IdesofSpring
Registered User
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Hi
I was self employed until late 2012. I didn't sign on when work finished as I was living on savings. I received a once off inheritance from my parents of approx 100K during 2012.
If I now have no income but I do have savings of approx 70K to 80K how does that affect social welfare claims? I have no property and live in private rented accommodation.
I know there are worked examples on the welfare website but they only calculate means in the examples.. they don't explain how the final figure is used to calculate social welfare payments.
Means Test bands
Capital Weekly means assessed
First €20,000 Nil
Next €10,000 €1 per €1,000
Next €10,000 €2 per €1,000
Balance (€40,000 +) €4 per €1,000
The first 40k of savings counts as means of 30 euro per week and the savings from 40K to 70K counts as 120 euro per week of means.
70K of savings counts as 150 euro of means per week while 80K of savings would be considered as 190 euro of means.
Does that mean that if I qualified for Job Seekers Allowance at 188 euro per week that my means of 80K would result me in getting no payment?
I think I saw somewhere that there's a minimum payment of 7.80 or something similar so I'd probably get that.
My question is; are outgoings considered when calculating means?
rent per month = 450
utility bills per month = 100
food per month 250
total = 800 (plus car expenses)
So my savings are being depleted at the rate of approx 10K to 12K per year. 70K won't last too long at this rate. There isn't any work either so I'm considering a two or three year period without work. I could spend half of my savings in that period.
I know property, as in your principle residence you live in, is not counted as means. Should I buy property? (I currently rent privately)
If I do purchase property can I immediately sign on to welfare at full payment?
The system seems to be pushing me towards purchasing property.
If work was available I'd take it.
Thanks for any help.
I was self employed until late 2012. I didn't sign on when work finished as I was living on savings. I received a once off inheritance from my parents of approx 100K during 2012.
If I now have no income but I do have savings of approx 70K to 80K how does that affect social welfare claims? I have no property and live in private rented accommodation.
I know there are worked examples on the welfare website but they only calculate means in the examples.. they don't explain how the final figure is used to calculate social welfare payments.
Means Test bands
Capital Weekly means assessed
First €20,000 Nil
Next €10,000 €1 per €1,000
Next €10,000 €2 per €1,000
Balance (€40,000 +) €4 per €1,000
The first 40k of savings counts as means of 30 euro per week and the savings from 40K to 70K counts as 120 euro per week of means.
70K of savings counts as 150 euro of means per week while 80K of savings would be considered as 190 euro of means.
Does that mean that if I qualified for Job Seekers Allowance at 188 euro per week that my means of 80K would result me in getting no payment?
I think I saw somewhere that there's a minimum payment of 7.80 or something similar so I'd probably get that.
My question is; are outgoings considered when calculating means?
rent per month = 450
utility bills per month = 100
food per month 250
total = 800 (plus car expenses)
So my savings are being depleted at the rate of approx 10K to 12K per year. 70K won't last too long at this rate. There isn't any work either so I'm considering a two or three year period without work. I could spend half of my savings in that period.
I know property, as in your principle residence you live in, is not counted as means. Should I buy property? (I currently rent privately)
If I do purchase property can I immediately sign on to welfare at full payment?
The system seems to be pushing me towards purchasing property.
If work was available I'd take it.
Thanks for any help.