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.

@RiotAtTheRodeo I started a teeny weeny stocks and shares ISA (£25 a month by direct debit) about 4 years ago. I've made 18% return on my investment so far by investing in low cost trackers I found recommended on forums. Things are a bit tight at the moment but I'm glad to have a little pot that will hopefully grow over time!

Incidentally, I started it because I read an article about how women typically don't invest whereas men do, so decided I'd try.

@babouchette

Such a weird, showing-off thread. You must realise there are many people on here who don't have a hope of ever saving that much and some who are, in fact, living in poverty.

If you're genuinely surprised to learn of your own vast wealth and haven't been keeping an eye on it, you should be talking to a financial adviser.

I live in one of the most underprivileged areas in the country and have no issues with this post. OP has worked hard, had no handouts and saved sensibly so what's the issue? It's almost as if we have to hate anyone with more than what we have which is ridiculous.

@Orland

£500 a month at 5% for 35 years would be £568,000

Beauty of compound interest.

Whilst most on this board probably don't fritter £100 a week, that's all it would take.

Blimey, who had £500 spare a month 35 years ago

Good for you @seb342! Not everyone is having that reaction, as you can see. In a week when universal credit is being cut and gas bills are about to skyrocket, posting that you (a) have got half a million in the bank and (b) attaining it was so effortless that you didn't even really notice, feels incredibly tone deaf, as others have said.

@cheeseismydownfall

Sorry OP, but the title of your thread is utterly tone deaf when there are posts on this board about people who are quite literally hungry due to poverty, and who will fall off a cliff when they reach pension age.

There is nothing wrong with seeking advice on this board for investment strategies for a sum of £500K. But honestly, I can practically hear the tinkly laugh as you've described how you have amassed a sum larger than what some people will earn over the course of their entire working lives, on top of your generous pension.

Perhaps mumsnet needs to make it clear what the upper salary / wealth limit is for posts on the board. And no property purchase questions either, no ordinary person can buy a house so it should be discussed on millionairesrus.com not here.

Well I recognise the OP from another thread where her husband died after not being allowed visitors due to covid for weeks immediately after being given his diagnosis alone.

So what if she's let money build up and not checked it? I don't get statements for mine and I've just had to go an have a look at some accounts off the back of this thread, there's more than I thought too but sadly not half a mil yet

Maybe her DHs death made her reassess her situation and check her accounts. It would do wouldn't it?

OP - well done and I'm happy for you. Life is short as you know so retire, do the things you want to. Good luck x

"Blimey, who had £500 spare a month 35 years ago "

Might have been less then and more now? And some accumulated at more than 5%

Come to think of it… Spend! Spend! Spend! The VAT alone will pay for 4 nurses/teachers etc!

@NigelSlatersXmasTaters

Well I recognise the OP from another thread where her husband died after not being allowed visitors due to covid for weeks immediately after being given his diagnosis alone.

So what if she's let money build up and not checked it? I don't get statements for mine and I've just had to go an have a look at some accounts off the back of this thread, there's more than I thought too but sadly not half a mil yet

Maybe her DHs death made her reassess her situation and check her accounts. It would do wouldn't it?

OP - well done and I'm happy for you. Life is short as you know so retire, do the things you want to. Good luck x

I agree. Get spending it.

@babouchette last time I checked OP isn't responsible for universal credit or gas prices. If you can't say anything nice then don't say anything at all. I'm sorry for being a person that likes to see others do well for themselves but I'd rather be like that than bitter about what others have got because it gets you nowhere in life.

@QuantumDog2

Well done OP, that's great. I think you've done brilliantly and been very sensible over the years.

However, I do have some empathy with the posters saying it's tone deaf and smug. I've never had savings and don't have a pot to piss in, but I have 3 amazing children and 1 on the way, a small but lovely home and a partner who loves me with heaps to look forward to together in the future.

My SIL on the other hand, is the complete opposite to me. She's scrimped and saved over the years and never had nice holidays, decent shoes or ate out. Consequently she's sitting on a big fat bank balance. She's also miserable as sin, in the same office job that she's been doing for nearly 20 years, no children, nothing to look forward to except retirement and in a relationship which appears dead in the water to the outside world. She's incredibly smug about her money too.

Tbh you sound pretty smug about your life in this post...

Maybe you and your sister are both smug but in different ways?

Well, the op was pleasantly surprised, hadn't realised how it had accumulated. I can certainly understand that, I rarely know how much money I have.

Many people can't afford to be "pleasantly surprised" - they need to know exactly what they have in each account in order to pay their bills.

