Investment options for a pensioner

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I am a 76-year-old single pensioner with a line of credit mortgage held by one of the major banks. It is my intention to sell my townhouse this year because there is now less than one third of the credit left to draw down on. After expenses I should be left with around $200,000. With no other liquid assets I will need to rent. Options to invest at my age are probably limited but what would you suggest? And where should I go for ongoing financial advice?


First, you need to do a budget to find out how much a year you need. The budget would also highlight areas where it may be possible to make savings. As you no doubt realise, there are costs in home ownership that a tenant does not have. It is then really seeking advice about an asset mix that suits your goals and your risk profile. You may have 20 years living ahead of you so I would certainly like to see some share-based investments in the mix. The Financial Planning Association is a good place to start when trying to find an adviser.