Marjorie is 74 and her pension income covers all her living expenses. Her home is mortgage-free and she also has a stocks and shares Individual Savings Account (Isa) worth £100,000 and £500,000 cash. The cash includes a number of fixed rate bonds which pay an interest rate of 4 per cent or higher, though these are now maturing. It also includes bonds which pay a lower rate of interest and instant access accounts, and she holds as much as she can in Isas.
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