I need advice

sixpence1966

Hi ,  a bit of background . I'm 56 and was married when I was 21 . My husband became ill when I was 24 so I have been his full time carer since I was 24 .  
I've checked my state pension and I have another 3 years to qualify for a full pension so that's all ok . 
I have now inherited some money . Over £50,000. Is it best to look for a basic pension to invest in ? I haven't a clue about stocks and shares  so couldn't choose my own . Any advice would be appreciated  

MX5huggy

You won’t get advice (advice is a regulated word) here just the ramblings of random internet dwellers. 

You can only put into a pension £50000 if your earned from work £50k if you have no job then the maximum you can put in a pension is currently £2880 per tax year, this will receive tax relief and becomes £3600, you should probably do this. But it leaves you with £44240 (after doing it for this year and after April for next). Is your husband still alive? You can give him £2880 and he can do the same. So we now have £38480 to find a home for. 

diystarter7

Also check your benefits status and how this may be impacted, best to be aware IMO.

Exodi

As MX5huggy said, no-one here can offer you financial advice - this is heavily regulated.

For more details, please read: https://www.fca.org.uk/consumers/understanding-advice-guidance-investments

If I personally had £50k in my current account, I'd firstly look to maximise pension contributions wherever possible. After that, if I didn't require access to the money in the next decade, I'd consider investing it in some all world index fund. If I thought I would need the money within the next 10 years, I'd probably put it in some fixed savings product paying ~5% until I needed it.

Of course I am not you and you should make your own decisions.

MovingForwards

Have you checked your husband's state pension to see whether his is full, or will be full.
Ensure you've read the whole thing, not just the headline.

I'd be doing a benefit check, pretending I / my partner had reached state pension age and include details of savings and amounts of other pensions expected:

https://www.entitledto.co.uk/

Increasing pensions is a good way of boosting money in retirement. However, if you currently have no pensions between you it could mean you'll have no entitlement to top up benefits (obviously the £50k savings will impact entitlement anyway, but savings can get carefully spent updating, replacing things).

Albermarle

diystarter7 said:

Also check your benefits status and how this may be impacted, best to be aware IMO.

OP - If you are getting carers allowance, the £50K will not affect this. However if you are getting any kind of means tested benefit, then it could well be affected.

Otherwise you need to think ahead, what you want to use the money for, and on what timescale.
Also do you have any current savings, or a mortgage ?
 As you both get older, is the situation likely to change? move to a different property for example.

xylophone

You and your husband could use your ISA allowances which would take up £40,000.

https://moneyfacts.co.uk/isa/

https://www.moneysavingexpert.com/savings/stocks-shares-isas/


You and he could consider a SIPP (up to £2880 each which will be made up to £3600 after tax relief claimed by provider) and choose a global  multi asset fund.

Examples

https://www.hl.co.uk/pensions/sipp

https://monevator.com/passive-fund-of-funds-the-rivals/

Or you could stay in cash and regard the TR  as though it were interest.

Check any effect capital/savings/pensions have on any means tested benefits.

sixpence1966

Albermarle said:

diystarter7 said:

Also check your benefits status and how this may be impacted, best to be aware IMO.

OP - If you are getting carers allowance, the £50K will not affect this. However if you are getting any kind of means tested benefit, then it could well be affected.

Otherwise you need to think ahead, what you want to use the money for, and on what timescale.
Also do you have any current savings, or a mortgage ?
 As you both get older, is the situation likely to change? move to a different property for example.

I'm not getting any means tested benefits 

sixpence1966

MovingForwards said:

Have you checked your husband's state pension to see whether his is full, or will be full.
Ensure you've read the whole thing, not just the headline.

I'd be doing a benefit check, pretending I / my partner had reached state pension age and include details of savings and amounts of other pensions expected:

https://www.entitledto.co.uk/

Increasing pensions is a good way of boosting money in retirement. However, if you currently have no pensions between you it could mean you'll have no entitlement to top up benefits (obviously the £50k savings will impact entitlement anyway, but savings can get carefully spent updating, replacing things).

The husband is on disability benefits , not means tested , plus his pension from work as he retired through Ill health