What to do with lump sum?

blossomhill_2

Savvy_Sue wrote: »

If you don't plan to move, personally I'd put as much as you need to into making the house future proof. When you NEED such things done, you may not be up to it.

I'd agree with this, and investing in a downstairs shower/loo if you dont already have one (and can fit them in), so that in future your house is still suitable for you both to live in.

And a nice deep and wide door step front and back , they are great even when you aren't doddery, like when I have armfuls of shopping and am hunting for my keys

Veryannoyed_3

I would put some of it into premium bonds, it's easily accessible and as there isn't much interest around from banks you may win some small prizes which you could add to the total as long as you have under £30k each.

Savvy_Sue

BTW, on the subject of replacing your car, if you're the kind who buy a car and run it into the ground rather than the kind who change it at regular intervals, you MIGHT want to think about an automatic! I'd begun vaguely thinking that it might make sense if our next car - which I expected to be a few years down the line! - was an automatic, only then I crocked my left shoulder just over a year ago. I was able to drive an automatic sooner than I'd have been able to change gears, so we changed our car sooner rather than later! Again, it's one of those things that it may be easier to do BEFORE you actually HAVE to, IYSWIM.

agent69

hethmar wrote: »

Enjoy the money now. You never know what is round the corner

We know exactly what is around the next corner, a recession caused by people who blew all their money living for today, and never bothered saving for a rainy day.

zzzLazyDaisy

For the savings, I second Isa's as they are tax free, and when interest rates eventually start to rise, you will have a nice tax free nest egg. If you put your full allowance for yourself and OH in now, you can do it again in April. That's quite a big chunk of the money. If you can afford to lock it away for, say, four years you will get a better rate (but remember to keep some accessible cash savings too).

And don't forget to have some fun! Life is for living too!

wellused

I thought the recession was caused by people saving money rather than spending it? Confused!:undecided

Ken68

If you are on benefits or liable to be on benefits in the future, a Funeral Plan is good value.
These are not then counted towards your savings.
Cars, though convenient, are a no no for me. A declining asset.
And remember at age70 you will need to pass a sight test.
£300 a year taxis and the free bus does me. Plus a bit of walking and cycling.

scotsbob

Ken68 wrote: »

Cars, though convenient, are a no no for me. A declining asset.
And remember at age70 you will need to pass a sight test.

Are you sure? I always thought in the UK it was self declaration. Can you please give a reference to this test at 70.

Ken68

scotsbob wrote: »

Are you sure? I always thought in the UK it was self declaration. Can you please give a reference to this test at 70.

Yes Scotsbob, you could be right. I self declared at age 74 and brother age 76 has recently given up on Optician/doctors decision.

Errata

Full info on driving license at age 70 here http://www.direct.gov.uk/en/Motoring/DriverLicensing/NeedANewOrUpdatedLicence/DG_4022086