Financial Matters

Benefits

Benefits information can be accessed from the Isle of Man Department of Social Security. See Social Security benefits which includes the sections Illness and Disability, Grants and Loans and Families and Children. Within the appropriate section, choose a page on the left for your situation to access information on disability benefits.

Benefits and services of interest here relating to disability include:

  • Attendance Allowance.
  • Blue Badge Scheme for disabled parking.
  • Carers Allowance.
  • Disability Living Allowance.
  • All Work Test.
  • Industrial Injuries Disablement Benefit.
  • Incapacity Benefit (including permitted and voluntary work)

Veterans Welfare Service deal with all Pensions relating to service in the Armed Forces and any welfare needs (Tel: 687047). This charity is based in Markwell House but is not Government-run

If you think that you or someone you care for needs the services of a social worker to help you work out your entitlement, you can ask your doctor for a referral or ring direct on 686179 (This number is to be used for new referrals only. If you are already in contact with a Social Worker, please contact them direct.)

The office is open from 9.00 am to 5.00 pm Monday – Thursday, 9.00 am to 4.30 pm on Friday.

The Manx Citizens Advice Bureau also offer help with benefit forms.

Benefit Explanations, Disputes and Appeals.

Social Security, Isle of Man produce a leaflet, reference number GL24 (IOM) indicating what to do if you think their benefit decision is wrong. It covers:

  • Asking for an explanation
  • Disputing a decision about your benefit
  • Appealing against a decision about your benefit

These can be found at the Social Security Office. The information in this leaflet can be provided in large print or on audio tape on request.

Advocates

You may be able to get advice from an advocate under the Legal Advice and Assistance Scheme.
You can find out about this from an advocate. But if you decide to use an advocate, the Scheme does not cover the cost of an advocate to help you at the hearing. You cannot get money for things like advocates fees from the Department of Health and Social Care.A number of law firms are available on the island to offer free representation by articled clerks (people who are training to be Manx Advocates) for people who appeal to the tribunal. For a list of these firms contact the Law Society tel: 662910 or email: enquiries@iomlawsociety.co.im

General Financial Advice

Crossroads Care provides an excellent section on financial matters on its website. This is written for the UK see www.carers.org. See also www.crossroadsiom.org for local services.

Add yourself to the Manx Gas Vulnerable/Low Income Households list and get 2.5% discount even if you are not on Direct Debit. Contact Maggie Sullivan on 644481 for more information.

Manx Utilities have a Priority Care scheme for those who are infirm, disabled, chronically sick, on low income support, with poor sight and/or hearing difficulties and those in need of special attention – for example with language difficulties. One of their services offers help and advice on ways of paying and/or understanding your energy bills and understanding your meter. For further information contact the Customer Services Team by tel: 687687 or email: PCC@manxutilities.im

The Continence Advisor advises on the most suitable approach to a continence issue. Supplies are delivered to the home. There is no charge for this service (6.11.17). Tel: 693551 for more information.

Hearing aids can be available through the Audiology clinic after a hearing test that indicated that a hearing aid is needed. Tel: 650407 for general enquiries. This service is accessed with a self-referral form, see https://www.gov.im/categories/health-and-wellbeing/hospitals-and-emergency-treatment/nobles-hospital/audiology-hearing-and-balance/adult-hearing-aid-service/

Financial help may be available for glasses through the Vouchers for Glasses scheme, accessed through the Department of Social Security. Check out NHS vouchers for Glasses to see if you qualify.

Social Services and aids and equipment

Social Services can help with the installation of a ramp, lift or special equipment,for example a hoist needed in the home for convenience, comfort or safety. They may make a charge for doing this under the Chronically Sick or Disabled Persons Act.

Exceptional Needs Grants and Budgeting Loans

Exceptional Needs Grants are lump sum payments that may, in certain circumstances, be payable to help towards expenses that are not covered by your Income Support or income-based Jobseeker’s Allowance. Unlike Budgeting Loans, Exceptional Needs Grants do not have to be paid back. Please download BLG2 – Budgeting Loans and Exceptional Needs Grants for information on what you may be able to receive an Exceptional Needs Grant for. To make a decision, the adjudication officer will look at whether or not there is a genuine and reasonable need for the item in question.

Savings and Investments

Our website users may have lump sums to invest or wish to find sources of decent return on their capital. Please note that we are not promoting or recommending any service listed on this site and accept no responsibility of any nature for their services.

