Paul O Mahoney
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Was typing exactly that they might also to go back to 7 years , I'd certainly ask for the full amount.You can claim incapacitated child tax credit backdated 4 years depending but if you are 7 years post diagnosis you should have no issue claiming the backdate.
I suppose there is nobody that can tell you there is no chance that revenue won’t start deciding to do this, I’ve yet to hear it happen. I’m aware of at least three cases where the credit was claimed and said children have jobs. Maintaining themselves and working are two different things.Yes and thanks to those that replied.My only concern is on the form you have to say the child won't be able to maintain themselves after 18. I'm hopeful with treatment they will be able to go on and get a job.Is there a chance if my son gets part time work at 18 or eventually full time work that revenue will look for the money returned?
Thanks that's interesting I need to check my policy. I'm with VHI I'll get onto that tomorrow.Bit off topic but do you have private health insurance. Our plan with vhi covers 75% of the cost for our sons speech therapy and OT.
Thanks for such a detailed reply. Yeah I was thinking along the same lines myself putting money away for short term and then the longer term money I was going to invest.Lots of good views and academic ways to look at spending v saving here.
I'd propose one other way, probably simplistically but sometimes if feel that approach works better month to month in the real world. I see a couple of issues in the OP's commentary;
- There appears to be a cashflow issue
- Mentally there is anguish about "eating into savings" yearly, even if as Brendan mentioned it is technically "saving" other cost
- It is hard to plan beyond a very short term horizon because of the acute issues of cashflow problems
- You are trying to anticipate what life will be like too far into the future, with a view to influencing actions today
I would consider:
- Leaving savings to mature in Nov 22, don't touch until then
- Clear mortgage once they mature; this "frees up" 875 per month. It also reduces the risk of "losing" money due to inflation.
- SAVE the 875 per month; Now you are no longer eating into savings monthly/yearly by 5k, but increasing them by 10k.
- Split the savings into 2 pots - long term and short term. Many people will argue money should be viewed as one pot and dont mentally separate them, however the reality is people compartmentalise and are good at it, so lean into that reality. Short term becomes your buffer to draw down on for kids activities / accidentally expensive dinner / holiday, with no mental anguish. Long term can be directed as best seen fit (future car replacement, future child supports etc.)
- I can't comment on the pension as not familiar with public sector set ups, however if you achieve the above you might be better able to see pension options with less "other" money worries. Maybe you could add an AVC, or maybe the new government pension changes will help (I've read nothing on them to date, maybe they dont apply to public sector)
It might not be the most efficient way of doing it, but in my view it could simplify things
Because it's mean tested I don't think we would be entitled to it.Delighted you got Dca, have you considered either of you availing of carers benefit. The other parent would then be able to increase their hrs to either a 4 or five day week.
Carers Benefit is not means tested.Because it's mean tested I don't think we would be entitled to it.
You would qualify carers benefit isnt means tested and lasts for 2 years.Because it's mean tested I don't think we would be entitled to it.
Thanks very much I'll look into it .You would qualify carers benefit isnt means tested and lasts for 2 years.
If it suited when 1 parents carers benifit ended the other parent could take it if needed.
No prob, the person who gets the carers benefit can still work upto 18.5 hrs per week as long as their wages are 350e or less thats the figure for june onwards slightly less at moment. Best of luck with itThanks very much I'll look into it .
Hi guys , thanks for all the great advice I got here previously . State savings has matured and is sitting on deposit .
so
I've 210k earning 0%
The mortgage that was 1.1% is now 3.1% ( how quickly things change ) 155k remaining .
The 10 blue chips shares that where 50k are now 35k .
Myself and wife still both work part time to manage childcare , as I mentioned previously I have 2 children with additional needs and the youngest of them is certainly needing one of us at home at this moment anyway , so going back to work at the moment full time is not an option .
We are not struggling as much thanks to DCA, incapacitated credits and a recent pay rise in civil service. But then again we are not exactly flush as cost of living for everyone has increased.
All that aside , I'm about to pull the plug and clear the mortgage .
Just want to check it's still the right move we will never have access to this much cash again . Is there anything we are missing . Neither myself or my wife are up that financially savvy .
Thanks again
Nothing better you can do. Push the button and good luck!All that aside , I'm about to pull the plug and clear the mortgage .
Just want to check it's still the right move we will never have access to this much cash again .
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