David is 50 and has been investing for 30 years. He says: "My portfolio is very 'historic' in the sense that some holdings have been in it for 25 years. I was pretty good at finding shares but not good at selling."
His portfolio, which has 31 holdings, is mostly in an individual savings account (Isas) and he hopes to move it all into this tax efficient wrapper by age 60.
"I want to achieve an improved capital level in my portfolio over the next five to 10 years," he says. "I can take on relatively high risk for the first five years. In years six to 10 I would like to go lower risk and earn more income. At age 60, I want to withdraw income and capital to supplement my pension.
"I have recently taken redundancy and had a couple of months off. During this time I started to change my portfolio, having undertaken far more investigation into the world of stocks and shares.
"Previously, I was 95 per cent invested in the UK and no real cash - I was just occasionally topping up shares and reinvesting dividends. This has been changed but still needs some more adjustment.
"I want to make my portfolio a little less complicated and better balanced, by using more funds, exchange traded funds or investment trusts. I will sell some of the direct shares in individual companies in order to reduce the number to manage. But I want to keep £10,000 to £15,000 of shares that I would like to proactively manage myself for 'fun'.
"My financial shares are possibly long-term holds although I will sell elements if I need end of tax year profits or losses for capital gains tax (CGT) purposes."
David is confident that he and his wife have sufficient pensions to retire on in 10 years' time. They have no mortgage or dependants and have set aside £25,000 in savings for financial emergencies.
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