Pound a Day Portfolio

The Pound a Day Portfolio™ is operated by FIM Capital in the Isle of Man and provides an ideal investment platform for investors with £25,000 or more to invest. The investment management fee is, as the title suggests, one pound a day or £365 a year (extra leap year days are free!).

There are four types of Pound a Day Portfolios:

  • The ‘Collective’ Portfolio
  • The ‘Selective’ Portfolio
  • The ‘Selective Growth’ Portfolio
  • The ‘American Selective’ Portfolio

Other features of the Pound a Day Portfolio include a regular savings scheme and a full online valuation service. Clients benefit from the full range of services available to all FIM Capital clients, including regular investment reports, income schedules and cash statements. Each Pound a Day Portfolio accumulates dividends which can either be reinvested back into the portfolio for enhanced returns or paid away each calendar quarter.

Please note that all third party costs (at discounted institutional rates) such as brokerage, settlement and custody fees will be deducted without mark up as and when they become due. See https://poundadayportfolio.com/

The Manx Credit Union offer savings schemes and loans are expected to be available shortly. They also offer information on budgeting and signposting other money management tools. The office is open on Tuesdays and Saturdays 10am-2pm, and 5-7pm on Thursdays. Find it at Nadine House, 13 North Quay, Douglas. Tel:619459 email info@mcu.im or visit www.mcu.im for more information.

Dealing with Debt

  • Island residents who find themselves in financial difficulty are being reminded that a confidential Debt Counselling Service remains available to them.

The service, run by the Isle of Man Government’s Office of Fair Trading (OFT), gives people the opportunity to talk to a specialist debt counsellor about their financial concerns.

You can contact the Debt Counselling Service by emailing debt@gov.im, by calling +44 01624 686500 or  view www.gov.im/categories/tax-vat-and-your-money/manage-your-money/  .

Further guidance on budgeting is available in a free booklet which is available by contacting the Debt Counselling Service or can be found online at www.gov.im/media/1359928/complete-debt-booklet.pdf  .

Alternatively The Salvation Army can help you to put together a budget and advise you on debt. Tel: 675702 or email iomdas@salvationarmy.org.uk to book an appointment or discuss your situation.

There are also online tools to help you avert a crisis. See the UK government’s Money Advice Service, see www.moneyadviceservice.org.uk at “debt and money”. Also available is www.citizensadvice.org.uk at “debt and money”, “budgeting” and “work out your budget”. There are UK terms like council tax but you can input a Manx equivalent. These tools take about an hour to complete.

  • Manx Utilities will help you work out a method of payment should you have utility bills. It is far better to talk to them earlier than later. They will be understanding and happy to advise. General inquiries tel: 687687.
  • Manx Citizens Advice are used to giving advise on debt problems and the service is free. Tel 813466.
  • The Manx Credit Union lends small amounts of money without interest for those in financially difficult positions. Ring 619459 or visit at Nadine House /13 North Quay, North quay, Douglas for more information.
  • Supporting the agricultural community in times of serious difficulty is the Isle of Man Agricultural Benevolent Fund, a fund built up with events and donations by the farming community. If you are part of the farming community send a private message on facebook to find out if you qualify. The page is called Isle of Man Agricultural Benevolent Fund.
  • If you are really struggling and in crisis, you might want to investigate how to access the food bank at https://isleofmanfoodbank.wordpress.com  . This provides basics for a few weeks only but will stop you going hungry.

The Samaritans are on the phone if you wish to get things off your chest and the call is free on number 116 123. You can call in at 5 Victoria Place if you would rather talk face-to-face.

Senior Side Gigs: Why Let Millennials Have All the Fun? Guest blog by Karen Weeks of Elderwellness

Retirement is often thought of as a time of slowing down and filling your days with long-neglected hobbies, like gardening or golf. But perhaps the real treasure to be found in retirement is the absence of pressures imposed by other people – like a work superior. Many seniors want to leave those pressures behind but still enjoy the benefits of being active, of feeling needed, and of being around people. So why not a side gig, or side hustle? Popular with Millennials – those ages 25-40 – side hustles give them the opportunity to eventually be where you are right now: Free from their regular day job – only faster! Ironic, right?

Irony aside, seniors may not see the many other benefits of having a side gig – benefits that can enrich your retirement years, as well as your bank account.

