Plan for the next generation
Leaving an inheritance is a major consideration for most investors in their 80s, says Mr Khalaf. “If you’re investing for an inheritance, you can probably afford to take a more growth-orientated approach,” he says.
Assets to be passed on as a bequest do not necessarily need to be liquidated – they could instead be treated as a longer-term investment for those who inherit them. However, older investors should also ensure they have a steady income source, Mr Khalaf says.
This is particularly important to meet the cost of any health or care needs that may arise. Making gifts to children or grandchildren within seven years of death may trigger inheritance tax, but there are some exceptions.
Ms Guy suggests making gifts of £5,000 to children getting married (or £2,500 to grandchildren getting married). Both would be exempt from IHT. Gifts of £3,000 each tax year are also permitted.
DIY – if you feel confident
After working with “perfectly nice” financial advisers from major firms, Mr Pannett decided to go solo at the age of 40. “I don’t think we need to pay for advice when we’re quite capable of sorting things out ourselves and I much prefer doing it myself,” he says.
Mr Young agrees, although he cautions that doing so means taking on a “certain level of personal responsibility”. “The truth of the matter is I really resent paying the fees [for professional management],” he says.
He points out that if advisers take fees out of capital, any income the investor receives from their investments is being undermined. “You virtually have to do it yourself. Otherwise you’re not gaining anything,” he says.
Ms Guy says many people are already comfortable making their own investment decisions. She adds: “It’s important to do your own research and understand your own risk level as the right type of investments will be different for everyone.”
Some prefer a mixture of different funds and shares while others are happy with a simple stock marker tracker fund, she adds.
Lord Lee, who bought his first share, in a shipping company, in 1958 at the age of 15, says common sense and patience are needed.
“Apart from a little money and time, that’s all you need,” he says. “Patience is the most important thing, and that’s what most people haven’t got.
“I do understand that most people aren’t terribly interested, and are happy to pass investment decisions on to others, but it’s more expensive over time. I believe that most people can and should handle their own affairs.”
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If u want to leave a legacy, an IT re-investment plan may be suitable for u,
as u can’t sell the Trusts in the portfolio (unless an unexpected event happens) as your plan is to use the dividends to pay for your retirement.
The sooner u start to re-invest the larger your Snowball will be.
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