Using inheritance to boost retirement - please sense check my plan

kempiejon

LeopardPassenger said:

Our retirement savings are low, but we hope to have ticked off any long haul travel before retiring and don't have any other major goals. We're comfortable with a pretty frugal retirement and neither of us wants to retire early, but we know that this should still be a priority for us. I have £30K in a LISA and £20K in a workplace pension scheme and a small teaching pension from the start of my career. He has £30K in a SIPP. 

For a 50 yo that seems light unless there is more pension, you'd said no intention of retiring early.
Here's an idea take a lump sum from the inheritance and think of it as mum giving you a present. Spunk the lump, £100k or whatever amount you decide, indulge family and kids for a couple of years with fantastic travel and fritter it away with fond memories of the donor.

Sam_54

You've clearly put a lot of thought into this, and I like that you've separated the inheritance into different goals rather than treating it as one pot of money. That makes the plan much easier to manage.

One thing that stood out to me is that several of your decisions interact with each other—for example, the SIPP contribution, ISA strategy and future house move all have tax and timing implications.

I'm curious: after several months, did you end up following this plan, or did the discussion here change your approach?

GenX0212

Based on your total expected household income then your children will only qualify for about £5k maintenance loan for University - enough to live off but excluding accomodation costs which can easily be £6-8k a year.