If you were to inherit £70k what would be a sensible thing to do with it?

[Greedybilly]

Any ideas ? Isa? Mortgage is finally paid off and no real debt. What to do ? Any sensible ideas very welcome.

It would depend on your circumstances. I’d stick it in my pension.

Invest in stocks / shares? I'd have no idea how to do this though!

Maybe some in an ISA, some in Premium Bonds?

Any big things you are likely to want to /need to do - boilers, roof, windows, car??

How old are you?

20k into a S&S ISA now.
20k into a S&S ISA in April
10k for spending
10k savings
10k pension.

Very much depends on your age, if there’s anything you plan to spend any of it on in the next couple of years and what other savings/investments you already have. For me, I would max out my ISA, add to my SIPP up to my limit for this year, keep 10k for home improvements, and top up my premium bonds with the remainder. Then I’d add to ISA and SIPP again in the new tax year from my premium bonds depending on what was left.

Pay off any debt (‘no real’ debt means some I’m assuming)
6 months expenses locked away as a safety net, then spend a bit
Rest to pension or other investments

Assuming basics are covered (pension etc) then invest or donate. Or get trained in something you're interested in. Would love to go on a course for bricklaying, carpentry / joinery and then electrics and plumbing.

Is there a cause you care deeply about? Can you fund a local school? E.g. a fund for uniforms, breakfasts (healthy ones), after-school clubs for sign language or skills development / DIY club for girls or women (we never got taught those skills!)

Treat yourself? Go on a cruise.. take a sabbatical from work.. let me know if you need more ideas! Would love to come in to 70k! No end of ways to spend it(!)

I'd add it to my pension.

Thanks for all comments. When you say stick it in pensions- is that presuming I have a private pension? ( I don't!)

Also now googling SIp

Am mid 50's- no debt - @Awkwardisfunny- hmmm interesting ideas!
Think maybe I need a private pension but is it too late for that? I think I need to do my research!

@SnapAndTap- I like the idea of divvying it up thanks. Clueless really!

Never too late.. and 70k is a brilliant start to investing for your pension. That's what I'd be looking into.. then again.. I don't know. Keep thinking what happens if/when you get ill and have to lose your home and pension anyway to 'help' cover care home costs.. what a waste it would have been to not just spend the money.. don't listen to me though! I'll have you blowing 70k at various conventions and getting flying lessons!!

Maybe start one?!

@TurquoiseGoldPeaches- maybe I will! Not sure it's the best use of funds though- I'm going to do my research! My dad had a small private pension and it made my mum worse off when he died :(

Have you got no pension at all or you’ve got a work place one?

Without a pension, how are you funding your retirement?

@Overthebow- got lots of bitty work place ones scattered around but nothing to speak of.

Not sure how..Unless you meant she wasn't as entitled to benefits?

Are you relying on state pension only?

@Parker231- sell my house and down shift /state pension if still in existence.
How about you?

I’d definitely put in in a pension then, youve got at least 10 years for it to grow and you could add to it each month.

I don’t have enough in my pension so tbh I’d probably put £30k min in there, another £10k in a s&s ISA, take a major trip I wanted and do any home improvements that protected the value of my home/needed doing for comfort

@Cars4Govthat's exactly what I mean. She was worse off because if this daft bit of private pension.

It’s not too late - something is better than nothing.

Does your DH have a good pension? The state pension is unlikely to cover your basic bills + food if you’re a homeowner with a 3 or 4 bed house. (Council tax is only going to rise over the next two decades)

I'd put 20k in an ISA and the remainder in Premium Bonds to shelter it from tax and give you time to think.

Do you work? Because you can only put into your pension what you earn, well, 80% of what you earn to a max of 60k per year. If you have no qualifying income you are only able to contribute £2880/3600 a year into a pension.
So, I would make the max pension contribution that you can, even if its the minimum amount, this year and after April ‘27.
20k into a stocks and shares ISA now and again after April ‘27. And thats potentially the bulk of the 70k spoken for!
The rest/a few K in an emergency fund/high interest account. Premium bonds are fine if you like a little gamble but don't really make financial sense unless you are a higher rate tax payer.