What to do with £50k inheritance?

CappucinoFroth

I am going round in circles on the advice pages with this, so I thought I would post for suggestions.

I have £50k inheritance to put away somewhere. £10k of it is earmarked for a postgrad degree I am doing, it's a 2 year course so I need to pay half this year and half next. The rest I would like to keep safe somewhere, partly with a view to it being used for retirement but I don't want it to be completely inaccessible just in case my circumstances changed and I needed it for something.

Background, I am late 30s, married, 2 young kids, not working currently but have some pension contributions in a few providers from previous employment. My study break is at least 2 years, possibly more if I decide to go the PhD route. Currently have no ISAs and have not been a saver previously. No debts that need paying off other than mortgage, don't want to just throw it at a mortgage as it is meant to be my safety net not just sucked into the family pot.

I've looked at the Lifetime ISA and wondered if I should filter the money in there each year. Also looked at stocks and shares ISAs but a bit daunted by it all. I also wondered if I should just pay it into a pension, but obviously then it is really locked away and if, for example, my husband lost his job or left me I wouldn't be able to get at it. Although I may appreciate having done it when I am in my 60s.

Any suggestions of what to do? Is it worth getting advice from a professional? It's not a massive amount of money, my bank haven't even blinked at it suddenly appearing in my account, but I want to use it wisely as I could easily fritter it away in a few years if I don't lock it in.

xylophone

While you have no relevant income, it could be worth considering contributing £2880 per tax year to a pension - tax relief of £720 would be claimed by the provider.

You might consider a £20,000 contribution to a S&S ISA.

http://monevator.com/using-vanguard-lifestrategy-funds-life/

You might consider making as much use as possible of interest paying current accounts.

Some thoughts re accounts here

https://forums.moneysavingexpert.com/discussion/comment/72760301#Comment_72760301