About this episode
This week, Pete is rested after his holiday and may even be more tanned than Roger, for once! We answer a mixed bag of questions ranging from financial planning if you're on benefits to tax-free cash recycling and lots besides! Shownotes: https://meaningfulmoney.tv/QA24 01:38 Question 1 Hi there! I'm one of the very many people who look set to lose disability benefits (PIP and ESA) at the end of next year. I was disabled following an industrial injury 15 years ago and have a lifetime award of Industrial Injuries Disablement Benefit assessed as 70% disabled which currently brings £155/week. It's definitely not enough to live on let alone pay the additional costs of being disabled. (there's no chance of recovery enough to work as I can't access healthcare but that's a long story) I am 50 and conventional life plans involve maintaining saving/investing through midlife on the expectation of reduced income on retirement. But I'm now facing acute poverty for 15 years until I hit the relative luxury of state pension. (Assuming I can find the cash to buy the missing NI years!) I have some assets that are pretty badly managed on account of my being unwell, and in particular a second flat which has £7000pa post-grenfell service charges and so can neither be mortgaged, sold nor rented out until those repairs finally complete-if they ever do! I think I can afford to cover costs from cash savings/investments for maybe 5 years. But after that... Can you speak to the general point of financial planning for people with unconventional life trajectories, particularly disability, and especially what sort of financial information/support resources are available? I'm unsure if you've any specific suggestions for my situation to get me through a decade of sub-living income/cashable assets against potentially sustained high costs? Obvs I love what I can manage to get from the pod and was particularly interested when you've spoken of financial coaching. Cheers! Sam 10:06 Question 2 Hi Pete & Roger Loving the Q&A sessions. Even when topics aren't relevant to me it's still insightful to hear from other people and always educational to listen to your response. I suspect the answer to my question is simple but have yet to see an answer to it anywhere online! I have a cash ISA with T212 from 24/25 tax year and will have a new £20,000 to invest come April (cash ISA's are my preferred vehicle - long story!). Can I just add the new 20 to the existing ISA or do I need to take out a new one? And also, do I benefit from compound interest if I leave it all alone? Regards Maxi 13:06 Question 3 Hello I am loving the podcast and finding out about situations I would not have considered before listening. I don't know if you can help on this one, it's a bit of a tax question on CGT. We are a couple both with dual citizenship (Aus/British) and ar
