How to invest an inheritance

BellaTrix99

I'm 58, single and plan to go back to work after a carer break.
I am about to wipe out my savings but secure my housing by buying a property, but I expect to receive an inheritance which replaces the savings.
I will keep an emergency fund in my bank, so will have about 80K to invest.

I put 20K into my cash ISA in April - can I replace that this tax year, if I keep the ISA open? 
I want a good return so will accept some risk but I don't want to actively manage shares, so what other options are available to me, please!?

kimwp

Is it a flexible ISA?

eskbanker

BellaTrix99 said:

I put 20K into my cash ISA in April - can I replace that this tax year, if I keep the ISA open?

Only if it's a flexible one.

For the rest of the money, when would you anticipate needing access to it?

BellaTrix99

Not sure, it's my bank's cash ISA.  Will find out!

BellaTrix99

eskbanker said:

BellaTrix99 said:

I put 20K into my cash ISA in April - can I replace that this tax year, if I keep the ISA open?

Only if it's a flexible one.

For the rest of the money, when would you anticipate needing access to it?

I'll check about the ISA. 
The lump sum I'd probably leave to grow until I retire, and then rethink. 

eskbanker

BellaTrix99 said:

eskbanker said:

BellaTrix99 said:

I put 20K into my cash ISA in April - can I replace that this tax year, if I keep the ISA open?

Only if it's a flexible one.

For the rest of the money, when would you anticipate needing access to it?

I'll check about the ISA. 
The lump sum I'd probably leave to grow until I retire, and then rethink. 

But when is that?  Investing will generally be safest over, say, ten years or more....

Bostonerimus1

Do a budget so you can understand and control your spending.
Pay off all high interest debt.
Put 6 months spending in the bank or a cash ISA.
Put money into your pension, if it is a defined contribution plan make sure you understand how it is invested ie what funds are you buying, low cost index tracker funds or multi-asset funds are good options.
Put money into an S&S ISA and invest in low cost index tracker or multi asset funds.
Put anything left into a general investment account and invest in low cost index tracker or multi asset funds. Transfer to your S&S ISA when you can.

Albermarle

Do you have any kind of pension?