Don’t rule out anything

Side hustles these days span the traditional to the somewhat non-traditional. On the more traditional side, you can work in a school cafeteria, fill a need by being a substitute teacher, or sit with high-risk hospital patients to make sure they stay safe. Some retirees stick with side gigs that mirror their lifelong profession, only on a consulting basis; or they can morph their professional skills into a new business. For example, a journalist can turn their writing skills into writing for people with disabilities.

On the less traditional side, if you’re a professional – or just an able amateur – hairstylist, consider advertising your services for proms and weddings. If you’re a whiz at putting together furniture or toys, there are likely scores of young families who could use your services.

What if you find that your side gig is turning into a rather lucrative business – one that you enjoy? It may be time to think of starting your own business – and why not? How and when you work is still within your control, and in addition to making your retirement years fulfilling, it may be something that your kids or grandchildren would be interested in joining and continuing.

If this appeals to you, however, consider forming an LLC, or limited liability company. This will offer your personal assets some protection while providing you with tax advantages but with less paperwork and more flexibility than other corporate structures. The rules for setting up an LLC are different depending on where you live, so do your research. You can also hire an attorney to set it up for you, but by using ZenBusiness, an online formation service, you can avoid those lawyer fees.

What’s in it for you?

Besides the obvious financial benefits of a side hustle or post-retirement business, and the possibility of leaving a business for your kids or grandkids to inherit, you can gain increased mental and physical benefits, as well. Studies show that the mental and physical stimulation of continued work can lead to living longer, as long as it’s not too demanding, especially physically. Additionally, if your work involves interacting with people younger than you, it can improve overall well-being for both of you; you each have something to offer the other.

Earn and engage

Side gigs after retirement can fill otherwise long and lonely days with purpose and meaning. You are still in control of your life, without external pressures, while reaping the benefits of increased mental engagement, appropriate physical activity, additional financial security – and have fun doing it. In other words, you are the envy of many Millennials.

 

Retirement is often thought of as a time of slowing down and filling your days with long-neglected hobbies, like gardening or golf. But perhaps the real treasure to be found in retirement is the absence of pressures imposed by other people – like a work superior. Many seniors want to leave those pressures behind but still enjoy the benefits of being active, of feeling needed, and of being around people. So why not a side gig, or side hustle? Popular with Millennials – those ages 25-40 – side hustles give them the opportunity to eventually be where you are right now: Free from their regular day job – only faster! Ironic, right?

Irony aside, seniors may not see the many other benefits of having a side gig – benefits that can enrich your retirement years, as well as your bank account.

Don’t rule out anything

Side hustles these days span the traditional to the somewhat non-traditional. On the more traditional side, you can work in a school cafeteria, fill a need by being a substitute teacher, or sit with high-risk hospital patients to make sure they stay safe. Some retirees stick with side gigs that mirror their lifelong profession, only on a consulting basis; or they can morph their professional skills into a new business. For example, a journalist can turn their writing skills into writing for people with disabilities.

On the less traditional side, if you’re a professional – or just an able amateur – hairstylist, consider advertising your services for proms and weddings. If you’re a whiz at putting together furniture or toys, there are likely scores of young families who could use your services.

What if you find that your side gig is turning into a rather lucrative business – one that you enjoy? It may be time to think of starting your own business – and why not? How and when you work is still within your control, and in addition to making your retirement years fulfilling, it may be something that your kids or grandchildren would be interested in joining and continuing.

If this appeals to you, however, consider forming an LLC, or limited liability company. This will offer your personal assets some protection while providing you with tax advantages but with less paperwork and more flexibility than other corporate structures. The rules for setting up an LLC are different depending on where you live, so do your research. You can also hire an attorney to set it up for you, but by using ZenBusiness, an online formation service, you can avoid those lawyer fees.

What’s in it for you?

Besides the obvious financial benefits of a side hustle or post-retirement business, and the possibility of leaving a business for your kids or grandkids to inherit, you can gain increased mental and physical benefits, as well. Studies show that the mental and physical stimulation of continued work can lead to living longer, as long as it’s not too demanding, especially physically. Additionally, if your work involves interacting with people younger than you, it can improve overall well-being for both of you; you each have something to offer the other.

Earn and engage

Side gigs after retirement can fill otherwise long and lonely days with purpose and meaning. You are still in control of your life, without external pressures, while reaping the benefits of increased mental engagement, appropriate physical activity, additional financial security – and have fun doing it. In other words, you are the envy of many Millennials.