What else should we do?

[MrsPsmalls]

DH and I have maxed out premium bonds £100k and ISAs 160k between us. Have set ds up with a house deposit and now have £50 k to invest plus around another 1-2k per month. Both have decent pensions sorted, still working but will retire in a few years. Don't want property really, already have own home and mortgage free. How should we be investing the 5Ok plus the monthly amount? I suppose we are saving now for care home fees or Ds to inherit!

Look at whether you can increase your pension contributions
Purchase insurance to pay for your eventual funerals
Buy solar panels and a heat pump
Upgrade to fully electric car(s)
Switch your investments to ethical investments which are better for the world you want your DS to inherit
Donate 5% to 10% of your net income to charities
Only purchase organic high welfare meat (if you eat meat)

I’d say to take stock of all the tax advantaged vehicles available and max those out. You say you’ve maxed out ISAs at 160k, but it’s only a few months until April when you can add 40k more to your ISAs. That’s a good start. Have you already maxed out your SIPP allowances? Can you add any lump sums to your existing pensions? The 1-2k/month you could still invest in a GIA if you’ve exhausted all of your tax advantaged options.

Do you have grandchildren or godchildren for whom you want to provide via something like a Junior isa?

We decided early on that we wanted to cultivate the discipline of giving 10% of our income to charity, which we really enjoy. If you aren’t doing much charitable giving now, that could be an option? Would be far more satisfying than seeing it all go on care home fees!

You could look at a single premium Investment Bond. It has certain tax advantages which may be of use. An interesting quirk also means that it is disregarded as an asset if you have a financial assessment by the local authority in connection with care costs. Not a reason on its own to have one but useful to know.

@PennyWus

Look at whether you can increase your pension contributions Purchase insurance to pay for your eventual funerals Buy solar panels and a heat pump Upgrade to fully electric car(s) Switch your investments to ethical investments which are better for the world you want your DS to inherit Donate 5% to 10% of your net income to charities Only purchase organic high welfare meat (if you eat meat)

Why pay insurance for funeral costs? Death is a sure thing so how can insurance work out better than paying for it directly? They have enough money to pay for funerals. Doesn't make any sense to me but maybe I'm missing something.

Thanks - no grandchildren yet, but a few things to think about here

Wow, fabulous. May I ask how you did it?