How to invest an inheritance

badger09

Albermarle said:

BellaTrix99 said:

Hi Albermarle, yes I have an old workplace pension and will either add to that or join whatever scheme comes with the new job I plan to get.  I know there are tax advantages but also limits based on salary

I'm really hoping for thoughts/comments about different types of investment - I want instant access to some of the funds but I also want growth and long-term security, and the option to take a regular income in the future...

I did speak to a financial advisor (through my bank) some time ago which was helpful at the time (mainly focused on the bank's offers), but things are now changing and I'd like some independent thoughts before I get the inheritance.

If you need the money within 5 years- keep it as cash savings
If you do not need the money for over 10 years - invest most of it. Due to your age investing via a pension will be best due to the tax relief on contributions. You are right though that you can add more to a pension in a tax year than your earn.

If you have a good read through the forum, you will see many 'what can I do with my inheritance' threads and questions about investing from inexperienced posters.

Did you mean can’t? 

badger09

Albermarle said:

BellaTrix99 said:

Hi Albermarle, yes I have an old workplace pension and will either add to that or join whatever scheme comes with the new job I plan to get.  I know there are tax advantages but also limits based on salary

I'm really hoping for thoughts/comments about different types of investment - I want instant access to some of the funds but I also want growth and long-term security, and the option to take a regular income in the future...

I did speak to a financial advisor (through my bank) some time ago which was helpful at the time (mainly focused on the bank's offers), but things are now changing and I'd like some independent thoughts before I get the inheritance.

If you need the money within 5 years- keep it as cash savings
If you do not need the money for over 10 years - invest most of it. Due to your age investing via a pension will be best due to the tax relief on contributions. You are right though that you can add more to a pension in a tax year than your earn.

If you have a good read through the forum, you will see many 'what can I do with my inheritance' threads and questions about investing from inexperienced posters.

Did you mean can’t? 

badger09

BellaTrix99 said:

Hi Albermarle, yes I have an old workplace pension and will either add to that or join whatever scheme comes with the new job I plan to get.  I know there are tax advantages but also limits based on salary

I'm really hoping for thoughts/comments about different types of investment - I want instant access to some of the funds but I also want growth and long-term security, and the option to take a regular income in the future...

I did speak to a financial advisor (through my bank) some time ago which was helpful at the time (mainly focused on the bank's offers), but things are now changing and I'd like some independent thoughts before I get the inheritance.

Your bank’s ’advisors’ are only able to tell you about their own products and will focus on savings accounts. 

To be honest, the amount you will have available to invest would be below that which most IFAs (Independent Financial Advisors) deal with. Have a read around this forum as suggested earlier, and come back with any questions. 

Good luck with the property purchase. 

Eyeful

If your investing these may help:

1. The longer you invest the higher your odds of winning the game.
There is no guarantee you will win.

2. Leave the money untouched for at least 10 years.

3. Watch
(a)  https://www.kroijer.com/
(b) https://meaningfulmoney.tv/2023/05/20/how-to-choose-investment-funds-too-many-options/?sfw=pass1725654817

4. Example Fund: 
https://www.vanguardinvestor.co.uk/investing-explained/what-are-lifestrategy-funds?intcmpgn=lifestrategyfunds_learnmore_link

5. Read:
https://www.biglawinvestor.com/meet-the-gotrocks-family/

Albermarle

badger09 said:

Albermarle said:

BellaTrix99 said:

Hi Albermarle, yes I have an old workplace pension and will either add to that or join whatever scheme comes with the new job I plan to get.  I know there are tax advantages but also limits based on salary

I'm really hoping for thoughts/comments about different types of investment - I want instant access to some of the funds but I also want growth and long-term security, and the option to take a regular income in the future...

I did speak to a financial advisor (through my bank) some time ago which was helpful at the time (mainly focused on the bank's offers), but things are now changing and I'd like some independent thoughts before I get the inheritance.

If you need the money within 5 years- keep it as cash savings
If you do not need the money for over 10 years - invest most of it. Due to your age investing via a pension will be best due to the tax relief on contributions. You are right though that you can add more to a pension in a tax year than your earn.

If you have a good read through the forum, you will see many 'what can I do with my inheritance' threads and questions about investing from inexperienced posters.

Did you mean can’t? 

Yes, thanks for the correction!