AIBU to ask what would you do if you were 50 and had £200k?

[Destinysdaughter]

My parents have both died and I have now inherited £200k. I live in the Midlands where property prices aren’t extortionate and I also have the option of living with my partner in his house. I lived in London for over 20 years where I could never afford to buy on my own and of course that option is closed to me now.

I’m torn between buying the best property ican now, moving in with my partner and buying a property to rent out, or buying a cheap place somewhere and travelling the world.

That might seem like a bonkers extravagance but after seeing my mum being lying in a bed, paralysed, unable to speak or swallow food after her stroke, I have such a strong urge to grasp life by the balls and just live it, I’m sorely tempted to just say fuck it, and go explore the world.

I’ve also been caring for my dad with dementia for the last few years and tbh l, after seeing what’s happened to both my parents in their later years ( who saved their money and never did anything great with it and it all went on care home fees) I feel terrified about old age and really want to live my life now while I still can!

Re my employment, I've been a carer for my dad for the last few years so don't have great employment opportunities right now.

With retirement age on the rise, maybe you could consider putting some money into training & improving your employment prospects. It’s possible you may have another 20 working years ahead of you so earning more than minimum age would make life more comfortable, especially if you don’t have much of a pension.

I'm sat next to my dad...81yo, lying in a hospital bed with a broken back.

He did a fair bit of travelling but there was lots more he wanted to see, but chose my mum and having me instead (mum's a homebody).

You've been a great daughter...I agree with the poster who suggested buying somewhere for about £150k, renting it out and travelling with the rest.

You go and grab life by the balls...and give 'am a squeeze from me !

Do what your heart says, what makes you happy, what you want. Travel is for some, property and security for others

Buy as nice a house as you can afford in as nice an area as you can afford, rent it out (get a property agent company to manage it, it's worth every penny you pay them for the peace of mind) use rental income to fund your travelling. When you're done travelling you can live in it or sell it and buy another, downsize - whatever you want!

Happy travels OP.

Life is short. I would use a good chunk of the money to travel if that's what you want to do. Invest or buy a property with the rest.

I have elderly relatives who planned to travel, cruise etc in retirement, but never made it to retirement. It really makes you think about how you live your life.

With retirement age on the rise...It’s possible you may have another 20 working years ahead of you
Not at 54, Tinkety. Our state pension will come at 65, or possibly 67. £200k would lead me to retire from teaching and do some part time tutoring and supply work. I’m not sure what I’d do in your position OP, but buying property is always a good shout.

Those born between 1961-1977 will be able to claim state pension at 67. Anyone born after 1977 will be 68.

I think I’d err on the side of caution and use some money to retrain, use 70%-ish to buy a house somewhere you’d be happy to live, and rent it out, possibly as a holiday let if somewhere suitable for that. Use the rest to travel.
Or, train to do a job in demand abroad and maybe buy a house somewhere that isn’t the UK (obviously rent for a while first etc, hat would be a medium term plan.)

*That would be a medium term plan.
Although nothing to stop you buying a hat.

I'd put every ounce of my effort into finding a job tbh!

You've only got £200,000 to last you the rest of your life? At the same time, you've got £200,000 so won't be able to claim benefits until nearly all of that has gone.

Please don't spend it without a great deal of thought.

Well OP is 50 cardibach so she has another 17 years before she can claim her state pension