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.

No, unfortunately the rules mean you won’t be able to if you don’t have qualifying earnings. You can’t count income from rental properties, sales of assets that are subject to CGT (capital gains tax) or inheritance.
Without qualifying income the max you can put in a pension annually is £2880.
You can still use your inheritance as a retirement fund though - it just won’t be in a conventional pension.

How is it unfair when you haven’t earnt that money but yet you expect to see returns on it?!

It'd all go into my and dh s&s isa over the next 2 years, this will fund the gap between early retirement and being able to draw our pensions.

OP, in your position I'd have a good think about retirement - when were you thinking, how much will you need, how will you fund it? Find those old pensions and see what they're worth, think about how much you'd get from the house from downsizing. Use your inheritance to start a private pension or s&s isa and keep adding to it until you retire.

Or spend now if you're not worried about funding retirement. I don't know what I'd spend that sort of money on tbh, I'd hate to fritter it away so probably something that adds value to the house or would really improve our lives - maybe funding dropping a day at work.

Because I will pay tax on it when I receive it. Inheritance tax, as I said in the post you replied to. And my dad paid taxes on everything he earned.

@Cars4Gov- at lot of people will be relying on the state pension- especially the traditional working class

You don't pay the tax. The estate does before you get it. If your dad was married he could have £1m exemption from IHT.

Tax is still paid on it though, that's the point.

If you have worked over the last three years you can put the amount you earned minus the amount you paid into pension.

You're arguing with the wrong people. No one thinks tax is fair - you just have to suck it up. I find it best not to dwell on it.

Not if you're not working this year and earning that amount. People continually get this wrong.

This is a good answer.

@Greedybilly open a SIPP that has a drawdown facility - seriously it takes about 10 minutes. I have one with Interactive Investor. My ISA's are with trading212 - some in the cash part but most in the stocks and shares part. When you pay into your SIPP, HMRC adds 25% - how much you can put in depends on your income - if you're not working you can put in £2,880 and a few weeks later HMRC will put £720 into your SIPP (you have to choose where to invest it... index funds are a good place to start, VALL is the current soup of the day) - if you are working, you can put in more. I choose investments due growth in my SIPP but different funds that generate dividends in my S&S ISA.... there's a bit to learn but it's not rocket science.

A lot depends on how old you are, your work situation and retirement aims.