Got an inheritance while on jobseekers.

JohnMc1

I got €69,000 from an inheritance and I'm on jobseekers allownace. How much should I expect to lose or will they take it off me altogether?

Atlantic Dawn

First €20k isn't counted, then it's €1 off per week for each €1k of next €10k, €2 off per week for each €1k of next €10k and the balance €4 per €1k.

So just say the total you have is €70k that would be:
€50k assessed
First €10k - Minus €10 a week
Next €10k - Minus €20 a week
Remaining €30k - Minus €120 a week

You would be down about €150 a week, this may not fully apply seeing as it's not a fresh claim for you but would be a change of circumstances.

https://www.citizensinformation.ie/en/social_welfare/irish_social_welfare_system/means_test_for_social_welfare_payments/means_test_for_jobseekers_allowance.html

JohnMc1

Atlantic Dawn wrote: »

First €20k isn't counted, then it's €1 off per week for each €1k of next €10k, €2 off per week for each €1k of next €10k and the balance €4 per €1k.

So just say the total you have is €70k that would be:
€50k assessed
First €10k - Minus €10 a week
Next €10k - Minus €20 a week
Remaining €30k - Minus €120 a week

You would be down about €150 a week, this may not fully apply seeing as it's not a fresh claim for you but would be a change of circumstances.

https://www.citizensinformation.ie/en/social_welfare/irish_social_welfare_system/means_test_for_social_welfare_payments/means_test_for_jobseekers_allowance.html

Thanks. When you say I would be down €150 a week is that what they would take off me [leaving me with €50 a week since i get the 203 a week] or how i would be left with a week?

Atlantic Dawn

As far as I know for a new claim yes that's what you would be down, your circumstances might be different because you were already assessed previously so might not be cut as much.

JohnMc1

Atlantic Dawn wrote: »

As far as I know for a new claim yes that's what you would be down, your circumstances might be different because you were already assessed previously so might not be cut as much.

Thanks. Would these cuts be temporary? €69,000 won't last too long in this day and age.

splinter65

JohnMc1 wrote: »

Thanks. Would these cuts be temporary? €69,000 won't last too long in this day and age.

Are you just claiming for yourself or have you dependents?

JohnMc1

splinter65 wrote: »

Are you just claiming for yourself or have you dependents?

Just myself.

Cherry Blossom

You will loose €146 per week of your jobseekers allowance. It doesn't matter if it is a new or existing claim the means is calculated the same. You can spend your money on whatever you want but you must keep reciepts for everything and ask to be reassessed when you spend it. You can buy a car or an appartment (provided it is your primary place of residence) and those things will not be valued for means assessment.

JohnMc1

Cherry Blossom wrote: »

You will loose €146 per week of your jobseekers allowance. It doesn't matter if it is a new or existing claim the means is calculated the same. You can spend your money on whatever you want but you must keep reciepts for everything and ask to be reassessed when you spend it. You can buy a car or an appartment (provided it is your primary place of residence) and those things will not be valued for means assessment.

Thanks Cherry Blossom.

splinter65

JohnMc1 wrote: »

Just myself.

Your new JSA payment will be €57.
If you’ve HAP this will be affected before.
If you’ve Fuel Allowance that’s gone too.
Just make your life as comfortable as possible with the money. If your making big purchases you should keep the receipts carefully as if you ask to be re means tested again when funds are running low they will question where large withdrawals went.
There isn’t any way you could buy someplace small to live with this money?

JohnMc1

splinter65 wrote: »

Your new JSA payment will be €57.
If you’ve HAP this will be affected before.
If you’ve Fuel Allowance that’s gone too.
Just make your life as comfortable as possible with the money. If your making big purchases you should keep the receipts carefully as if you ask to be re means tested again when funds are running low they will question where large withdrawals went.
There isn’t any way you could buy someplace small to live with this money?

Thanks splinter65.

JohnMc1

splinter65 wrote: »

Your new JSA payment will be €57.
If you’ve HAP this will be affected before.
If you’ve Fuel Allowance that’s gone too.
Just make your life as comfortable as possible with the money. If your making big purchases you should keep the receipts carefully as if you ask to be re means tested again when funds are running low they will question where large withdrawals went.
There isn’t any way you could buy someplace small to live with this money?

