Inheritance investment Help

sjp1968

Dear All

I am currently managing my late mothers estate and at first looks I am likely to get a decent amount of money. Once I have paid off the mortgage and done a few things around the house I am hoping to have about £60 - £80k left over.

I have never had this amount of available cash to invest in the past and so would welcome all / any advice.

I am 51 and so far have managed to amass a pension fund of somewhere around £230k - in addition I would expect to have another inheritance that would allow me to have a total fund of around £500 - £550k when I retire (hopefully in 8 years time at aged 60)

I have 2 teenage children so would not want to tie it all up and not be able to get to the money if I need it. I also don't want to take too much risk.

Thanks in advance for any / all advice / ideas

Regards

Steve

Albermarle

If you are working /paying tax then it would probably be a good idea to make additional contributions to your pension , to gain the extra tax relief benefit .
Do you contribute regularly to your pension now ? If you can say how much you earn and how much you contribute .
Otherwise you should have an emergency cash fund to hand .

tacpot12

I would keep about £10K in cash, put £20K into an Stocks & Shares ISA, then invest most of the rest in your pension if you are able to. If you can't invest via a pension, invest in Stocks & Shares via a general investment account, and gradually move the funds to your Stocks & Shares ISA (£20K pa).

Check your state pension entitlement and consider making voluntary NI contributions before your state pension age if this will increase your entitlement. You could make them immediately, but it is probably better to wait until you are 58 to see if the contributions will actually make a difference.

I would also suggest you buy something really nice for yourself. You need to spend a bit of it as well as saving some of it. Enjoy your mother's legacy, she will be pleased if you can buy something you really like.

sjp1968

Thanks for the advice..

I have already spend a bit on something nice - Mum would have approved

Steve