what money do you get?
Discussion
I've been wondering if it is worth staying in work these days ... Usual Thursday thoughts!
I have paid off my mortgage and can pay off any other debts (only have a credit card and shop account), have around 70k in savings. I'm 47, coming up for 48.
If I pack in work, what money can I get?
I have 4 children, I think they will get bus pass and school dinners, is there anything else?
Wife works but gets paid less than the 16k earning limit, so does that mean we also get tax credits?
Does the social services expect me to use up my savings before I get unemployment benefit? Would they expect me to sell my static caravan, for example?
Just wondering, really!
I have paid off my mortgage and can pay off any other debts (only have a credit card and shop account), have around 70k in savings. I'm 47, coming up for 48.
If I pack in work, what money can I get?
I have 4 children, I think they will get bus pass and school dinners, is there anything else?
Wife works but gets paid less than the 16k earning limit, so does that mean we also get tax credits?
Does the social services expect me to use up my savings before I get unemployment benefit? Would they expect me to sell my static caravan, for example?
Just wondering, really!
aclivity said:
Does the social services expect me to use up my savings before I get unemployment benefit? Would they expect me to sell my static caravan, for example?
Just wondering, really!
Its not quite as simple as you might think.Just wondering, really!
You would have to use your savings first before you get anything.
Then I suspect because you voluntarily left work there would be further barriers to benefits.
After all that you would still need to be seen to be seeking work.
Im sure you could fake it and defraud the system easily enough, there actually isn't a right to sit and do nothing
I'm with the others - voluntarily quitting your job with savings in the bank rules out most state aid.
I'm amazed that you are effectively looking to retire at 48 with 4 kids in school and only £70k in the bank.
When do your pensions kick in? / what if the kids go to Uni?
If you have a decent pension kicking in at 55 and you plan to let the kids fend for themselves (along with their school bus pass and free meals), then go for it....
Bob
- This has to be a wind up.......
I'm amazed that you are effectively looking to retire at 48 with 4 kids in school and only £70k in the bank.
When do your pensions kick in? / what if the kids go to Uni?
If you have a decent pension kicking in at 55 and you plan to let the kids fend for themselves (along with their school bus pass and free meals), then go for it....
Bob
- This has to be a wind up.......
aclivity said:
It's not savings - it's in a policy somewhere (Prudential?) or in an ISA?
You have £70k and you don't know where it is?I can't really see why anyone would want to retire at fifty, unless they are in poor health, absolutely detest their job, or travel the world, but with a wife and four children this would be a pipedream.
Wacky Racer said:
aclivity said:
It's not savings - it's in a policy somewhere (Prudential?) or in an ISA?
You have £70k and you don't know where it is?I can't really see why anyone would want to retire at fifty, unless they are in poor health, absolutely detest their job, or travel the world, but with a wife and four children this would be a pipedream.
whoami said:
Wacky Racer said:
aclivity said:
It's not savings - it's in a policy somewhere (Prudential?) or in an ISA?
You have £70k and you don't know where it is?I can't really see why anyone would want to retire at fifty, unless they are in poor health, absolutely detest their job, or travel the world, but with a wife and four children this would be a pipedream.
(Which part of my post are you referring to?)
If it's the first part, if I had a large wad of cash in Barclays Bank, I would know it was in Barclays Bank, not think "Hmmm, I wonder which bank I left it in, HSBC ?"....
(I know and understand the OP will have some paperwork somewhere in his house)
If it's the second part, you can't just up sticks with four children, you have education etc to think about.
Different if you are a free agent.
I was in that situation after being made redundant. I decided to take a couple of years out. I could get job seakers for 6 months if I applied for jobs etc. I chose not to. I tried to get some benefits 3 years later but was told as I have done the correct thing and supported myself since leaving school. Now owned my own house and have considerable savings there was nothing they could do till I spent it all. and I probably still would not get any as My wife works part time. I did consider buying a super car or 2 and then asking for benefits but turning up at the social in a Ferrari would probably not go down well. I now work part time. I am not rich but the work life balance is just how I like it.
Wacky Racer said:
You have £70k and you don't know where it is?
My wife's family have a habit of forgetting about large sums of money, her father 'forgot' he had 3 accounts with £35k, £55k and £60k in them, her grandfather forgot about £120k and her great uncle forgot about 2 houses and several hundred £k. I panic if I mislay a tenner!
sorry for taking a while to reply - have seen the answers but I have been busy (at work and at home!) and didn't have chance to respond.
The best response was an email - saying I should check what I can get with a professional rather than wondering online - thanks for that email.
I do have a savings plan, I think it is with Prudential but I have a savings adviser who set it up for me, I have a meeting with them regularly so I don't care where it is! I also have an ISA for savings, (actually me and my wife have one each) again I get reports from the company but it was set up by the savings adviser.
I am not well - I had cause to claim from my life insurance 4 years ago, so I can't get life insurance any more - I have tried completing many forms to see if I can get any ... nothing.
I have a static caravan, all bought and paid for, not cheap by the way. Not sure why this would be consideration for the "Council" thread? Similarly, I have 4 children - two of them are twins. Again, I am not sure why this makes me a consideration for the Council thread again?
The original request was a Thursday morning, "I am fed up" query. I don't enjoy working any more - I used to love it, but a lot has changed in the last few years. Part of me wants to sell up and go and live back in Scotland again, but I promised the children they will not have to move schools like I did when I was younger. That said, I will continue to work as it seems that packing everything in when you have money saved up is not a good thing to do!
The best response was an email - saying I should check what I can get with a professional rather than wondering online - thanks for that email.
I do have a savings plan, I think it is with Prudential but I have a savings adviser who set it up for me, I have a meeting with them regularly so I don't care where it is! I also have an ISA for savings, (actually me and my wife have one each) again I get reports from the company but it was set up by the savings adviser.
I am not well - I had cause to claim from my life insurance 4 years ago, so I can't get life insurance any more - I have tried completing many forms to see if I can get any ... nothing.
I have a static caravan, all bought and paid for, not cheap by the way. Not sure why this would be consideration for the "Council" thread? Similarly, I have 4 children - two of them are twins. Again, I am not sure why this makes me a consideration for the Council thread again?
The original request was a Thursday morning, "I am fed up" query. I don't enjoy working any more - I used to love it, but a lot has changed in the last few years. Part of me wants to sell up and go and live back in Scotland again, but I promised the children they will not have to move schools like I did when I was younger. That said, I will continue to work as it seems that packing everything in when you have money saved up is not a good thing to do!
Gassing Station | Jobs & Employment Matters | Top of Page | What's New | My Stuff