So saving some of it in the credit union is out of the question?

Cherry Blossom

You can save it in the credit union if you want but you will be means assessed on it.

JohnMc1

Cherry Blossom wrote: »

You can save it in the credit union if you want but you will be means assessed on it.

Thanks Cherry Blossom. Seems like I'm screwed one way or another.

boogerballs

JohnMc1 wrote: »

Thanks Cherry Blossom. Seems like I'm screwed one way or another.

Honest question, why are you screwed. Would your JSA not go back up if needed?

JohnMc1

boogerballs wrote: »

Honest question, why are you screwed. Would your JSA not go back up if needed?

True, but I don't want to blow through it.

Steer55

JohnMc1 wrote: »

Thanks. Would these cuts be temporary? €69,000 won't last too long in this day and age.

You received the equivalent of approx 6 years jobseekers there, alot of money. Spend it wisely!

Nomis21

If you buy a property for 49,000 euro or more then you can keep all your jobseekers and live rent free. There are properties in Donegal and Leitrim for sale for that amount...

SCOOP 64

if your lucky enough to find a job in the mean time it wont matter at all how much you have.

splinter65

JohnMc1 wrote: »

So saving some of it in the credit union is out of the question?

SW will allow you to have 20000 in the credit union. The rest you have to use to live. That’s fair.

holliehobbie

You just received €69,000!! How are you screwed? I'll take it off your hands if you like!

LoLth

spend some of it on a course of some description, use more to supplement the crap income from an entry level job until you get experience and get a better paying job and then you wont need to worry about JSA any more.

aim for the long term improvement rather than trying to work out how to stay the same.

Cherry Blossom

Cherry Blossom wrote: »

You will loose €146 per week of your jobseekers allowance. It doesn't matter if it is a new or existing claim the means is calculated the same. You can spend your money on whatever you want but you must keep reciepts for everything and ask to be reassessed when you spend it. You can buy a car or an appartment (provided it is your primary place of residence) and those things will not be valued for means assessment.

This is the absolute nonsense of some means testing. It promotes spending and punishes prudence.

You can blow the money on a car (and not be able to tax, maintain, insure it) and they are happy with that.
But try to hold on to it for future expenses? NOPE


I mean that is one hell of a deposit for a house (or deposit plus cash off the mortgage) for when the OP is back up and running but they rather the OP blow it now and, potentially, be stuck looking for HAP/Social for the rest of their life.

endacl

JohnMc1 wrote: »

True, but I don't want to blow through it.

Pop it in a pension.

chicorytip

It's not a lot of money, just above the annual industrial wage, so it could be frittered away easily. My advice would be don't declare it at all. It's unlikely they would ever find out about it.

seamie78

nearly double industrial wage and that's before taxes

bladespin

I really think OP's looking at this wrong, jobseekers is only a temporary think to get you through to your next job, once you're back working you'll be loaded (well slightly), nice car etc etc.

Even better, if you fancy something new you can train or invest in a new career from a degree to a taxi license.

Saying all this.

I declared my redundancy a few years back and they said that they didn't care about the first 50K. Was that just in relation to redundancies?

wench

Deleted User wrote: »

Saying all this.

I declared my redundancy a few years back and they said that they didn't care about the first 50K. Was that just in relation to redundancies?

As you'd been working, you would not have been looking for a means tested payment, so you were subject to different rules.

IAmTheReign

Deleted User wrote: »

This is the absolute nonsense of some means testing. It promotes spending and punishes prudence.

You can blow the money on a car (and not be able to tax, maintain, insure it) and they are happy with that.
But try to hold on to it for future expenses? NOPE


I mean that is one hell of a deposit for a house (or deposit plus cash off the mortgage) for when the OP is back up and running but they rather the OP blow it now and, potentially, be stuck looking for HAP/Social for the rest of their life.

It's hardly nonsense. JSA is supposed to help people in genuine financial need while thy're out of work. Someone who has just gotten handed nearly 70 grand is perfectly capable of supporting themselves financially.

