£100k to invest. Totally lost as to what to do.

ives31

Hi,
Long story short, I know nothing about finance and have inherited about £100k.
I've currently got it in my savings account which is earning about 1.5%.
I don't need access to the £100k so can any one advise me what the best way to invest it is?

Many thanks!

Thrugelmir

Do you have a mortgage, already have a pension in place, children potentially going to University? So many factors to consider.

Best advice is don't rush any decisions.

ives31

Hi there.
Sorry, should have given more info.
I've no morgage, no kids, no debts and no pension.

colsten

We still need to know a lot more. How old are you? Do you work? Does your employer have a pension scheme? What tax rate do you pay? When do you expect to need the money? What risks are you prepared to take?

ives31

Hi.
I'm 50 years old, yes I work. My employer does have a pension scheme. Not sure what tax rate I pay. I don't expect to need the money any time soon. Possibly in 5 years or so but I've got no plans to spend it. Honestly, I don't want to take too many risks but I'm not averse to some limited risk.

Your_Hero

ives31 wrote: »

Hi,
Long story short, I know nothing about finance and have inherited about £100k.
I've currently got it in my savings account which is earning about 1.5%.
I don't need access to the £100k so can any one advise me what the best way to invest it is?

Many thanks!

If only it was this simple...


As other MSE users have already pointed it, it largely depends on your personal circumstances, previous experience, your objectives, risk profile, etc..

colsten

I would say your priority should be to sort out a pension. May be keep £10K or so in cash in one or two high interest rate current accounts but see that the rest gets invested in pensions. Have you considered seeing an IFA?

Your_Hero

ives31 wrote: »

Hi.
I'm 50 years old, yes I work. My employer does have a pension scheme. Not sure what tax rate I pay. I don't expect to need the money any time soon. Possibly in 5 years or so but I've got no plans to spend it. Honestly, I don't want to take too many risks but I'm not averse to some limited risk.

With this sort of money, you are probably better to go seek professional advice from an IFA. You will need to pay a fee for the advice. It sounds like there are other issues that need to be considered too, e.g. retirement planning.

xylophone

My employer does have a pension scheme

Why aren't you in it?

Not sure what tax rate I pay.

Your salary advice shows your tax code? And see http://www.hmrc.gov.uk/incometax/intro-income-tax.htm

http://www.hmrc.gov.uk/incometax/allowance-relief.htm

If you are wholly unsure as to what might be best in your situation, you might want to consult an Independent Financial Adviser.

ives31

HI
Thanks for the advice.
I've never had a pension before so I figured that at 50 years old, it was too late to start.
As I said, I'm pretty clueless about financial matters.
Where would one go about finding a good IFA?

Thrugelmir

ives31 wrote: »

HI
Thanks for the advice.
I've never had a pension before so I figured that at 50 years old, it was too late to start.

Start with your employer. As there may well be matched contributions. If there is there's "free money" on offer. Something you could maximise given your personal circumstances now.

Still some years before you draw your state pension.