Lamborghini, world cruise, annuity ... or something else?

luci

I suspect we may have to look to a professional financial adviser to spell out all the option

Make sure it's an independent financial advisor and not one tied to something like a mortgage broker. You could ask friends and family for personal recommendations. If that's not possible, you can post on a local group on Facebook asking for recommendations. www.unbiased.co.uk is often suggested as a source of an IFA. I found it to be rubbish. I may be wrong, but it looks like they pay to be listed on there and more to be bumped to the top.

Cairnpapple

I used some excellent advice from @dunstonh on a previous thread about how to use Unbiased more like a directory, and got much better results

https://forums.moneysavingexpert.com/discussion/6627953/unbiased-and-ifa

luci

https://forums.moneysavingexpert.com/discussion/comment/82034778#Comment_82034778

I've just tried to do as @dunstonh said in that post:

You can still use unbiased but you have to select the directory instead of putting yourself through as a lead.

Select the "browse adviser directory" link

I can't find the link to "browse adviser directory" on Unbiased. I started to complete what was asked for and entered my postcode, thinking it may appear there, but I wasn't happy entering my contact details and stopped.

Cairnpapple

https://forums.moneysavingexpert.com/discussion/comment/82034832#Comment_82034832

Ah, I think the wording has changed. You can scroll down a long way on the first page and choose 'Find adviser near me'. Then scroll down past the first batch of adviser listings to untick 'Show only advisers available for contact'. Then it only needs a postcode and no more personal data.

Still a lot of sifting to do to find some firms that looked like a good match, but so far much better than the one Unbiased matched me with a couple of years ago (who I gave up on after he spelled my name incorrectly on forms 3 times in a row - the name that I had given him in an email so he could have cut and pasted if he wasn't weirdly insisting on handwriting his forms).

luci

https://forums.moneysavingexpert.com/discussion/comment/82034863#Comment_82034863

Thanks, that worked perfectly. I didn't need to untick anything or scroll down. As I live in a small town in NE Scotland, there were only a few advisors, but I'd rather have quality than quantity. There were only about 3 within 20 miles, but their reviews were excellent. That's restored my faith in Unbiased.

I was only doing this for fun and to increase my knowledge. Our IFA is not on there, but that's probably because they don't need to tout for business and all their clients are by word of mouth. They're a family run firm started by a husband and wife. They only had one member of staff when we started going to them 12 years ago. Now there are about 10+. Their daughter is also now an IFA. If they hadn't been recommended to me, it would have been a minefield otherwise.

Mrs_Z

This was such a catchy thread title, I couldn't help but read and reply!

In terms of ideas how to spend the money, I would be looking at the following:

Maybe an annuity for your wife as it sounds as though her pension provision is not at the same level as yours. This could provide a peace of mind for her should anything happen to you. It's difficult to comment as we don't have the whole picture of your finances but it's certainly an area that i'd give it some thought.

Then, as someone already mentioned, your housing situation and future proofing it. Is the current home one that will still be good if there are changes in either of your health? Will the location be convenient for services and public transport if you can no longer drive? Moving is such a major upheaval that better to do it sooner rather than later if that might be in the cards. If you think that the current residence will see you to the end of your days, then upgrading any big expenditure items which might be coming to an end of their useful life; roof, heating, kitchen, bathroom etc.

Setting some funds aside for a new(er) car and also possible care home costs.

And last but not least, not forgetting to live a little - after a lifetime of saving, if you dont enjoy your money now - then when will you? Tomorrow is not given. Book that cruise, get the Lambourgini (if that's your thing) - whatever brings you enjoyment! Upgrade the holidays - if you normally stay in mid-range hotel, go for 5*, if you go long-haul - book 1st class… you get the idea!

As for the Inheritance tax - well, if you leave your monies to each other; then IHT would only come to play on 2nd death, so it's not really your problem is it? It's not really 'taken away' from your spending now. However, if you rather not leave it to the taxman then ensure, preferably during your lifetime, that at least some of it goes to those who you hold dear and value; be that individuals or charities of your choosing.

It's a nice problem to have - how to spend it? - please come back with an update to let us know what you decided to do in the end!

Woodstok2000

Get this and you'd have enough change from your £200k to almost cover the first years fuel, servicing and insurance.

Perfect Retirement Vehicle

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82034734#Comment_82034734

 Is your house the one you intend to age in?

As well as the points you make, the location of your home becomes important when you are ageing/disabled.

Is it easy to access- no steps apart from the front door step : Is it easy to park; Is the area relatively flat; Are you near a GP/pharmacy/supermarket etc

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82034929#Comment_82034929

Probably a bit difficult getting in an out of it for us more mature types !

EthicsGradient

https://forums.moneysavingexpert.com/discussion/comment/82035485#Comment_82035485

Perch on the thick side door? They give you a handy foot rest, and you can hang on to the wing mirror. You'd need someone else to drive it, of course …