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Disability Allowance: Can someone invest in an index fund or similar?

  • 23-09-2020 10:46am
    #1
    cjoneill
    Registered Users, Registered Users 2 Posts: 1 ✭


    Seeking some guidance on behalf of a friend on Disability Allowance. He has €10,000.00 that he would like to invest long term in index funds or similar and add to each month. He is on disability and is unable to work. He is not sure if or how this will effect his status on the payment.

    Would be grateful for any pointers to related information.

    Thank you.
    Tagged:


Comments

  • #2
    StackSteevens
    Closed Accounts Posts: 873 ✭✭✭StackSteevens


    cjoneill wrote: »
    Seeking some guidance on behalf of a friend on Disability Allowance. He has €10,000.00 that he would like to invest long term in index funds or similar and add to each month. He is on disability and is unable to work. He is not sure if or how this will effect his status on the payment.

    Would be grateful for any pointers to related information.

    Thank you.

    It's his money, it's well below the means test cut off level* so he can do whatever he likes with it.

    * "the first €50,000 of any capital you may have is not taken into account (for the DA means test)".

    Mind you, if he goes to Vegas and wins big on the slots, then he will need to tell Social Welfare that his financial situation has changed.


    LINK - see means test paragraph.


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