Our reader, who wishes to remain anonymous, is 74 and has been investing for 50 years, achieving a portfolio worth £400,000.
He says: "I depend very much on the income provided since I only have the state pension plus a small private pension of £3,750 a year, which does not increase with inflation. I also have two part-time jobs which pay £7,000 each. My wife has the state pension. My taxable income is £27,000 and my wife's is £6,000 - both excluding dividends from my individual savings account (Isa). I have not drawn down any money from my self-invested personal pension (Sipp).
"I aim to achieve a high sustainable yield of about 4 per cent. The yield ought to have the prospect of increasing with inflation. Low risk would be preferable and, although I am not really concerned with capital growth, I would like the capital to increase with inflation.
"I have to look to the future and feel the portfolio needs tweaking in some way. Most of my buys have been recommended either in the Investors Chronicle or Daily Mail. However, I have recently decided that I should be getting into investment trusts, for their expertise, rather than specific companies. I am heavily skewed towards the UK market, but feel I should be investing in global income funds, America and the Far East. I also feel I have too many holdings."
Isas & Sipps
Sustainable yield of 4 per cent
ANONYMOUS PORTFOLIO, AGED 74