Andy Burnham's office issues statement on plan to give homeless people 'no strings attached' free cash
Andy Burnham's office has responded to plans to give homeless people free cash over two years as part of an experiment.
The Greater Manchester mayor has been urged to back the proposal which would see up to 200 people paid £1,600 a month with 'no strings attached'. The Basic Income pilot proposed by the UBI Lab Network would test the idea by focusing on homeless people first.
Academics and campaigners from the group want to see the initiative rolled out universally so 'everyone gets it', arguing that an 'income floor' that nobody can fall below could end absolute poverty.
READ MORE: Suspect named after girl, 3, killed in Manchester tram and van crash
READ MORE: Major road shuts after 'serious accident' with pedestrian fighting for life
It comes after Mr Burnham committed to bringing forward a 'Basic Income' pilot in his election manifesto last year.
The Manchester Evening News understands that his office is looking at other proposals for the Basic Income pilot too.
Among other ideas put forward is the Living Income which would set an 'income floor', including through means-tested benefits.
Responding to the UBI Lab Network's proposal, a Greater Manchester Combined Authority (GMCA) spokesperson said: "It is very positive to see a lot of effort and thought looking into how a Universal Basic Income, or a similar approach, could work and benefit residents across Greater Manchester.
"We are committed to doing all that we can for those at the sharpest end of health, social and economic inequality and we know that too many are still struggling with the cost of living.
"Through our transformative 'GM Live Well' agenda we want to make sure the right support is available for all through a prevention-first approach, and a Universal Basic Income would go a long way in increasing economic security and reducing financial stress for many of our residents.
"As part of our Live Well plans, we would welcome working with the Government to pilot truly progressive ways to at addressing poverty and helping the most vulnerable in our society."
In his election manifesto, the Labour mayor said that Greater Manchester would not be able to bring forward a Basic Income pilot alone, but committed to making the case to the government for the city-region to host one.
Under UBI Lab Network's plans for the pilot, up to 200 people would get £1,600 a month - £38,400 over the two-year period - costing £7.68m in total.
The group says the costs to run a pilot could be raised through a combination of central government support, public donations, support from philanthropic organisations and funding from the GMCA itself.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CBS News
9 hours ago
- CBS News
How much would an annuity pay me monthly? These are the amounts to know.
We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. Before you invest in an annuity, you may want to know how much your monthly payments could be with this retirement it comes to retirement planning, everyone has their own goals in mind, but one thing nearly everyone wants is predictable income. And, at a time when the stock market seems to swing on every headline and savings account interest still doesn't keep pace with inflation, a fixed monthly paycheck in retirement can be a need, not a want — and that's exactly what annuities aim to deliver. Annuities, and immediate fixed annuities, in particular, work by converting a lump sum of money into guaranteed monthly payments. But while the concept is simple, the payouts can vary, sometimes dramatically, based on factors like your age, gender, annuity type and how much you invest. So, if you're thinking about buying an annuity, understanding these payment differences is key to figuring out whether this retirement product is a good fit for your goals. How much can you expect an annuity to pay each month, though? Below, we break down exactly how much you can expect to receive each month from an annuity at various investment amounts and ages. Whether you're planning ahead or already near retirement, these figures can help you set expectations and make smarter choices with your money. Learn more about the annuity options available to you here. How much would an annuity pay me monthly? Annuity payouts depend on a few core factors: How much money you put in, how old you are when payments start and your life expectancy (which differs slightly between men and women). To illustrate, here's a breakdown of what you can expect for a single-life immediate fixed annuity in different purchase amounts (based on the age at the time of purchase): Annuity payments that start at age 60 Annuity payments that start at age 65 $50,000 annuity Male: $322/month Female: $309/month $100,000 