Windfall

Delais

Hi I've just come into a windfall of £500,000. I'm 66 and retired and would like a steady income. I'm fully ISAed up and have pension income of £1500 per month net and no mortgage. Do the forum members have any useful suggestion? Thanks

Archi_Bald

You should see an Independent Financial Advisor asap. Bets to go by recommendations from relations / friends / neighbours, but you can also check out unbiased.co.uk. Speak to 2 or 3 before you make any commitments.

atush

I agree.

And do you have a spouse, dependents? You might want to make some gifts now. Does your home need maintenance? Do you need a new car? Basically do you have some capital needs? If so, I would take care of them now.

Ideally you will move 15K into ISAs (possibly S&S ones for your longer retirement/care needs) yearly.

kidmugsy

If the windfall was an inheritance, see a suitably-qualified lawyer PDQ on the subject of a Deed of Variation - a method that would allow you to direct some of the money to others without liability to Inheritance Tax.


For yourself, with IFA assistance, weigh up the relative merits of a Purchased Life Annuity versus investing in a portfolio with a fair proportion of equities. Perhaps splitting the cash between those two options would be attractive.