Job seekers allowance/Retirement

[irishfinanceguy]

Is it possible to be signed off from work at 60 for stress/burnot and then go into means tested job seekers allowance?

I understand this is means tested, but provided you have a home and minimal savings you may be eligible.

Are pensions/avcs considered in this means test?

In theory someone with an expensive house and significant pension (on reaching 66) along with avcs could be eligble, is that correct? Could you then “retire” at a later stage around 66 to get access to the pension

 

[ClubMan]

Is it possible to be signed off from work at 60 for stress/burnot and then go into means tested job seekers allowance?

Why not PRSI linked (non means tested) Jobseeker's Benefit, Illness Benefit etc.?

Jobseeker's Benefit

This is a weekly payment to people who have lost their job and are covered by social insurance.

www.citizensinformation.ie

Illness Benefit

Illness Benefit is a payment made to people who are unable to work because of illness.

www.citizensinformation.ie

A qualification criterion for Jobseeker's Benefit/Allowance is that the claimant is available for and actively seeking work which may not be possible if they are ill with stress/burnout.

Are pensions/avcs considered in this means test?

If they're being drawn down then they would be assessed as income as far as I know. If they remain invested and are not being drawn down then I don't think so.

Means test for Jobseeker's Allowance

To get Jobseeker's Allowance you must satisfy a means test. A means test examines all your sources of income. However, some income is not included when calculating your means.

www.citizensinformation.ie

In theory someone with an expensive house and significant pension (on reaching 66) along with avcs could be eligble, is that correct? Could you then “retire” at a later stage around 66 to get access to the pension

As far as I know yes and yes.

 

[irishfinanceguy]

Why not PRSI linked (non means tested) Jobseeker's Benefit, Illness Benefit etc.?

Jobseeker's Benefit

This is a weekly payment to people who have lost their job and are covered by social insurance.

www.citizensinformation.ie

Illness Benefit

Illness Benefit is a payment made to people who are unable to work because of illness.

www.citizensinformation.ie

A qualification criterion for Jobseeker's Benefit/Allowance is that the claimant is available for and actively seeking work which may not be possible if they are ill with stress/burnout.

If they're being drawn down then they would be assessed as income as far as I know. If they remain invested and are not being drawn down then I don't think so.

Means test for Jobseeker's Allowance

To get Jobseeker's Allowance you must satisfy a means test. A means test examines all your sources of income. However, some income is not included when calculating your means.

www.citizensinformation.ie

As far as I know yes and yes.

So you can leave work at 60 go on means tested jsa with a big mansion and less than 20k savings and tailor your massive avc to access it at say 65, im surprised more people dont do this

If you got into financial issues you could downsize from your mansion also

 

[irishfinanceguy]

Why not PRSI linked (non means tested) Jobseeker's Benefit, Illness Benefit etc.?

Jobseeker's Benefit

This is a weekly payment to people who have lost their job and are covered by social insurance.

www.citizensinformation.ie

Illness Benefit

Illness Benefit is a payment made to people who are unable to work because of illness.

www.citizensinformation.ie

A qualification criterion for Jobseeker's Benefit/Allowance is that the claimant is available for and actively seeking work which may not be possible if they are ill with stress/burnout.

If they're being drawn down then they would be assessed as income as far as I know. If they remain invested and are not being drawn down then I don't think so.

Means test for Jobseeker's Allowance

To get Jobseeker's Allowance you must satisfy a means test. A means test examines all your sources of income. However, some income is not included when calculating your means.

www.citizensinformation.ie

As far as I know yes and yes.

So you get fired from your job and don't have the right attitude when it cones to interviews

 

[ClubMan]

So you can leave work at 60 go on means tested jsa with a big mansion and less than 20k savings and tailor your massive avc to access it at say 65, im surprised more people dont do this

Because most people like work and the money which will be a lot more than €220 p.w. in most cases? In any case, somebody who has been working would most likely qualify for a PRSI linked benefit before a means tested allowance.

If you got into financial issues you could downsize from your mansion also

Why are you assuming that an average worker owns a "mansion" and has a huge pension?

So you get fired from your job and don't have the right attitude when it cones to interviews

Sorry, I have no idea what the relevance of this comment is or what it relates to.

 

[ClubMan]

Maybe a pension fund that remains invested is taken into consideration under a means test?

Capital and social welfare payments

Capital for Irish social welfare purposes includes property, savings and investments. Find out how to assess income from capital for social welfare payments.

www.citizensinformation.ie

To find your means from capital, first you must calculate your total capital value. You do this by adding together all your sources of capital (for example, property, savings and investments). Then you apply the relevant formula below.

It's not clear to me if "savings and investments" above would include a pension fund that has not yet been drawn down.

 

[irishfinanceguy]

Maybe a pension fund that remains invested is taken into consideration under a means test?

Capital and social welfare payments

Capital for Irish social welfare purposes includes property, savings and investments. Find out how to assess income from capital for social welfare payments.

www.citizensinformation.ie

It's not clear to me if "savings and investments" above would include a pension fund that has not yet been drawn down.

Maybe a pension fund that remains invested is taken into consideration under a means test?

Capital and social welfare payments

Capital for Irish social welfare purposes includes property, savings and investments. Find out how to assess income from capital for social welfare payments.

www.citizensinformation.ie

It's not clear to me if "savings and investments" above would include a pension fund that has not yet been drawn down.

My point is instead of paying in more into an avc to retire early and rely on that before 66, some people may stop working and get jsa and later “retire” and get access to avcs/pension later. It would be obivously much cheaper for the individual assuming pensions/avcs you dont yet have access to is considered