I’m about to turn 60. - Mortgage is paid off, premium bonds maximised, tax free pension contributions maximised last year (rolled back) and planned for my remaining 2 years working. I started using ISA allowance 2 years ago, both in long term decent % returns for savings accounts but i feel i need to start investing my annual ISA allowance in trading ISA if i want to get a decent return. Thinking of a plan of £10k (more if the government increases) each into IWY and EQQQ ETF’s for the next 10 years to play a 10 year long game and then after the 10 years transfer the pot into a savings ISA and draw down from this for the next 10 years. What’s your thoughts?
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That’s all fine - except it reads like share-trading would be new to you.
If so, some general points - but before them - always do your own research - check second (and third) sources.
- Don’t invest in something you don’t understand.
- Spread risk. Don’t invest in only a handful of stocks. Be careful of bias towards one sector (unless one you are familiar with.)
- If new to investing consider Investment Trusts.
They are ready-made portfolios and trade like shares.
You can search here.
https://www.theaic.co.uk/aic/find-compare-investment-companies?sec=UGI&sortid=NetDivYld&desc=true
A “starter” could be something under UK Equity Income.
They could be loosely described as “FTSE Trackers” - but with the emphasis on income rather than growth.
Other sectors are available - whether Growth - or US stocks - or Asia Pacific - or Technology - or UK Property (REITs) etc.
If you like the sound of Investment Trusts - always check the Premium/Discount to NAV (Net Asset Value).
And look for the Factsheet of each.
Usually they show the Trust’s Top Ten investments - so you know better what you are investing in.
That’s enough for now !
[Declaration of interest.
My portfolio includes several Investment Trusts.]