Job Seekers Benefit after retiring
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You can apply immediately. Your application will then be assessed. When assessed there may be a disqualification in payment for up to 9 weeks but this is very individual. I suspect more unlikely than likely but circumstances vary. If you are going to apply for JB I don't see any advantage in delaying the application.
Do you actually mean Jobseeker's Benefit or this payment?
www.citizensinformation.ie
Either way, always apply for welfare payments at the earliest opportunity and let them tell you if you don't qualify or are subject to deferral.
Payment for people who retire at 65
If you retire at 65, you may qualify for a benefit payment until you reach 66. The payment is similar to Jobseeker’s Benefit, but you don’t need to be looking for work or sign on at your local Intreo centre.
Ok, but nobody "automatically" goes onto JB - you have to actively claim it if you want it and think that you qualify.
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Those conditions apply to JB at any age and have to be confirmed in the application form. What does vary is the level of activation. Age is one factor in this and claimants over 62 are generally not subject to activation. On the other hand activation for a 30 year old claimant is likely to be more vigorous than for a 60 year old retiree.
"Activation" is getting called in periodically to review jobseeking progress I presume?
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It can vary, depending on the claimant profile and other circumstances. It may be one interview/discussion, or more. It may include requests for evidence of jobseeking or re-training. It may include referral to training courses or just discussion of options available. But for a pensionable retiree aged 60+ I would anticipate that any activation would be at the more minimal end - unless he/she displayed genuine motivation towards re-employment. The payment is limited to 9 months in any event.
Hi
A related question.
I am considering leaving my current job. I intend to apply for Job seekers benefit. I will be 62 in May.
I presume I will qualify even if they apply a waiting period.
I have a defined benefit pension that has a pension of 16000 at 65
I have been offered 344000 transfer value.
I also have 1 defined contribution that I believe is linked to the above that is 72000
And 1 other defined contribution of 19000
If i am on jobseekers benefit , can I transfer the 3 into an ARF and start drawing from it this year?
Or would i be better just buying an annuity?
I see a figure of around 19600 for an annuity
Appreciate any thoughts ?
A related question.
I am considering leaving my current job. I intend to apply for Job seekers benefit. I will be 62 in May.
I presume I will qualify even if they apply a waiting period.
I have a defined benefit pension that has a pension of 16000 at 65
I have been offered 344000 transfer value.
I also have 1 defined contribution that I believe is linked to the above that is 72000
And 1 other defined contribution of 19000
If i am on jobseekers benefit , can I transfer the 3 into an ARF and start drawing from it this year?
Or would i be better just buying an annuity?
I see a figure of around 19600 for an annuity
Appreciate any thoughts ?
Do you meet the qualifying criteria?
Jobseeker's Benefit
This is a weekly payment to people who have lost their job and are covered by social insurance.
Jobseeker's Benefit
Jobseeker's Benefit is for people between 18 and 66 who become unemployed and have enough PRSI contributions. The full rate is €220 per week. If you earned less than €300, you do not get the full rate.
www.gov.ie
Usually, these days, an annuity isn't good value.
See where?
So why do you ask if you'll qualify?
I said that I presume I will qualify.
I won't know for definite until I decide to leave the job and actually apply.
They might apply a waiting period depending on my reason for leaving
If you meet the qualifying criteria you qualify.
It's not the lottery.
Unlikely. Especially at your age.
Maybe I'm missing something, JSB is not intended as a payment for those who volantarily retire early, it's meant for those who've lost employment or had to retire before official retirement age. It is only paid for a defined period 9 months & then the claimant has to apply for JSA which is means tested.
Whilst the age profile, 60 + means claimants likely won't be required to seek employment through activation measures, that's not Gaurenteed until a person reaches a certain age, I belive a year before official retirement age in Ireland.
Whilst the age profile, 60 + means claimants likely won't be required to seek employment through activation measures, that's not Gaurenteed until a person reaches a certain age, I belive a year before official retirement age in Ireland.
The fact that you might be claiming JB has no impact on what you might do with any private pensions, whether you invest in an ARF, buy an Annuity or a mixture of both.
If you get JB, then this is paid for 9 months. At the end of 9 months you might apply for Jobseekers Allowance, but this is means tested.
Annuity rates have improved in recent months, but deciding between an Annuity and an ARF is dependant on so many issues, such as other assets, other income, state of heath, attitude to risk etc etc. You should probably get expert advice.