****ty life

[King Billy]

Just reported pete.. careful as I won't hesitate to do the same to you.

I'm well aware of that.
It's your usual resort when in an embarrassing corner.

 

[motorbiking]

The amount he can move into a pension is limited. It's possible his annual taxable earning are less. For most ordinary people, the max contribution is your taxable earnings in that tax year. Basic tax will be rebated into the pension fund. If you have low, or no, taxable earnings, you can contribute up to £2880 per year (which will receive basic tax rebate and be grossed up to £3600 in the pension, even if you did not pay tax. This is a special concessions to low earners enabling them to build up a modest pension.

Tax on your private pension contributions

Tax you pay and tax relief you get on contributions to your private pension - annual allowance, lifetime allowance, apply for individual protection

www.gov.uk

Yes if he is on minimum wage and part time, he is capped at 100% of his income, but if he was in a workplace scheme he may have the ability to carry forward unused allowances. Either way he can achieve the goal over a relatively short period.

 

[Harry Bloomfield]

There are different grades of bond, with government stock at the safe end, down to "Junk bonds", which pay more unless there are a lot of defaults. Since the '08 crash, lending rules have tightened up a hell of a lot, so they're much safer.

I have a little more than doubled my investment, with a bond, in 12 years.

 

[motorbiking]

Thank you. I have a meeting later with the council regarding the flat.....if all goes ok, I could be moving in by this Friday. I would need to do some decorating etc first...

I won't look at investing as I haven't a clue about it all. I would hate to lose any money invested. I guess you have to be in a position where you accept that you may lose. I wouldn't be happy with that.

don't do it then.. you have to accept a bit of up and down with any investments..

 

[Harry Bloomfield]

Oh yeah, but what if I ended up in the wild west and ran out of fuel?

Lightning, and a clock tower?

 

[motorbiking]

Just to clarify, you can open a LISA (soon to be modified into some other scheme. Any LISAs already started can continue) if you're under 60.
It matures when you reach 60.

Given the age and income, the LISA is probably the better idea. What I am unsure of is if a LISA, is accounted for in a person's savings, from a benefits point of view.

 

[motorbiking]

Anyway... back to the OP.

It sounds like you might have the housing issue sorted.
Next challenge is the back pain. what are you doing to help that?

 

[Koolpc]

Anyway... back to the OP.

It sounds like you might have the housing issue sorted.
Next challenge is the back pain. what are you doing to help that?

Nope...housing issue back to square one....I don't want to talk about...

 

[blup]

Name your daughter as a beneficiary on your personal /work pension and stick your money in a building society/bank savings account and review each year. Get a job at b n q or similar to help pay the rent. They seem to have a cushy number there.

 

[Harry Bloomfield]

Nope...housing issue back to square one....I don't want to talk about...

You've not turned it down?

 

[Highway Man]

I'm well aware of that.
It's your usual resort when in an embarrassing corner.

Reported

 

[King Billy]

Given the age and income, the LISA is probably the better idea. What I am unsure of is if a LISA, is accounted for in a person's savings, from a benefits point of view.

You can't open a LISA if you're over 40. You can only pay in until you're 50. For any other reason than buying your first home, there's a penalty to pay for withdrawal. It automatically matures when you reach 60.
You can only use the LISA (including the bonus) to buy your first home, which must be in your name. It can't be in anyone else's name.
If you don't meet those stringent conditions (buying your first home in your name), you'll lose the bonus (25%) of your contributions and be charged a 'withdrawal' fee. You'll get back less than you paid in.

 

[King Billy]

Nope...housing issue back to square one....I don't want to talk about...

You should have taken the first place offered then look to exchange via the council exchange process.
Not all councils participate, but many do.

House Exchange - House Exchange

Register for a home swap or council house exchange.

www.houseexchange.org.uk

I recently helped a disabled person move from a Manchester 2 storey, 2 bedroomed house to near-Birmingham 3 bedroomed bungalow.
All exchanges are a mutual agreement.

 

[Elsa TLC]

You should have taken the first place offered then look to exchange via the council exchange process.
Not all councils participate, but many do.

Thats good advice

House Exchange - House Exchange

Register for a home swap or council house exchange.

www.houseexchange.org.uk

I recently helped a disabled person move from a Manchester 2 storey, 2 bedroomed house to near-Birmingham 3 bedroomed bungalow.
All exchanges are a mutual agreement.

 

[motorbiking]

View attachment 412669
You can't open a LISA if you're over 40. You can only pay in until you're 50. For any other reason than buying your first home, there's a penalty to pay for withdrawal. It automatically matures when you reach 60.
You can only use the LISA (including the bonus) to buy your first home, which must be in your name. It can't be in anyone else's name.
If you don't meet those stringent conditions (buying your first home in your name), you'll lose the bonus (25%) of your contributions and be charged a 'withdrawal' fee. You'll get back less than you paid in.

Why did you suggest it then?