annuity Male: $651/month Female: $627/month $200,000 annuity Male: $1,294/month Female: $1,240/month $250,000 annuity Male: $1,675/month Female: $1,550/month $300,000 annuity Male: $1,942/month Female: $1,861/month $400,000 annuity Male: $2,590/month Female: $2,482/month $500,000 annuity Male: $3,269/month Female: $3,151/month $750,000 annuity Male: $4,857/month Female: $4,655/month $1 million annuity Male: $6,477/month Female: $6,201/month Annuity payments that start at age 70 $25,000 annuity Male: $142.58/month Female: $125.26/month $50,000 annuity Male: $364/month Female: $344/month $100,000 annuity Male: $732/month Female: $697/month $200,000 annuity Male: $1,461/month Female: $1,381/month $250,000 annuity Male: $1,826/month Female: $1,726/month $300,000 annuity Male: $2,192/month Female: $2,072/month $400,000 annuity Male: $2,923/month Female: $2,763/month $500,000 annuity Male: $3,671/month Female: $3,498/month $750,000 annuity Male: $5,483/month Female: $5,183/month $1 million annuity Male: $7,312/month Female: $6,905/month Annuity payments that start at age 75 $25,000 annuity Male: $180.58/month Female: $157.58/month $50,000 annuity Male: $425/month Female: $395/month $100,000 annuity Male: $859/month Female: $800/month $200,000 annuity Male: $1,707/month Female: $1,586/month $250,000 annuity Male: $2,134/month Female: $2,006/month $300,000 annuity Male: $2,561/month Female: $2,379/month $400,000 annuity Male: $3,415/month Female: $3,173/month $500,000 annuity Male: $4,304/month Female: $4,014/month $750,000 annuity Male: $6,404/month Female: $5,952/month These estimates are based on a single-life immediate fixed annuity, which begins paying out right after purchase and continues for the rest of your life. Generally, the older you are when you buy the annuity, the larger your monthly payments will be, mainly because the insurer anticipates making payments for a shorter period. It's also worth noting that current interest rates can influence how much income you'll receive each month. And keep in mind that men usually receive higher monthly payouts than women because women tend to live longer. That longer life expectancy means the same annuity amount has to be spread out over more years for a woman, resulting in smaller monthly payments. And, other factors, like choosing a joint-life annuity, which provides income to your spouse after your death, or adding inflation protection, can also impact the monthly payout. Prepare for retirement by adding an annuity to your portfolio today. When is an annuity worth it? An annuity isn't right for everyone, but it can be a powerful tool under the right circumstances, especially for people who worry about outliving their savings. Here's when an annuity may be worth considering: You need guaranteed income. If Social Security and your 401(k) won't fully cover your retirement expenses, an annuity can help fill the gap with steady monthly income. If Social Security and your 401(k) won't fully cover your retirement expenses, an annuity can help fill the gap with steady monthly income. You want peace of mind. Annuities offer predictability. For those tired of watching their investments bounce up and down, knowing exactly how much money is coming in every month can provide peace of mind. Annuities offer predictability. For those tired of watching their investments bounce up and down, knowing exactly how much money is coming in every month can provide peace of mind. You're healthy and expect a long retirement. The longer you live, the more value you get from an annuity. Someone who buys one at 65 and lives into their 90s could easily come out ahead compared to someone who tries to manage a lump sum themselves. That said, annuities do come with trade-offs. Once you hand over your lump sum of money, you typically can't access it anymore. So, these retirement products are generally better suited for people who have other liquid assets or income sources to rely on in emergencies. You'll also want to shop around. Payouts can vary slightly between insurance providers, and not all annuities offer the same features. Some include inflation adjustments or death benefits, which can affect your monthly payment amount. The bottom line Annuities can offer peace of mind and guaranteed income, but only if the math makes sense for your retirement plan. As you can see from the figures above, monthly payments range from about $125 to over $6,400 depending on how much you invest and how old you are when you start receiving checks. If you're considering an annuity, start by asking yourself what kind of income you'll need in retirement and whether locking up a lump sum today will give you the financial security you're looking for later. With the right strategy, though, an annuity could become a valuable part of your retirement plan.