IAmTheReign

IAmTheReign wrote: »

It's hardly nonsense. JSA is supposed to help people in genuine financial need while thy're out of work. Someone who has just gotten handed nearly 70 grand is perfectly capable of supporting themselves financially.

So he now blows it on a car, continues with JSA?
As opposed to recognising that it's a one off payment and could be used to get them out of social welfare requirements entirely, at a later date

2Mad2BeMad

Look for some part time work op
You won't have to worry about it then.
In the mean time when your pay does get cut. Give yourself 150 a week out of it to cover what you were getting.
Soon as you get a job which is fairly easy now you will be sorted.

The idea of jsa is to help you financially while you look for work.
It's not a long term plan and no one is getting screwed by it.

bladespin

Deleted User wrote: »

So he now blows it on a car, continues with JSA?
As opposed to recognising that it's a one off payment and could be used to get them out of social welfare requirements entirely, at a later date

The whole idea is to 'encourage' them to get out of the social welfare net, sooner rather than later.

godtabh

chicorytip wrote: »

It's not a lot of money, just above the annual industrial wage, so it could be frittered away easily. My advice would be don't declare it at all. It's unlikely they would ever find out about it.

Its about two years worth of the average industrial wage given its after tax

Portsalon

chicorytip wrote: »

It's not a lot of money, just above the annual industrial wage, so it could be frittered away easily. My advice would be don't declare it at all. It's unlikely they would ever find out about it.

And if he is caught, then no doubt you'll be among the first offering to give him a dig out; or visiting him in prison?

holliehobbie

holliehobbie wrote: »

You just received €69,000!! How are you screwed? I'll take it off your hands if you like!

If I had a sum of money like that, which I would consider a fortune, I would sign off immediately and restore my dignity

marko99

From recent personal experience, I can tell you that Revenue will definitely know about it. Do you think that grants of probate are conducted in secret?

Bandana boy

Deleted User wrote: »

So he now blows it on a car, continues with JSA?
As opposed to recognising that it's a one off payment and could be used to get them out of social welfare requirements entirely, at a later date

Or you know somebody who is long term unemployed in this economy and now has the means to pay for themselves we take them off the government teat

brightspark

JohnMc1 wrote: »

True, but I don't want to blow through it.

If you got a job then the inheritance wouldn't be an issue.

chicorytip

seamie78 wrote:

nearly double industrial wage and that's before taxes

godtabh wrote:

Its about two years worth of the average industrial wage given its after tax

Portsalon wrote:

And if he is caught, then no doubt you'll be among the first offering to give him a dig out; or visiting him in prison?

I think it's unfair that he should be subjected to penalties in this instance given that he appears to have no other material assets. If he were a lottery winner or inherited a very large amount, say in excess of 250,000, well then fair enough deductions ought to be applied. If he is depending on the reduced level of Jobseekers and fails to find employment within the short to medium term then the capital will be eroded very quickly indeed.

godtabh

chicorytip wrote: »

I think it's unfair that he should be subjected to penalties in this instance given that he appears to have no other material assets. If he were a lottery winner or inherited a very large amount, say in excess of 250,000, well then fair enough deductions ought to be applied. If he is depending on the reduced level of Jobseekers and fails to find employment within the short to medium term then the capital will be eroded very quickly indeed.

He has the means to support him self. That money could (and will be) spent on some one else who cant

Atlantic Dawn

marko99 wrote: »

From recent personal experience, I can tell you that Revenue will definitely know about it. Do you think that grants of probate are conducted in secret?

And additionally if it gets held in any financial institution in the State they report the DIRT on each account to Revenue each year so will know x amount of DIRT equals x amount in the account.

Maldesu

JohnMc1 wrote: »

I got €69,000 from an inheritance and I'm on jobseekers allownace. How much should I expect to lose or will they take it off me altogether?

Did you pay the inheritance tax on it, cos that will reduced that 69k right down if depending on who you got it from?

splinter65

chicorytip wrote: »

It's not a lot of money, just above the annual industrial wage, so it could be frittered away easily. My advice would be don't declare it at all. It's unlikely they would ever find out about it.

