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.

LaetitiaASD: 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.
.........
Er.....I believe you are being ironic.

@Everanewbie Ignore any rubbish about property or 'SIPPs'.

It's you spouting the rubbish!
I think most reliable financial planners would want to know about your pension plans - and let's face it, which idiot ignores 25% tax relief without further consideration?

That's fantastic! congrats op - I am a squirrel awayer but no where near that - my husband knows I have about 8 bank accounts and when thinks are desperate which they have been many times over the years, my odd bits here and there, plus actual envelope with cash in that's hidden away, has saved the day
Add up my bits n bobs and now we are doing ok, I have possibly got about £4000 - you made me add it up

It's not a secret, but he doesn't know know because he spends what he sees

Actually when you add in shares I have OH! and premium bonds I might have about £15k!

You've made my day

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.

Congratulations OP.
If you can't talk about money on the Money Matters board then where can you.

I agree with talking through your options with a Financial Advisor.

But mainly wanted to say don't let others upset you.

Seconding SIPPs aren’t rubbish, I’ve had one for 19 years and it’s doing great. Nothing dodgy there! I am pulling myself away from the thread, genuinely sad to see how little is known about investing. I hope one or two women reading this thread read up on tax relief/ISAs/SIPPs. Anyone in their 20s or 30s you have time on your side. Why are women quite happy to take risks in relationships but not take a much smaller risk with their money and get investing? And you don’t need a financial advisor to get an ISA or a SIPP in my view.

Well done.
I'm saving as much as I can. I hope in 20-30 years time. I can say the same.(obviously the equivalent of £250.000 now will be a lot more in the future)

For those getting confused as I keep seeing it referenced …. The OP didn’t say she was putting away £500 per month - a random poster worked these figures out - so it’s not a case of having a spare £500 per month. OP said she saved 10% of her salary from a very young age and has lived very financially carefully.

[quote Noeuf]@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.[/quote]
Check out the Vanguard funds.

There are specific trackers that people invest in mostly.- Global All cap or something is supposed to be the best. And plenty of others to research into. And you can put it into a S and S ISA via Vanguard.

Well done Op! Be proud x

@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.

OK, fair point, but I think it came across as if she shouldn't be considering a SIPP under any circumstances.

I've been managing my own savings and investments for a long time and the tax-saving benefits of SIPP contributions is an essential element, but Yes, only relevant in the context of a full financial review with objective setting etc.

Oh dear, I didn't see that coming at all so perhaps I am tone deaf.

Yes, I received a life policy payout when DH died. I said that in OP, I never claimed that it all came from saving. The post really wasn't intended to be about how "easy" it we to save, but a genuine request for suggestions and an attempt to explain why inwas in the ridiculous position of having it all in cash savings.

Of course I knew there was money, I didn't realise exactly how much and having lost Dh thought I'd better check what my financial situation is.

I've never said I wasn't fortunate, but if it's awful of me to post about having some cash when other's don't what about those of you posting about DHs when mine is dead? Magine the insensitivity of moaning about your DH or bragging about how wonderful he is when others have lost theirs . Tongue in cheek of course, but there are loads of posts here about things others don't have.

I said in OP, I have a good job, but don't earn more than the higher rate tax threshold, so not a huge salary by MN standards.

The saving policies performed well, including a sharesave scheme offered by a previous employer.

FWIW I do make a four figure donation to charity every year and I've given a lot to charity in volunteering terms (including a period when I volunteered at a food bank weekly). It's the fear of finding myself in that unfortunate position that made me a saver.

And I absolutely do recognise that my stable upbringing and education put me in a position to be able to earn well and take care of myself, for which I am very grateful and it's a "there but for the grace of god" feeling that has made me a volunteer.

I realise of course that others are in a less enviable position, but me having spent the lot wouldn't help them.

However, I realise that no one who has taken this view wants to hear any of this. If I've spoiled your day I apologise.

@GreatPotato can I ask an approx amount you saved & what vehicles you used as I had at least 30 yrs till retirement.

And I don't think you should apologise about having money or saving it however I took umbrage with the idea that not going on holiday etc can equal 1/2m

I'm sorry about your husband.

I think this whole thread just highlights what some people have, others dont but that doesn't mean the "richer" in monetary terms hasn't suffered.
I imagine @GreatPotato has gone through a lot more hell than I ever have so far in my life.
💐 For you, op.

Have you maxed out the £50k premium bond allowance?
Have you got children you could dish some early inheritance out to or as a yearly gift?

Have you thought about what you want to do with your life? Do you need to save it or just want to?

I think I'd reach out to an independent financial advisor for actual expert advice.

[quote wellards]@GreatPotato can I ask an approx amount you saved & what vehicles you used as I had at least 30 yrs till retirement. [/quote]
I started with 10% of everything I earned from my Saturday job and it went from there.

My first FT salary was £4500pa and I saved more than 10% of that (whilst still living at home).

Was promoted fairly rapidly and didn't increase outgoings, but increased savings. I had standing orders for endowment polices (which were more of a thing then), cash ISAs and premium bonds and I took advantage of a share save scheme offered by work.

I don't feel like I've had a miserable life, I'm busy with friends and volunteering. I enjoy simple pleasures, I've never wanted lots of foreign holidays or fancy cars so I don't feel like I've missed out on anything.

@wellards

And I don't think you should apologise about having money or saving it however I took umbrage with the idea that not going on holiday etc can equal 1/2m

I'm sorry about your husband.

I never said that. Other posters put those words in my mouth.

@GreatPotato - ignore the naysayers - a very well done to you for being so astute (and fortunate, as you say). You've clearly inspired a few people, so even better.

Yes, times are tough for many people but that doesn't mean that we shouldn't talk about the positive stories too. For those who don't like it, scroll on and find something else to read.

You have nothing for which you need apologise.

I, on the other hand, do but not on this thread.

GreatPotato

Sorry for your loss.

You don’t have to feel bad for having money, it doesn’t take anything away from anyone else.

Definitely get financial advice !

I never said that. Other posters put those words in my mouth.

You didn't but you did say For me a real case of look after the pennies and the pounds look after themselves

My point was for most looking after the pennies = doesn't turn into 500k. Particularly in this climate of low interest rates.

Well done!

Ignore the miseries!

I'm a LP, disabled child and low income and couldn't ever do this. But I do not begrudge anyone who has. What's the point as comparison is the thief of joy.

Have no idea on financial advice (see above re not having money 🤣) but I think it sounds marvellous if you could do something about returning early.

Best of luck.

However, I realise that no one who has taken this view wants to hear any of this. If I've spoiled your day I apologise.

How can it possibly have spoilt anyone's day to hear that someone they don't know has some savings?

Wherever you are, however much money you have there will always be people around you with more. You can either be bitter about it or philosophic about it.

@Everanewbie

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.

Why is a SIPP rubbish?

I don't have a particular problem with people amassing wealth through saving and working hard.
What I object to is the implication that this is easily achievable for everyone by some posters on this thread, if only they'd stop going on nice holidays and buying stuff.
While oblivious to the fact that its easy to save if you have the the good fortune of coming from a decent family that modelled good money management and have also been able to live a relatively stable life, free from divorce, illness, redundancy and many other things that mess up your finances.
Well done to those that can achieve this, but people that haven't are not reckless dimwits blowing their wages on avocado on toast. The trajectory of their life has been different to yours.