Best way to save/use £50000

gill1630 · 14 October 2018 at 6:22PM

Both myself and husband are in our 50's and are still working but my husband doesn't have a pension. We have paid off our mortgage but have £50000 to either use or save as a starting point for the future as a pension pot - any advise of how best to use or save the money would be appreciated
thanks

Albermarle · 14 October 2018 at 6:51PM

The usual answer to these types of questions on this forum , is it is impossible to give an answer without more info about your overall financial circumstances and goals .
If you wanted to spend/use the £50K then that is up to you what to spend it on .
Otherwise you could save it in a no risk savings account , with low returns . Or invest it for potentially higher returns but with some risk .
If you wanted to do the latter then you can do this outside or inside a pension wrapper.
Inside a pension you will get immediate tax relief but there will be restrictions on how you can access the money and you will probably pay tax on that.
If your husband is a higher rate taxpayer then using a pension is usually the obvious way to go . If he is a basic rate taxpayer it is more debatable.

xylophone · 14 October 2018 at 6:59PM

Do you have a pension?

Have you both checked your state pension position?

https://www.gov.uk/check-state-pension

Is he employed, self employed or employed by his own company?

Best way to save/use £50000

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