Wjat woukd you do with 40 k in this instance?

[Waroftherosesithink]

We are in late 50 s and early 60s. Semi retired in that we both work casual pt jobs.
Our income was covering costs but now they are struggling due to cost of living and we find when we need big things like new fridge or decorate we have no income money left and we are dipping into our wages... something we dont want to do.
We want to give each dc 10k when they buy a house.
We own our house...so no mortgage.
We plan to work a bit more till ww get our state pensions, but in the meantime want to protect our savings for the dc aa much aa we can.ww expected to inherit from what we were told but due to a familt member re marrying a significant inheritance is now likely to go.to new partner not our dc as advised.big mistake to have worked on his basis. I totally know now.. but we want to make the best of what we have for our dc.
Any advice much appriciated. I assume the amount we have does not warrant a financial advisor.thanks!

From what you have said so far, my advice is to look at all your income and actual expenditure at the moment. Then reflect on upcoming bigger items of expenditure (white goods, home repairs, new roof, new CH whatever), add in costs of a social life and holidays. At your ages you should be looking 5 to 10 years ahead. Bear in mind you might consider moving home to something more compact/manageable/economic before you get too old. This doesn’t necessarily free up any capital.

Then you’ll have a better idea of what you need.

After that have a think about what you might be able to afford to give/pass on to your DC. Someone else will be along to talk savings/investment/inheritance tax, but until any inheritance money is in the bank, it doesn’t exist. Bird in the hand and all that.

Good luck

I’d think about increasing income from paid employment.

I would work fulltime until pension age if I only had 40k in savings.

Work full time.
You are still young!

Most of our friends retired at 55.
Ex police, etc .

Love working only a little must admit so will.weigh it up , are we saying we need more than 40k . ?
We have 1, 9k in pensions a month. .. have checked.
If dh dies i get half his pension for life and vica versa , excluding state pension .

Also mt dear df died ten years on from the agwe dh is now
It makes you think!

How much will you get in pension per month (sorry didn’t understand you post above!), and do you just have that £40k in savings, not any further investments or ISAs?

How much is your current, not quite sufficient, income right now? How does that compare to your projected income at retirement?

I think I'd try and increase income by a couple of thousand a year (£1000 each, over 50 weeks is £20 each a week) to cover the expenditure you are currently tapping into savings for, and maintan or increase your savings.

The op said nearly 2k eash month in pension.
And a total of 40k in savings .

I don’t think £40k savings is enough to give DC £10k each. I would work more now to build savings if you want to give any to DC.