Almost 60. What to do with two small pension lump sums?

[DanielleandBobby]

As above. I've been self-employed for much of my working life and stupidly didn't save for a pension :(

However, I also had two jobs, each with a pension, and am about to receive a lump sum from each totalling just over £11K when I reach 60. I'll also have a small monthly income from both.

I've been looking at either a) putting the money in a 1 or 2 year fixed rate savings account with no withdrawals, b) investing it in a S&S ISA or c) something else ??

I don't want to touch this money, and want to recoup the best investment out of it for the future. DH has his own personal pension accrued long before we met, and which is invested. I really want to have some money of my own for the future and don't want to have to rely on him for everything. I currently work P/T and earn under the personal tax threshold; DH works 0.8 pro rata and earns much more than I do. We have a mortgage which he pays.

If anyone has bright ideas about how to best invest this money I'd be really grateful. Thanks in advance!

Can you leave it where it is?

I'd put it in an ISA.
Vanguard have a wide range of funds, with low charges.
I'd go for a worldwide tracker and forget about it for the next 5 years at least.
Obviously if you think you'd need the cash sooner, this won't work.

@FlowerArranger , yes, I've read about Vanguard and that looks promising. Will investigate - thanks.
@midgetastic No! but thanks anyway.

Premium Bonds, assuming you're not already at the £50k limit? Absolutely no risk, and if/when you change your mind you can withdraw your money and put it into something else.
I for one wouldn't be making g speculative investments in these strange times.

Will you be entitled to the full state pension when you are 67?
If so remember that it will boost your pension income significantly.

I'm planning to use any lump sums at 60 to tide me over until 67, on the basis that early 60s I'm more likely to have decent health and want to do a bit of traveling whilst I can.

It really depends what you are wanting to save that money for.

Oh sorry I'm an idiot. I didn't realise you don't have an £11k annual pension that's just the lump sum.

@rookiemere I wish! Yes, unfortunately just an 11K lump sum. I will at least have a full state pension at 67 but will have to keep working until then for income. I really wish I had taken out a pension when I was self-employed but was too busy/young/stupid!

Are you paying in to a pension at the moment from your part time work?
You may be able to put some of it in to a pension without falling fowl of the pension recycling rules.
S&S ISA is where I would put most of it... you can do up to £20k to ISA this tax year.