Here's my situation:
TLDR: I'm 50+, I have no pension, no savings. I have £90 spare each month, should I put it into a SIPP?
I spent my 20's working for our family business. The business went bust owing around 105k, the majority to HMRC. It transpired the then accountant my father employed, was embezzling funds, not paying VAT or Tax & NI payments in a long while. Aside from the immediate financial eeffect, this has also had long term effect for us and the other employees.
As the reporting then was nothing like it is now and letters were intercepted by the accountant, we only found out when a Letter of Claim from a debt recovery agency arrived.
I moved in with my folks for a few years (to save paying rent) and I took out a joint loan with mum to cover the bill for fear of a CCJ & their house being repossessed and they made homeless.
Over the proceeding years, I worked several contracting jobs and had managed to help clear the loan debt, finished about 15 years ago. I'm not sure how, but I was also able to put away enough for a mortgage deposit while I was renting. Bought my little house and life was going well.
Around 10 years ago I was diagnosed with a rare degenerative neurological condition that has been taking my life away piece by piece ever since. I lost my job around 5 years ago, mid covid, and due to my physical condition, I have not been able to find suitable full time work since.
I currently work 2 days a week, one of which is volunteering, the rest of my income is from benefits, no judgement please, I literally have no choice.
I live an extremely frugal life. I'm practically housebound now, so that saves a lot. I have no dependants and have no personal debt, CCs etc. I don't expect to live much beyond 60-65.
One of the medical treatments I pay for privately with my PIP has just dropped in cost, hence the luxury of having spare cash. If I put the money into an ISA it will count as capital to the detriment of my UC entitlement, but a SIPP seems a far better & more efficient way of keeping the spare money I have that I can then leave to my nephew when I pass.
Is this a good idea? Is it too late to be worthwhile? Im thinking anything is better than nothing.
I thank you all for any input and advice. Apologies for the long post.