Im getting £250,000 Inheritance ,,, benefits will stop .. Best way to invest it ?

moneytree999

Hi, I am 61, Single Male, on Universal Credit, ( Rent gets paid ) I am on LCWRA ... I am due my inheritance shortly ... I will have to come off Benefits ( As cannot see way around it ) so i will go through it like wildfire, paying Rent + Living ... Does anyone know best way to invest it, so i can get High Interest ... as what ive worked out, ill be using about £15,000 a year of £250,000 to make ends meet ( after ISA Interest ) basically, when im say 72, Ill have nothing ! Just say £70 a week ? ( Interest on £100,000 ) in 2035 ! + My State Pension ( NOT Full amount, i reckon about 75% ) ....I wish i could not even receive this Money, and stay like i am ..This is stressing me out no end actually ..or do i just use say £25,000 a year, pay my way .. then in 10 years time ( 2035 ) ... Ill just have NOTHING ... Just State Pension ( 75% I reckon ) and , hopefully get my Rent paid by 'Housing Benefit' or UC ( I'll be 71 then )

Keep_pedalling

Could you buy your own place with that? 

moneytree999

They know *INSTANTLY * As does every other agency ! Banks notify to all agencies, on a click on keypad ..Thanks anyway !

moneytree999

Keep_pedalling said:

Could you buy your own place with that? 

Not a Bad idea,But it wouldnt buy a Phone box round my area ! + Ill have no money to pay Bills, and Eat !!

Alistair31

moneytree999 said:

Keep_pedalling said:

Could you buy your own place with that? 

Not a Bad idea,But it wouldnt buy a Phone box round my area ! + I’ll have no money to pay Bills, and Eat !!

What sort of property are you in at the moment?

moneytree999

Alistair31 said:

moneytree999 said:

Keep_pedalling said:

Could you buy your own place with that? 

Not a Bad idea,But it wouldnt buy a Phone box round my area ! + I’ll have no money to pay Bills, and Eat !!

What sort of property are you in at the moment?

Sheltered Housing

Keep_pedalling

moneytree999 said:

Keep_pedalling said:

Could you buy your own place with that? 

Not a Bad idea,But it wouldnt buy a Phone box round my area ! + I’ll have no money to pay Bills, and Eat !!

Buying a home is not deprivation of assets, so although you could not claim housing benefit (as you would not need it) other means tested benefits would become available again. Would a move to a cheaper area be a feasible option for you? 

moneytree999

Keep_pedalling said:

moneytree999 said:

Keep_pedalling said:

Could you buy your own place with that? 

Not a Bad idea,But it wouldnt buy a Phone box round my area ! + I’ll have no money to pay Bills, and Eat !!

Buying a home is not deprivation of assets, so although you could not claim housing benefit (as you would not need it) other means tested benefits would become available again. Would a move to a cheaper area be a feasible option for you? 

To be honest, at my age (61) , to BUY a property doesnt appeal, and unless i move say 100 miles away from my area ...Im not going to find a place... and how would i pay the Bills also ? ( Most Means Tested Benefits, only work if you have less than £6-£10,000 )

BridgetTheCat

You could buy an annuity which would give you an income for life. Look up ‘purchased annuity’ otherwise you’ll get results relating to pension annuities.  And I’m sure there are others here with more knowledge than me.

moneytree999

BridgetTheCat said:

You could buy an annuity which would give you an income for life. Look up ‘purchased annuity’ otherwise you’ll get results relating to pension annuities.  And I’m sure there are others here with more knowledge than me.

Thanks for this Information ..Im investigating .... Looks interesting ! Thanks

aroominyork

If you are serious that you would prefer not to receive the money, I think you could authorise the executors to sign a deed of variation to give your inheritance to one of the other beneficiaries or to charity. I don't know however whether that would affect your benefits, if HMRC somehow became aware of it.