OP has of course done well but it's a bit "faux naive" to sit there and say "oh, I just had half a million sitting there that I didn't know about!".

Dsisproblem hats off to you. That’s great. Keep putting in whatever you can. It’s amazing how the years fly by and these decisions come good. Women use your ISA allowance!

Well done to OP for saving so much. Agree that it’s totally possible on an average wage. Fresh out of uni I was earning only £22K per year and managing to save £800 per month - that was a combination of:

• Living in hospital accommodation, which was pretty dire, but much cheaper than the houseshares that my friends moved into.
• Not spending much on clothes/holidays/entertainment. I still had fun but in quieter ways…

…I had a LOT of fun when I managed to buy a house and do it up with the money I’d saved

@Dsisproblem sorry to jump in but this
‘I started a teeny weeny stocks and shares ISA (£25 a month by direct debit) about 4 years ago. I've made 18% return on my investment so far by investing in low cost trackers I found recommended on forums. Things are a bit tight at the moment but I'm glad to have a little pot that will hopefully grow over time!’

I can only find them with fees etc that make it a bit pointless - any suggestions would be gratefully received.

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

FGS there are some really horrible people on mumsnet who will do anything to kick off or make someone feel bad about themselves!

Ignore the miserable posters OP.

I dont have any financial advice but wanted to say congratulations! You've done a great job!

[quote Dsisproblem]@RiotAtTheRodeo I started a teeny weeny stocks and shares ISA (£25 a month by direct debit) about 4 years ago. I've made 18% return on my investment so far by investing in low cost trackers I found recommended on forums. Things are a bit tight at the moment but I'm glad to have a little pot that will hopefully grow over time!

Incidentally, I started it because I read an article about how women typically don't invest whereas men do, so decided I'd try.[/quote]
An 18% return is fab! You've inspired me. I'm thinking little acorns to big oak trees and all that, or at least slightly bigger acorns.

Which forums do you look at?

Go onto unbiased.co.uk and find yourself a good IFA. Good luck and well done OP

Congratulations op...my advice, (but please don't heed it) is spend it. Please do not be someone who concerns themselves with leaving it behind! Spend it, enjoy it, make happy memories. (Always remember that horrible little tax man who loves getting their hands on inheritance tax)

Hi. Well done. Ignore any rubbish about property or 'SIPPs'. Research or ask for recommendations for a decent financial adviser. Look for Chartered status and avoid St James Place 'partners' like the plague.

Its not just about recommending the right place, but identifying and quantifying life goals and objectives and looking at risk/reward needed to achieve this.

Well done you! Sorry the bitterly jealous people of MN have tried to put you down over it, but you've done well and should be proud.

Try to get in contact with a Chartered status financial adviser. Do some research to find a good one (as PP said, unbiased.co.uk could help). It'll cost a bit but worth it to not lose everything. Take plenty of time to decide what to do with the money- and if you're under 55 don't retire just yet.

I recognise you from the hospital visitor thread and hope this money allows you to enjoy yourself after such a difficult time, you certainly deserve to.

Wow the jealousy is strong in this thread.

We’re in our early/mid 30s with about 450k saved (although we’re not mortgage free, we should be in 15 years). Ours is in an investment portfolio & we’ve probably added about 50k to it this year (through investments rather than savings).

Even with the new expense of a nursery, I’ve just negotiated a massive pay increase which more than pays for it, despite going down to 4 days. Hoping I’m able to retire abroad by 55.

Too many jealous posts on here

With that sort of savings it’s worth getting financial advice. You probably want to spread it out a bit over (maybe) savings, investments, bonds and property .

There is massive tax on the accrued added value when you sell a second home, but as a long term investment it still makes sense (versus investments (risky) and savings (low rates, unlikely to go up any time soon)

@NigelSlatersXmasTaters

Well I recognise the OP from another thread where her husband died after not being allowed visitors due to covid for weeks immediately after being given his diagnosis alone.

So what if she's let money build up and not checked it? I don't get statements for mine and I've just had to go an have a look at some accounts off the back of this thread, there's more than I thought too but sadly not half a mil yet

Maybe her DHs death made her reassess her situation and check her accounts. It would do wouldn't it?

OP - well done and I'm happy for you. Life is short as you know so retire, do the things you want to. Good luck x

Oh I didn't know that, it would have been before I joined Mumsnet.

Op, I'm so sorry about your husband. Mine died suddenly just prior to the pandemic. I'm still feeling my way. Btw, prompted by this thread, I checked my finances and was pleasantly surprised :-).

Your husband would be very glad that you have some money. Enjoy it!