Worth starting a pension in my 50’s?

[LuckyCharmz]

I am mid 50’s, low earner, self employed with no pension. No mortgage but a high value property. Recently come into several hundred thousand pounds. Started with cash free ISA. What to do with the rest, should I be looking at a pension? I am risk averse.
I know pensions are tax efficient way of saving, but as I already have the money, my age etc, don’t really know where to start.
Any advise welcome, have googled starting a pension in 50’s and read Martin Lewis but don’t seem to have any answers.

Yes, but sounds like you need independent financial advice as you have so much.

there is a flow chart that helps you to look at emergency living costs, housing, pensions and some fun.

Firstly, congratulations on your windfall!

i Second getting advice on investing such a large amount.

How little do you earn? Do you pay tax at all?A pension is a tax wrapper, it allows you to claim back tax you’ve paid. How much you can pay into a pension is linked to earnings, so if you’re a low earner then you won’t be able to pay all of it in immediately, even using the three year rule for relating back.

Does your work pension have a voluntary contributions scheme? Start there

I’m sorry for your loss, OP (unless you won the money in which case, huge congratulations!).

You do need an independent financial advice to help you choose, but a pension is likely to make financial sense for you. Your IFA will help you choose something at a risk level you’re comfortable with. And of course you don’t have to put all your eggs in one basket. Some low risk, some high risk, another £20k in an ISA after 6 April, for example.