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Inheritence
looby27
Posts: 21 Forumite
Hi
Advice please, I am 53 yrs old, single. I am a beneficiary of an inheritance of approx. £100,000. Is it possible to save this and live off the interest monthly. ( i had been finished employment on ill health last year). I am not employed, I need advice as to what to do with the £100,000. Thank you
Advice please, I am 53 yrs old, single. I am a beneficiary of an inheritance of approx. £100,000. Is it possible to save this and live off the interest monthly. ( i had been finished employment on ill health last year). I am not employed, I need advice as to what to do with the £100,000. Thank you
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Comments
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Retire on £100K not really.
Just think that £100 will give you about £5000 a year - can you live on £100 a week ?
What other savings . income do you have ? Any pension provisions?Never pay on an estimated bill. Always read and understand your bill1 -
As above, it would be ambitious to live off that in a sustainable way, even though it sounds like a huge amount of money, but if it's just until you draw your pension(s) then that may be different. What other income do you currently have, and in particular do you receive any means-tested benefits that would be affected by the inheritance?looby27 said:Hi
Advice please, I am 53 yrs old, single. I am a beneficiary of an inheritance of approx. £100,000. Is it possible to save this and live off the interest monthly. ( i had been finished employment on ill health last year). I am not employed, I need advice as to what to do with the £100,000. Thank you0 -
What income do you currently have? If any of it is means tested benefits your inheritance is going to reduce this.1
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Do you get ESA or Universal credit, Council tax benefit etc. All will be hit with the inheritance.Pip will not be.0
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I get new style ESA & UC0
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you won't qualify for UC anymore once you receive the inheritancelooby27 said:I get new style ESA & UC0 -
https://www.gov.uk/guidance/new-style-employment-and-support-allowance
Have you advised DWP of your inheritance?
https://moneyfactscompare.co.uk/savings-accounts/monthly-interest-accounts/
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I have not as yet received a date.0
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Yes I'm aware of that. Thanksp00hsticks said:
you won't qualify for UC anymore once you receive the inheritancelooby27 said:I get new style ESA & UC0 -
Do you have a pension? Do you own where you live?0
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