made redundant can i live off 170k.

zedyy

How can you claim JSA with £170K in saving?

mike88

I think the original poster will need to downsize his housing if that is possible. He can maximise his tax position by transferring some of his assets to his partner if he has one and, as others have suggested, use ISAs. The Original Poster needs to be aware that Corporate Bonds need research as some invest in junkish bonds (BBB) and below in order to boost returns and in these uncertain times there could be a number of defaults seriously affecting performance.

As a person with little prospect of future employment (his words) he will not wish to play roulette with his money so Corporate Bonds should not form a substantial part of his portfolio. In his position, and at his age, any losses will be difficult to recoup so playing it safe would be my advice.

Lokolo

DiggerUK wrote: »

We are similar ages, similar finances. I am still employed.You need to get a bog standard job before anything else. Drive a bus, anything to get an income.

More importantly stay away from IFA's, they are all snake oil sellers. They don't give a rats @rse what happens to your money after they have got their commission.

LOL

DiggerUK wrote: »

1. Get rid of your mortgage now.

Why? You haven't even asked if there are early repayment charges, which could do worse to the OP.

DiggerUK wrote: »

2. Put everything you can in your Cash ISA's, there is every chance that the amount we can put in will go up after the budget.

Ok thats fine.

DiggerUK wrote: »

3.Don't put anything into shares or equities, the market is tanking.

But how will you know when it has got to the bottom? For all you know it could start rising again tomorrow and not go down for a while. Oh ye with a crystal ball.

DiggerUK wrote: »

4.Get what you can for your pension pot now, while you still can.

DiggerUK wrote: »

5.Buy some gold bullion. It will hedge you against any future catastrophe. It can be stored in a box at your bank for 30/40 pound a year.As it looks like you won't need it for 5/10 years at least I think it's a good investment. Go as high as 20/30,000.

Oh joy, another gold fanatic. !!!!!! if you ask me.

DiggerUK wrote: »

6.Stick 30,000 in Premium Bonds. Low interest rate I know, but hey you never know and it is safe.

And today kids that concludes our lesson, never listen to people that don't know what they're talking about.

DiggerUK wrote: »

7.Put everything else in the highest paying instant access BS A/C you can find.

Why BS? Whats wrong with a bank? They are protected £50k under FSCS.

sabretoothtigger

An asia fund but its currency is usd and its based in ireland and I'll be buying in pounds, argh :mad:
:laugh:



Had a little look at it and it has 30 shares held and today there was 2 trades in that etf, not exactly liquid then. Is the spread fixed by the market maker or something like that

yung

zedyy wrote: »

How can you claim JSA with £170K in saving?

you can for the first 6 months

Baldur

zedyy wrote: »

How can you claim JSA with £170K in saving?

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/BenefitsTaxCreditsAndOtherSupport/Employedorlookingforwork/DG_10018757

Contribution-based Jobseeker's AllowanceYou may get contribution-based Jobseekers Allowance if you have paid or been credited with class 1 National Insurance (NI) contributions in the relevant tax years. Self employed contributions will not generally qualify you for contribution-based Jobseekers Allowance.

As opposed to:

Income-based Jobseeker's AllowanceThis is based on your income and savings. You may get this if you have not paid enough National Insurance contributions (NICs) (or you've only paid contributions for self-employment) and you're on a low income.

tradetime

sabretoothtigger wrote: »

Had a little look at it and it has 30 shares held and today there was 2 trades in that etf, not exactly liquid then. Is the spread fixed by the market maker or something like that

Interestingly you have just hit on one of the reasons I prefer to keep my activities through US markets, the UK retail investor is decades behind, and yes the market maker / specialist will offer a firm bid and ask on it.

maveli

Baldur wrote: »

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/BenefitsTaxCreditsAndOtherSupport/Employedorlookingforwork/DG_10018757

As opposed to:

Your payments might be reduced if you receive income from part-time employment. You'll get less if you have savings over £6,000. If you have savings over £16,000 you probably won't qualify.
If your partner or civil partner works 24 hours or more a week on average, you can't usually get income-based JSA (contribution-based JSA isn't affected). If they work less than 24 hours, it may affect how much you get.

Baldur

maveli wrote: »

Your payments might be reduced if you receive income from part-time employment. You'll get less if you have savings over £6,000. If you have savings over £16,000 you probably won't qualify.
If your partner or civil partner works 24 hours or more a week on average, you can't usually get income-based JSA (contribution-based JSA isn't affected). If they work less than 24 hours, it may affect how much you get.

Yes, that relates to the second quote (Income-based) as opposed to the first quote (Contribution-based) as my post indicated.......

There is no reference to savings, only "Your payments might be reduced if you're getting a pension" in the Contribution-based criteria.

opinions4u

DiggerUK wrote: »

We are similar ages, similar finances. I am still employed.You need to get a bog standard job before anything else. Drive a bus, anything to get an income.

Unless a combination of income from investments and benefits mean you don't have to.

More importantly stay away from IFA's, they are all snake oil sellers. They don't give a rats @rse what happens to your money after they have got their commission.

They can help you to access funds that provide exactly what you need, maximise tax allowances and can review your investments regularly.

1. Get rid of your mortgage now.

Even if you can invest at a higher rate, have preferential terms or a massive early repayment charge? Careful.

2. Put everything you can in your Cash ISA's, there is every chance that the amount we can put in will go up after the budget.

An option, yes. But will they generate the income needed.

3.Don't put anything into shares or equities, the market is tanking.

A good IFA will take a balanced view to generate the mix of growth and income required to sustain you. This would be very unlikely to just include shares.

4.Get what you can for your pension pot now, while you still can.

Decisions like this should be made in a careful and considered way, taking in to account your overall financial circumstances. A good IFA will do this.

5.Buy some gold bullion. It will hedge you against any future catastrophe. It can be stored in a box at your bank for 30/40 pound a year.As it looks like you won't need it for 5/10 years at least I think it's a good investment. Go as high as 20/30,000.

Or perhaps when the good times return the price of gold will fall back to $300 oz (which is still more than Gordon Brown sold our reserves for). A 60% loss wouldn't be appeciated.

6.Stick 30,000 in Premium Bonds. Low interest rate I know, but hey you never know and it is safe.

And this will generate what in income?

7.Put everything else in the highest paying instant access BS A/C you can find.

I'm sure some money should go in to a suitable bank or building society account.

I'm sure the OP has more sense than to listen to any of your nonsense. This is a crucial time in his/her life and getting the right support and advice now will significantly benefit his/her income in the long term.