Inheritance

njb1960

I'm due to inherit some money about £250k at the end of this year. I'm looking for ideas for the best investment accounts to put this into that are easy to manage with low fees.

ColdIron

What you invest in is far more important than where

Far more information about you and your circumstances is required otherwise it's just guessing

What do you want the money to do for you? House purchase, kids going to uni, retirement etc?

Are you 20 or 70? Are you in work? What other savings do you have, ISA etc? How is your pension provision?

njb1960

ColdIron said:

What you invest in is far more important than where

Far more information about you and your circumstances is required otherwise it's just guessing

What do you want the money to do for you? House purchase, kids going to uni, retirement etc?

Are you 20 or 70? Are you in work? What other savings do you have, ISA etc? How is your pension provision?

I'm nearly retired so will be looking to have access to £100k so I can dip into it and use like a drawdown as my private pension is quite small. The rest I will probably save. I just have a small cash isa at the moment.

Bostonerimus1

I'd put 6 months spending in the bank or maybe a cash ISA for emergencies. Then pay off any high interest debt you have. When that is done your priority should be tax advantages accounts, ie workplace pensions, ISAs and SIPPs. So for as long as you are still working use the inheritance to max out your pension contributions and use your full ISA allowance. You can also open a SIPP if you want another tax advantaged place to stash some money. To understand how you should invest your money inside your pensions, ISAs etc educate yourself about investment funds...for drawdown over what might be 30 years I'd probably use a balanced fund or a target retirement fund that started with a high equity allocation.

Albermarle

It is a large amount of money. If you have little experience in this area, you may wish to consider paying an IFA for advice.

Keeping money as cash savings is easy but over time you will almost always get better returns by investing some of it at least.
As in the previous post, topping up your private pension whilst you are still working is an obvious idea due to the tax benefits.
Do you not have a workplace pension? are you self employed ?

jimjames

njb1960 said:

ColdIron said:

What you invest in is far more important than where

Far more information about you and your circumstances is required otherwise it's just guessing

What do you want the money to do for you? House purchase, kids going to uni, retirement etc?

Are you 20 or 70? Are you in work? What other savings do you have, ISA etc? How is your pension provision?

I'm nearly retired so will be looking to have access to £100k so I can dip into it and use like a drawdown as my private pension is quite small. The rest I will probably save. I just have a small cash isa at the moment.

Nearly retired? Does that mean you can increase pension contributions to get the benefit of tax relief?

Eco_Miser

In this context, maxing out your pension means 100% of your salary for the tax year (or £60k + any available carry forward, if less). Live off your inheritance.   Don't max out your pension if this would leave you without emergency fund or spending money.

njb1960

jimjames said:

njb1960 said:

ColdIron said:

What you invest in is far more important than where

Far more information about you and your circumstances is required otherwise it's just guessing

What do you want the money to do for you? House purchase, kids going to uni, retirement etc?

Are you 20 or 70? Are you in work? What other savings do you have, ISA etc? How is your pension provision?

I'm nearly retired so will be looking to have access to £100k so I can dip into it and use like a drawdown as my private pension is quite small. The rest I will probably save. I just have a small cash isa at the moment.

Nearly retired? Does that mean you can increase pension contributions to get the benefit of tax relief?

Hi,
No I can't as my pension is in drawdown.

njb1960

Albermarle said:

It is a large amount of money. If you have little experience in this area, you may wish to consider paying an IFA for advice.

Keeping money as cash savings is easy but over time you will almost always get better returns by investing some of it at least.
As in the previous post, topping up your private pension whilst you are still working is an obvious idea due to the tax benefits.
Do you not have a workplace pension? are you self employed ?

I can't top it up as it's in a drawdown account. I'm currently self employed part time. 

kempiejon

You can still add money to pensions even if you are already receiving payments from another but there are some rules including the limits of available tax relief for you to research.
Self employed, part-time, nearly retired, would buying some taxable regular income to use up personal allowance limits be efficient in expectation of SE-pt income ending?

Albermarle

njb1960 said:

Albermarle said:

It is a large amount of money. If you have little experience in this area, you may wish to consider paying an IFA for advice.

Keeping money as cash savings is easy but over time you will almost always get better returns by investing some of it at least.
As in the previous post, topping up your private pension whilst you are still working is an obvious idea due to the tax benefits.
Do you not have a workplace pension? are you self employed ?

I can't top it up as it's in a drawdown account. I'm currently self employed part time. 

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