Sammy Wilson
Registered User
- Messages
- 10
Hi,
Some advice for a financially illiterate and physcially disabled former manual labourer and housewife
Age: 58 + 57
Cash pile: 150k EUR
Income: Disability allowance, jobseekers allowance, plus foster care income for two children (Approx 5k EUR per month total household income)
They have no pension or other assets.
They would like to create a PRSA as they have no pension, to accompany the state contributory pension. The problem is, with PRSAs at 60 they become taxable, thereby removing the eligibility of disability / jobseekers.
Therefore, they would like to create a PRSA (Zurich 5*5) but lock it until they are 70, to allow it to grow and not impact their social welfare, for when the income from fostering will cease but standard PRSAs become an assessable form of income after 60 - so is there a way to 'lock' it?
Some advice for a financially illiterate and physcially disabled former manual labourer and housewife
Age: 58 + 57
Cash pile: 150k EUR
Income: Disability allowance, jobseekers allowance, plus foster care income for two children (Approx 5k EUR per month total household income)
They have no pension or other assets.
They would like to create a PRSA as they have no pension, to accompany the state contributory pension. The problem is, with PRSAs at 60 they become taxable, thereby removing the eligibility of disability / jobseekers.
Therefore, they would like to create a PRSA (Zurich 5*5) but lock it until they are 70, to allow it to grow and not impact their social welfare, for when the income from fostering will cease but standard PRSAs become an assessable form of income after 60 - so is there a way to 'lock' it?