Published on 12, July, 2020
Hi
I'm the parent and carer of an autistic adult son, now aged 24. He has a supported part-time job now, but realistically will never live fully independently - we are hoping to get him into some kind of supported living when the time comes (I'm now 60). We have power of attorney over his finances (he has a childlike 'money sense'). He receives PIP and now earns about £163 per week in wages.
While contributing towards his upkeep and paying his own expenses he is still accumulating savings, now amounting to several thousands of pounds, and is expected to receive a lump sum from the estate of his grandmother who recently passed away. I am wondering whether simply accumulating more savings is the best use for this, as it is sometimes difficult simply to keep ahead of depreciation due to inflation, and having a large sum sum saved can make him ineligible for many benefits.
What I'm asking is about the advisability of making voluntary contributions to his national insurance record - according to the government website this can be done all the way back to the 2017/2018 tax year, at the rate of about £800 per year, and thus build up some entitlement for other benefits, and the state pension, when the time comes. I'd appreciate any advice on the wisdom of this. Maybe we should save for an annuity (he has a private pension already) or even save for his own flat instead?
Thanks,
TonyH
id save for his own flat... if he can get his own property owned then he is free from rent... rent is the killer, rent is unaffordable for anything. once you get ownership of a property with no rent or mortgage you then can live a easier cheaper life.but if he needs someone always in charge as a guardian and have power over him my main worry if i was you is that when you die will the gov appoint some carrer as the power over him? ... and you know if that happens what would happen then, any asset or money he has will be sold and stolen by whoever is appointed as a carer.... care homes for the elderly do this all the time, my nan had dementia by my 2 uncles were caring for her but at one time frame both were gone and had home help and home help took that opportunity to drag her away to a care home and try to sign over her house to them, my uncle just got there in time to stop them and slap the pen out of their hand as they were forcing her to sign her house away. all carer things that have power over you do this... if your kid needs someone to take your place in power over him then its all going to go anyway, you need a way for him to be independent and not in someone elses power or care. especially not in a government appointed carer.