Revenue know about it because the probate office notify them. Revenue then notify SW.
There’s a set budget for SW. when people like you casually encourage others to take money that they’re not entitled too from that budget then it means that there’s less for people who are entitled.
It’s also against the charter of this forum,

tscul32

I do see the argument that it's a bit unfair, but then I think about someone on JSA getting a one year contract that pays €69k. They'd lose the JSA and be told to provide for themselves out of the €69k (which would be a good bit less after tax) that they had to work 40 hours a week to get. Suddenly it doesn't seem so unfair.
Best advice given is to use the money to get back in the game. Retrain, buy a car and a taxi plate, start low and work your way up, buy that apartment in Donegal or Leitrim and live rent free.

Homer

Deleted User wrote: »

I would sign off immediately and restore my dignity

Thats the big difference between you and the OP

splinter65

[Deleted User] wrote: »

Saying all this.

I declared my redundancy a few years back and they said that they didn't care about the first 50K. Was that just in relation to redundancies?

Yes. You were applying for benefit not allowance.

Sir Oxman

Op, congrats (I think!)

Use it to support yourself and get back in employment.

Imagine having an income and the guts of 69k in the bank as fallback.

Don't be thinking you are out of luck with this news, that's not a good look and it's not healthy mentally.

splinter65

chicorytip wrote: »

I think it's unfair that he should be subjected to penalties in this instance given that he appears to have no other material assets. If he were a lottery winner or inherited a very large amount, say in excess of 250,000, well then fair enough deductions ought to be applied. If he is depending on the reduced level of Jobseekers and fails to find employment within the short to medium term then the capital will be eroded very quickly indeed.

Your not understanding what exactly Jobseekers Allowance is.
First of all you have to bear in mind that unemployment is at an extreme low at the moment.
The OP has gone to SW and said
“I haven’t got a job and it’s so long since I had one that I haven’t enough PRSI contributions to qualify for Benefit. I need the taxpayer to give me money to live on week to week while I look for a job”.
So SW examine his finances and give him a weekly payment to cover his basic
needs. If he’s renting a place then he’s probably getting more help with his rent.
If he’s come into €70000 then he doesn’t need the taxpayer to help him with his week to week living expenses or his rent.
It’s a simple as that.

chicorytip

splinter65 wrote:

Your not understanding what exactly Jobseekers Allowance is. First of all you have to bear in mind that unemployment is at an extreme low at the moment. The OP has gone to SW and said “I haven’t got a job and it’s so long since I had one that I haven’t enough PRSI contributions to qualify for Benefit. I need the taxpayer to give me money to live on week to week while I look for a jobâ€. So SW examine his finances and give him a weekly payment to cover his basic needs. If he’s renting a place then he’s probably getting more help with his rent. If he’s come into €70000 then he doesn’t need the taxpayer to help him with his week to week living expenses or his rent. It’s a simple as that.

Alright, but if he is satisfying the main criterion for qualifying i.e. actively seeking employment, then that should be enough to draw down the full benefit. There's not a lot he's going to be able to do with that seventy grand, strange as that sounds. He won't buy a property with it because there are none available in that price range anywhere in Ireland. He can't use it to pay a deposit on a place because he has no hope of getting a mortgage and he can't rent privately if he has no job. He will not qualify for HAP either. The rules are simply absurd.

splinter65

chicorytip wrote: »

Alright, but if he is satisfying the main criterion for qualifying i.e. actively seeking employment, then that should be enough to draw down the full benefit. There's not a lot he's going to be able to do with that seventy grand, strange as that sounds. He won't buy a property with it because there are none available in that price range anywhere in Ireland. He can't use it to pay a deposit on a place because he has no hope of getting a mortgage and he can't rent privately if he has no job. He will not qualify for HAP either. The rules are simply absurd.

First of all there are several properties within that price range within 15 km of where I live and he would have enough left over for a small car which he could use to drive to the factory where my husband works that can’t get enough staff.
You are still referring to him getting “benefit”. Hes not entitled to benefit because he hasn’t made enough contribution.
Your suggesting that taxpayers should continue to give him €203 per week while he hoards €70000?
I have a better idea. We can give his €203 to people sitting up all night tonight to care for a sick loved one and he can start using his €70000 to pay for his own rent groceries electricity bill and all his other bills, same as everyone else.