As a retired 68 year old should I convert my Cash ISAs into Stocks and Shares ones?
04 April 2023
Question by anonymous
As a retired 68 year old should I convert my Cash ISAs into Stocks and Shares ones. How do I choose one?
Answered by Boring Money
As quoted in our 'Money Clinic with Bestinvest' webinar:
It comes back to affordability and goals and thinking, based on 1. Do I have the affordability to invest? Do I have an emergency fund that covers 6 to 12 months worth of expenditure? 2. What are my goals? What do you want to use the money for? Because with the cash ISA If you are, for example looking to go on a cruise in Australia in the next year then that's a great savings vehicle. Whereas if it's for something in the long term, then stocks and shares, and investing could be the right vehicle. So again, it's going back to that emergency fund and what do you want to use the money for?
This question was answered by Charlotte Wheeler a Financial Coach at BestInvest
