What would you do with £50,000

[MerryInthechelseahotel]

I downsized recently to a smaller house. I have £50,000 left that I've put into premium bonds and get around £50-75 per month from this. The idea was I would use this money for the future as I have only two small pensions. I am 62. I'm still working and can manage at the moment. Would you put the money into one of the small pensions and combine if possible or into some shares? Or what? What would be the best thing to do? Any advice appreciated.

Really you should speak to an IFA and not some randoms online. That’s a lot of money to be looking after!

Stocks and shares ISAs are good in the long term. I've been doing this and you could put 20Ki in before end of tax year but it depends if you need the money quickly .

But yes FA may be a good idea

I’d look into how
Much you can put into the pension abs still get the government tax relief . So you would have this tax years and next and possibly some rollover years.

I wouldn't put it all in one basket for starters. IIts worth diversifying when you have that much.

If you've not invested your full ISA allowance do that into a stocks and shares ISA (think its £20k)

Keep £5k in cash for emergencies.

Keep £5k in premium bonds.

Invest £10k in gold because it holds its value even if it fluctuates (you could get silver but remember you have to pay VAT on that)

Put the last £10k into your pension

That's what I'd do anyway but I'm not a financial advisor - far from it

I disagree about needing to speak to an IFA for that amount of money.

There's so much quality information available on the internet these days, eg Meaningful Money, that it's probably only worth talking to an IFA if you have non standard circumstances or a substantial 6 figure sum.

Thanks everyone.