So I'm just going to throw the scenario out to see what others think.
It's been a good week for winning tickets so you've had to share the jackpot with several others but you're still £1,000,000 richer!
You put the money into a high interest bank account and retire, planning to live off the interest. With the best rates being somewhere in the region of 3.5% - 5.0% you realistically expect to receive £35,000 - £50,000 pa. However, after income tax that figure falls to roughly £30,000 - £40,000 pa: Ouch!
In order to improve your returns a different strategy is needed.
1. You need a tax advantage. You've heard that low rates exist but where in the world would you find them and how would you qualify?
2. You need to invest but in what? Hedge funds, wealth management, trusts, portfolios? Now you're confused!! Are these options suitable or should you be looking at something else?
I know there are many knowledgeable people out there so this should make for an interesting discussion. Please feel free to provide suggestions, testimonials, comments, solutions or just about anything you think might be useful.
Look forward to hearing what you all have to say.