What to do with an inheritance 12 September 2022 at 11:15AM in ISAs & tax-free savings 4 replies 135 views

Starightshooter10

Solid advice required please..I have a large inheritance lump sum. I have no debt, maxed out stocks and shares ISA, a pretty solid cash SIPP, money in the bank and a low risk tolerance. I'm 65 so could retire next year. Any advice on where to put a one-off lump sum for growth that can be tax free. Low risk remember, and something I can do myself...in today's market asking for IFA services can cost more than the investment makes. Much appreciated, thanks.

Brie

Premium bonds??  £50k max so it depends on how big the inheritance is and whether you want to put some under someone else's name (assuming you have a spouse)

Nationwide savings account is giving 5% on £5k for one year.  Other savings accounts seem to be just under 2%.

penners324

Is your pension /SIPP at the LTA? If not put it in there.

Shouldn't your SIPP still be invested as opposed to being cash?

Brie

And check your State Pension to see if you need to buy any extra years.

TheMilkmansDad

you will not find advise here, just suggestions and opinions.

Low risk and tax free are (of the top of my head) ISA's (Cash & S&S) and pensions. Which you seems to be covered with. 

If you want growth and low risk, then it's high street savings accounts and maybe premium bonds as investing is not low risk (in most cases!).