I’ve inherited £60k which I’m going to put into a saving account until I meet a IFA next month. But I’m having a mental / emotional block about pensions which, I accept is to do with grief :(
So from what I’ve read I think it’s best to use some of the inheritance on boosting my pension pot as it’s tiny due to maternity leaves and part time working (have local gov and NHS) I assume this is what an IFA will advise for some/ most of it.
But my mother did that, worked her ass off to pay into her pension for her old age and died 1 year after retiring. As children we received a percentage of her monthly pension for two years. If she’d known she was going to die she’d have taken all the money obviously. She was soo angry when she was actively dying that she’d made the wrong decision and we weren’t going to get the benefit of her money.
So I feel I can’t risk loosing the remaining inheritance from her by paying it into a pension that I may never reap the reward of. My father died aged 30 and my mother at 61, so I’m not convinced I’ll live long into old age. My genetic tests have come back clear but I’ve seen enough death that providing for my family incase I die is my priority, I’m not like other people who assume they’ll make it to 80+. But nor do I want to end up penniless and in a workhouse (cause Victorian misery seems to be the way the UK is going!) if I do make it to old age!
Other than seeing a grief counsellor as well as a financial advisor. Is there anything else that I can do to build up on this money rather than let inflation ruin it? I own two house sites I could build housing upon for either sale, holiday homes or normal letting (though material costs are rising) I have everyday savings, no debts, I have 30k left on my mortgage.
Any ideas for someone who is clearly fucked up emotionally with money?!