhere out there there will actually be the single most wealthy mumsnetter, and the single most poor one. Every single one of the rest of us is somewhere in between, and just because some people somewhere will be in a worse financial position does not in any way preclude anyone from asking advice on any topic they want.

My issue was solely with the tone of the post, which is profoundly tone-deaf.

And luckily having to open the thread and reply is not obligatory

I don't hear a tinkly laugh at all and I'm pretty broke atm. I am over the moon for you poster. I also had the same advice and I ignored it.

Send it to me OP if you really don't need it and didn't notice it was there. I'll take the worry off your hands.

@RubyFowler

You can't save 10% of your income if you need 100% of it to live.

Thank you! Exactly.

People's circumstances will always differ. We don't know anything behind this post, whether OP has any dependents, where she lives (property prices vary tremendously), when she took out her mortgage, what choices she has made over the years (forgone holidays, given money to charity etc).

OP, personally i would invest in property - as it tends to hold its value and is a saleable asset in the future if you suddenly need cash. And you don't have to screw people over if you decide to rent - one of my friends owns a property she rents but keeps the rent at a reasonable and affordable rate and does not make any money on it.

Can I ask how you managed this in terms of much you saved, when you started etc?

Interesting.

How much was the life policy?

I'm a Nigerian Prince - could you help a fella out??😂

Well done. Enjoy retirement

"I have been putting money away for many years in low-risk savings. I've been able to build up a decent-sized pot (along with a recent life insurance pay-out), and I now am realising that my current savings accounts, premium bonds etc may no longer be the best place for my money. Could anyone give me any advice on what to do next? I'm particularly interested in understanding how I might use the money to enable an earlier retirement."

@TableFlowerss

I would walk myself in to work, hand in my notice and explain how glad I’ll be to never hear another client moan about ridiculous things!

I’d then march myself to the estate agent and buy myself a house somewhere sunny and get myself on a world cruise 🚢

Living the dream 🥳

^ this! Congrats OP - enjoy whatever you decide

WELL DONE OP!

I agree with doublemonkey’s post, unfortunately women do seem afraid of risk, afraid of stocks and shares, afraid of the lower risk funds, afraid even of the no brainer ISA.

I am teaching my DD15, for Christmas/Birthday combined present she got shares in a British chocolate company (her choice, I did advise against retail but it will be a good lesson ).

Women need to educate themselves, there are lots of books, magazines, newspapers and websites to help beginners get going. Keep up with current affairs and understand how political uncertainty affects the stock market. If you belong to a book club why not an investing club, a group with small resources could pool them.