Advice on best place to Invest £60k

massa121

I have £60k but need something in return monthly. I have no job or any other income. I do not qualify for any state benefit because above amount disqualifies. I am 52yrs with no professional skills and have medical conditions so not looking good on job prospects at present.  I have no debts and currently living in family accommodation with no contributions from myself. I have no ISAs, Pension or anything else.
Besides best easy access or notice account where would you recommend me to put money to get highest monthly return please?

sevenhills

If you want to work, how about driving? If you are a UK national, surely you can get some sort of benefits, if you cannot work. A pot of £60,000 is only going to last 5 years at maximum.

There will be rules around what you are allowed to spend it on. Buy yourself a car and get work via that.

DiggerUK

With good fortune and no downside you might achieve £3k pa.
You need a job, get one. I don't see much else that will sort you out. 

What work have you done previously to get you were you are today..._

massa121

Many thanks both of you for replying and suggestions appreciated. 

tacpot12

If you are sure monthly income is the best option for this money, you could open a Stocks and Shares ISA and invest in a range of funds or Investment Trusts to produce an income. After charges, you should be able to get an income of about £200 per month that will increase roughly in line with inflation. You will pay no tax if this is your only income, but you will also not be building up any entitlement to a state pension.

colsten

Further comment about state pension: 
1 - what does your current state pension forecast say?

2 - if you get JSA or ESA or UC, you also get National Insurance credits. 

Have you asked for assistance from your Citizens Advice?

massa121

I don't get any any state benefits at present as have savings of over £16k. I am not sure what my pension would be as not contributed except before getting money I was on benefit so my national credits were covered. I am trying to just get monthly income as much as I can from £60k to survive. So looking for best safe place to invest.

massa121

tacpot12 said:

If you are sure monthly income is the best option for this money, you could open a Stocks and Shares ISA and invest in a range of funds or Investment Trusts to produce an income. After charges, you should be able to get an income of about £200 per month that will increase roughly in line with inflation. You will pay no tax if this is your only income, but you will also not be building up any entitlement to a state pension.

I was thinking maybe Vanguard S&S ISA as they have low fees. Any pointers for trust funds I should be looking at. I know there are risks involved but any suggestions of safest options would be appreciated. 

Alexland

£60k is unlikely to generate enough to compensate for the loss of benefits but if you want regular income then Investment Trusts have a long history of providing smoothed increasing dividends by holding back income from good years to cover bad years. For a reasonably well balanced Global IT you can expect around 2% income and for a reasonably balanced UK IT around 4% income. It's a stock market investment so the capital goes up and down and might crash around 50% with the rest of the market (before hopefully recovering) but the dividends keep flowing.

There is a list of those with the longest dividend growth history on the AIC website but don't just pick on the highest yield consider the strategy and quality of the underlying companies.

https://www.theaic.co.uk/income-finder/dividend-heroes

There's a good 30min video about ITs on the Brunner website (not that I am suggesting Brunner):

https://www.brunner.co.uk/Education-Centre#

You would need to use a platform to hold the investment such as Jarvis X-O www.x-o.co.uk

sevenhills

massa121 said:

I don't get any any state benefits at present as have savings of over £16k. I am not sure what my pension would be as not contributed except before getting money I was on benefit so my national credits were covered. I am trying to just get monthly income as much as I can from £60k to survive. So looking for best safe place to invest.

You could put £50,000 into a pension(SIPP) and then you will qualify for benefits and you can get to the rest of the money when you retire or 55/58 if you want it earlier.

Alexland

sevenhills said:

You could put £50,000 into a pension(SIPP) and then you will qualify for benefits and you can get to the rest of the money when you retire or 55/58 if you want it earlier.

Only at a rate of £2,880 pa if there are no relevant earnings during the tax year.