Inherited moderate sum (c. £20k)

Big_mike

Hi,
Have inherited a moderate sum and which leaves me with about £20k after clearing debts.

In my early 40's non home owner work full time and own separate unrelated internet business. Pay a small amount into pension (probably not worth it TBH) and have no savings. Unmarried but live with partner and 5yo son.

Would like to invest for the future and think the best bet is to drip feed the £20k into a few Unit trusts. Obviously having no debt also frees up the payments and interest I am currently paying out. Whilst I am not expecting a do x and retire at 50 type reply I could do with some pointers on where to look, things have changed dramatically in the 14 years or so since I was last looking at investing. I've got as far as opening a Vantage account at HL but have just seen a thread which seems to indicate people no longer see it as worth it and are leaving.

Looking for a time efficient way for bringing myself up to speed as full time job + part time job + 5 yo son means I am pretty time poor!

Any advice greatly received!

xylophone

You have made provision for your partner and child in the event of your death, your partner likewise?

Re single tier state pension https://www.gov.uk/new-state-pension

Will it be enough to keep you in reasonable comfort in old age? If not, better get on with the pension, similarly your partner?

http://langcatfinancial.co.uk/d2cguide_pdf/Come%20and%20have%20a%20go%20final.pdf

With regard to HL, it is a question of cost/benefit

http://langcatfinancial.co.uk/d2cguide_pdf/Come%20and%20have%20a%20go%20final.pdf

http://www.thisismoney.co.uk/money/diyinvesting/article-1718291/Pick-best-cheapest-investment-Isa-platform.html

atush

Well you aren't going to retire at 50 if you have no home to live in (ie you pay rent) and no significant pension.

So, you have paid off debt- think about how much it costs you each month to live. Set aside this amount x1, 2 or 3.

Then consider bumping up your pension if you feel you will never buy, or put the rest into a S&S isa and the two of you save hard for a deposit- you'll have each month to save the amt you used to use for servicing the debt you paid off.

If your OH doesn't work, get them to to save more/faster.

atush

About your partner, if you aren't married and dont have a will they will not inherit.

So marry or make a will, plus put bank accts in both names and nominate them in your expressions of wishes form for your pension.

Big_mike

1) Life insurance sorted shortly after birth of son. Partner named as beneficiary.
2) Partner works part time (well to be fair like most mums she works full time + regular overtime looking after our son, as well as some part time work)
3) We live in a property owned by my partners mum which will be coming to her after the death of her mother and pay a very modest rent.
4) We are currently sorting wills out, should be sorted in next week or two.
5) Xylophone, thanks for the links will read tonight.

atush

Ok, so home ownership is sorted or will be for retirement. 10K in emergency funds, 10K in pension? Does your OH have a pension?

maybe use some of the emergency cash for a honeymoon lol