What to do with pension lump sum?

[Sober23]

I'm getting my pension lump sum next month and just wondered what most people do with theirs? I plan to pay off my mortgage, which is 33k. But I don't know what to do with the rest, which is about £80k. I'm mid 50's so it will hopefully have to last me some time....

Any suggestions?

I'm gonna leave that one. 🤐

@ViciousCurrentBun appreciate the well wishes.

I'm waiting for (more) surgery at the moment, but hopefully my health will improve in 2025. I'm in a regular yoga class with a lovely group of women and that has been really a sanctuary whilst I've been ill.

I'm also gonna book a 2 week cruise when I feel up to it!

I have a large sum on retirement and ill also pay off any remaining mortgage. Ideally ill have done that before retirement but i don't know if I might have to retire early. I am hoping to travel; world cruise maybe, take the family on a nice big holiday. Make some memories. I’ll also get a monthly sum but plan to take 100% of lump sum as its tax free

The list already posted is a good one, but be aware of the tax on savings in ordinary accounts.

You need to use ISA and Premium Bonds to not have to pay tax on savings income.

I keep £20 k in a rainy day account and this earns less than the £1k of tax free interest.

The rest is in cash ISAs and Premium bonds and ISA investments so I don't hand over more tax than I need to.