Can I Protect My Savings While on Benefits?

BillJones

rogerblack wrote: »

Basic income would remove this and allow me to try stuff without worrying about it.

It's an idea that I thought was crazy when I first heard it, but when it was explained, makes a lot of sense.

We already allow many people a tax-free allowance (not me, sadly), and provide a complex sequence of benefits to those who earn around this level, so it could well make sense to give every person of working age something like £10,000, and then they can add to this through employment if they choose.

No child benefit, no housing benefit, no income support, and so on.

zagfles

rogerblack wrote: »

There is actually an argument for this.
https://en.wikipedia.org/wiki/Basic_income

An income, provided to everyone.
I'm currently on ESA.
I am unable to do what small amount of work I can attempt, due to the rules around permitted work.
This is compounded by worries about being reported for doing things that I have informed the DWP about, but that will trigger a fresh assessment of my disability.

Basic income would remove this and allow me to try stuff without worrying about it.

Absolutely. Trouble is, it will increase "poverty" as defined by the govt, ie the difference between the income of the middle and the bottom. Since it would lower marginal deduction rates on the poorest (by not means testing their benefits), which would increase the difference between those who take an average paid job and those who don't, and so increase "poverty".

So it would annoy the left-wing simpletons. Also you'll get the right-wing simpletons who complain about people getting benefits they don't "need". Something that annoys both the left and the right is unlikely to happen!

dippy3103

allison445 wrote: »

If you have earned the money I don't think dwp have the right to say what you can and can not spend it on.

They don't unless you are asking for benefits, then they expect you to use your savings to support yourself.

You could apply the same logic to wages. Why should I spend my hard earned wages on supporting myself?

Morglin

graffias wrote: »

If you are responsible for maintaining your own house then £16K is not that much - eg I have no running hot water in my home and no central heating - it would cost £5K +, and another £5K for replacement of ancient rotting windows, and interior over 30 years old in dire need of complete refurb - and a car to run otherwise I cannot even get to my low-paid job - and a car to replace at £2K within 1-2 years, so I can keep getting to my low paid job - educational programs costing more £K's etc & etc

Do the Maths - there will be nothing left to bury me when I'm gone.

Why are there so many penny-pinching Tories on here?

Cap for savings needs to be much much higher. Savings are absolutely ESSENTIAL - only income should matter for benefits.

As most benefits claimants have little savings the govt saves a paltry amount because of savings caps, thus unfairly punishing this responsible sector of the population. The govt is rewarding irresponsibility and wants to put us in the hands of loan companies.

Hello, Andy.

Lin

Morglin

BillJones wrote: »

I know what you mean. It's a similar case with me. Just because my wife and I have both put in the effort and have good jobs in investment banks, apparently we can't get any benefits at all.

How can this be right? We could have chosen to not work at all, and just because we've done the right thing, the state expects us to pay our own way.

Everyone should be able to get money from the government. The fact that we earn loads of money is no reason for the state not to support us!

Ah well, we do savings, investments and contributary benefits.:beer:

All you need is to have paid in, be old and/or be crippled, and it's a doddle.:beer:

Lin

BillJones

Morglin wrote: »

Ah well, we do savings, investments and contributary benefits.:beer:

All you need is to have paid in, be old and/or be crippled, and it's a doddle.:beer:

Lin

That can't be right, surely. Nothing at all for a young healthy couple earning good money who don't have children?

rogerblack

bryanb wrote: »

Perfectly possible with a fixed term savings account that is untouchable for 5 years

Fixed term savings accounts have some value.

Can you point to one high-street savings account that will not let you withdraw your money, even with a 10% fee say and no interest?

Even if a savings account literally cannot be cashed out early, it still has some value.
I'll buy a 1000 pound savings account due in 5 years at 200 pounds, for example.