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Financial advice whilst on benefits. Does it exist?

2 replies

Milkshakebreaks · 02/08/2024 23:36

As in, how to maximise savings for future such as retirement etc and a pot you'd need for emergencies. There's a 6k cap of savings without an impact on benefits, up to 16k whilst a reduction is put in place. After 16k you cannot claim UC etc

I manage money fine at the moment because, thankfully, my child's disability has meant I can adequately fund things for now. But I worry about the eventual transition to the disabled child elements going and what income I'd be looking at whilst caring for him as an adult.

I am still quite young but have a child with severe disabilities so cannot currently work. I night possibly return to something in the future but it would have to be incredibly part time and flexible.

My future pension really worries me.

Can you get a financial adviser for these things?

I have previously considered an ISA for retirent but then learnt I can't as it'll impact the savings cap, but it appears some sort of private pension would be allowed?

OP posts:
Lovepeaceunderstanding · 02/08/2024 23:39

I think some churches offer this sort of thing. Perhaps Citizens advice could point you in the right direction.

Milkshakebreaks · 03/08/2024 18:30

Thank you. I'll have to take a look at Citizen's Advice

OP posts:
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