what to do with £100,000

clive0510

So my Mum bless her, died nearly 9 months ago and the house has only just been sold now. and thats not the end of it. there is still bills tp be paid by us. and also unpaid bills owed to us. the solicitor is on the case. 
At the moment the way its worked out, I have £100,000 in my current account and thats fine but I  not really 100% happy with it sitting there. 
any suggestions as to where i should move it? i never had this kind of money at my disposal before, and i all ready have the maximum in premium bonds..

QrizB

Do you have earned income? Can you pad your pension contributions?

Are you young enough to have a LISA?

Have you used your ISA allowance for the year?

Do you have a spouse or lifelong partner who you can ask the same questions?

clive0510

QrizB said:

Do you have earned income? Can you pad your pension contributions?

Are you young enough to have a LISA?

Have you used your ISA allowance for the year?

Do you have a spouse or lifelong partner who you can ask the same questions?

yes I'm employed. I'm 62 and with my private pension and other savings I have enough money to stop full time work, and maybe go part time, shelf filling in tescos or what ever. 
I'm single. never had a wife, kids, or a mortgage. 
but now I have this extra money and I'm not sure what I should do with it.

bigbars

Maybe One idea, could be to put 50k into premium bonds which is the max in one account and 20k into an easy access ISA if you have this years allocation available for tax efficiency whilst you deliberate, maybe extra pension contributions could be a possibility. But at least with the bond and isa it’s tax free.

dunstonh

but now I have this extra money and I'm not sure what I should do with it.

You shouldn't be looking for solutions without knowing your objectives are.  At 62, you should be mapping out the rest of your life with your financial planning.  In particular, the ceasing of work and transitioning to a different lifestyle and different level of earnings.      Once you work that out, then you move onto solutions that fit your objective.

Otherwise, you will just get responses for what a particular person may do if it was them and that is no help to you whatsoever.

bigbars

dunstonh said:

but now I have this extra money and I'm not sure what I should do with it.

You shouldn't be looking for solutions without knowing your objectives are.  At 62, you should be mapping out the rest of your life with your financial planning.  In particular, the ceasing of work and transitioning to a different lifestyle and different level of earnings.      Once you work that out, then you move onto solutions that fit your objective.

Otherwise, you will just get responses for what a particular person may do if it was them and that is no help to you whatsoever.

That is actually logical. I second this. Ignore my previous post. Financial Planning is the first step.

Rosa_Damascena

clive0510 said:

QrizB said:

Do you have earned income? Can you pad your pension contributions?

Are you young enough to have a LISA?

Have you used your ISA allowance for the year?

Do you have a spouse or lifelong partner who you can ask the same questions?

yes I'm employed. I'm 62 and with my private pension and other savings I have enough money to stop full time work, and maybe go part time, shelf filling in tescos or what ever. 
I'm single. never had a wife, kids, or a mortgage. 
but now I have this extra money and I'm not sure what I should do with it.

Some generic advice - no one needs to know about this. Scammers abound, and fraud is now Britain's dominant crime (article attached) Fraud is now Britain’s dominant crime. It disgusts me how readily people are willing to relieve others of their cash and they prey on the vulnerable and unsuspecting. Listen to a few past episodes of R4 Moneybox to see just how sophisticated these scammers are.

As was said before, you need to be planning for the future. If you are risk averse then think about what you won't need to access over the next 12 months and stick it in NS&I growth bond at 6.2% whilst you make a plan to enact come September 2024. That will relieve you of any pressure to make an immediate decision and give you some thinking time. And crucially keep that portion of money safe from fraudsters.

ETA: I've just read the bit about maxing out on Premium Bonds - I don't know whether this Growth Bond is treated as a separate entity but don't see why it wouldn't be. As you already have a NS&I number the whole process will take you all of 5 mins online, if that is the route you choose.