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