Mortgage Free - what next?

YBR

We are now debt free and mortgage free, and I have met my savings targets (6 months income in easy access, more in a notice account). Pension forecast is adequate.
The big question is what should I be considering for the next target(s)?
I don't expect to commit to regular amounts into savings/investments/pension with things as they are, but am thinking about where to put it when we do have spare cash. 

More info:
I am expecting a substantial change in 3 years since I'm training Part Time for a vocational job, then expect to work 15-20 years in that role before retirement.
It won't be well paid compare with my current role but I'll have a house for me and the family to live in. I think that we'll let out the current home [1].
My husband currently works part-time, paid under the auto-enrolment threshold but has a small Stakeholder pension. 
I have a couple of defined benefit pension schemes which are likely to pay out a similar amount to the vocational wage.
We are both on course for full state pensions.

[1] Not thrilled at becoming a landlord but we'll need a place in retirement. I don't feel that selling now and saving/investing to but a new place in retirement is going to keep pace with house prices, so I can't see a better alternative. Comments on this strategy welcome.

Millyonare

For me, I'd be thinking about a world cruise, Lambo, etc.

After saving, comes spending.

penners324

Live the life you want to.

Then Pension, S&S ISA
...

Albermarle

I don't expect to commit to regular amounts into savings/investments/pension with things as they are, but am thinking about where to put it when we do have spare cash. 
Many would say that because 'things are as they are' it would be actually a very good time to be making regular investments, whilst stocks are cheap. Investing via a pension means an immediate tax benefit on top. Nobody knows for sure of course but in the long term the return from investments has beaten inflation.

Not thrilled at becoming a landlord but we'll need a place in retirement. I don't feel that selling now and saving/investing to but a new place in retirement is going to keep pace with house prices, so I can't see a better alternative.
If you have no experience of being a landlord/ not a very good DIY type/ not in the building trade, then probably best to avoid Buy to Let. The tax regime is much less generous than it used to be, and it can take considerable personal involvement

YBR

Albermarle said:

I don't expect to commit to regular amounts into savings/investments/pension with things as they are, but am thinking about where to put it when we do have spare cash. 
Many would say that because 'things are as they are' it would be actually a very good time to be making regular investments, whilst stocks are cheap. Investing via a pension means an immediate tax benefit on top. Nobody knows for sure of course but in the long term the return from investments has beaten inflation.

Not thrilled at becoming a landlord but we'll need a place in retirement. I don't feel that selling now and saving/investing to but a new place in retirement is going to keep pace with house prices, so I can't see a better alternative.
If you have no experience of being a landlord/ not a very good DIY type/ not in the building trade, then probably best to avoid Buy to Let. The tax regime is much less generous than it used to be, and it can take considerable personal involvement

So I might be looking for some investments in a pension wrapper that I can feed into as-and-when?

There's no Buy-to-let here at all. We own the house outright, my future job will move us around the country and provide housing, so that owned house would be let out. No new purchase or mortgage.
I'd rather not pursue <don't become a landlord> unless there's better options to provide us a home in retirement.

Albermarle

OK misunderstanding about the property.

Regarding pension, it seems you already have one?
Pension forecast is adequate.

Depending on what type it is and how you currently contribute to it, you might just be able to add more to that.

Daliah

You mention family - are there children who haven't finished their education, need help with buying a place etc?

YBR

Pension - yes we both have pensions.

2 kids in primary school, they have generous savings for their age (although they don't know that yet)

Any ideas where to look for contribute as-and-when investments, and where to learn more about what to look for to make a wise decision?

EthicsGradient

If 'adequate' means 'fine, should be comfortable in retirement', then, since you seem to be looking at long-term investment (no immediate need or plan to buy anything with the money), then a stocks and shares ISA seems a good idea. If neither of you want to spend time trying to keep up with financial developments and either trying to judge which regions of the world, or which industries or individual companies, might do better (and few of us are much good at that), then buying an index tracker in it, when you have excess cash to contribute to it, would be simplest.

Either a global tracker, which gets affected by the worth of the pound against world currencies (if the pound goes down, what you've bought globally goes up in pound terms; conversely, if the pound goes up, global holdings become worth less), or a UK stock market one (though many FTSE 100 companies sell a lot abroad, so their profits get affected partly like a global tracker), or a balance between the two. 

There are internet calculators around which can guess what is likely to be the cheapest ISA for how you invest; at a guess, Vanguard or Fidelity might do well for you (irregular investing, probably not huge amounts built up, so their percentage fees are small compared to a platform that charges a fixed amount per year).

If 'adequate' means "should just about keep body and soul together in retirement", then it might be worth doing the same, but in a SIPP; this ties up the money until you're in your late fifties, but does get a little extra bonus, tax-wise.