Forbes
11 hours ago
- Forbes
9 Side Hustles You Can Start This Weekend
What if you could launch a new income stream by Monday, without quitting your job or working 60 ... More hours a week. What if you could launch a new income stream by Monday, without quitting your job, breaking your schedule, or draining your savings? What if the easiest way to future-proof your freedom was by starting a small side hustle this weekend? Here's the truth: the most successful business owners and freedompreneurs don't wait for the perfect timing to start something new. They test, stack, and build income streams that start simple but scale fast. And often, the best ones start quietly, on weekends. In this article, you'll discover nine real-life side hustles you can kick off by Sunday night or will give you inspiration for your own unique side hustle. Each one has been tested by real people, generates real income, and can run alongside your existing business or full-time job. You don't need more hours, you need the right idea. Let's break them down by type so you can pick what fits your style, strengths, and goals. But first… The easiest hustle is the one you can start, using what you already have. That might be your pet-friendly home, a dusty 3D printer, or a social media obsession. Ask yourself: Start there. Your answer doesn't need to be perfect, it just needs to get moving. Don't treat your side hustle like another job or thing on your to-do list. It should energize you, not exhaust you. Here's how: Many of the best small business start as side hustles. What begins as $600 a month could one day become a million-dollar business. These are perfect if you want to get started fast, use your hands or time, and serve your local community. No complex tech. No upfront investment. Just hustle and heart. If you've got a ladder and a steady hand, this is an underrated seasonal cash machine. You don't need a website or use your website if this service is complementary to your existing business. You can just post in local Facebook groups or partner with a landscaping company for referrals. Most customers will pay $300–$600 per job, and if you can book 10 houses per month, you're looking at serious extra income. Why it works: It's a niche service with high demand and probably low competition. People want their homes to shine during the holidays, but don't want to climb a ladder in the freezing cold. That's where you come in. Love animals? Pet sitting through platforms like Rover lets you earn from your home. No travel, no inventory, no complicated setup. If you're already home on weekends, this side hustle stacks beautifully with your lifestyle. If you have a dog grooming business, this could be a great extra revenue stream next to your main service. Some pet sitters earn over $1,000 a month just from weekend bookings. Add holiday demand, and your calendar fills quickly. Why it works: It's trust-based and relationship-driven. Once pet parents love your care, they become repeat clients. And repeat clients = predictable income. Cleaning services are always in demand, especially for move-out jobs, vacation rentals, and small offices. Start with one-time cleans, then offer monthly packages. One client paying $150/week adds up to $600/month. You don't need a big crew. Just solid referrals and reliable service. This is an excellent entry point for someone wanting to eventually hire a team and grow. Why it works: Predictable, repeatable, and scalable. You control your client load and can expand if demand rises. If you love to create, design, or craft, these side hustles let your creativity make money, even while you sleep. Perfect for evenings, weekends, or late-night passion projects. If you're into 3D printing, crafting, or costuming, there's a huge market in cosplay. Conventions and events fuel consistent demand. One sword or armor piece can sell for $100–$500 depending on detail. Set up a Ko-Fi page or Etsy store, post on Reddit or Discord forums, and build a small portfolio. You don't need to go viral, just create what people are already searching for. Why it works: It's niche, passionate, and premium-priced. Fans pay for quality, and props can be produced in batches over a weekend. If you sketch, paint, or illustrate, your art can live beyond Instagram likes. Platforms like Etsy allow you to sell prints, stickers, digital files, or commissions. Why it works: Once your store is live, it can run 24/7 without you. Great for artists with limited time but consistent creative output. Got a 3D printer at home? Or access to one at a makerspace? Seasonal items like ornaments sell extremely well. People love personalized gifts, and platforms like Etsy or even local markets make selling easy. Start with simple designs, and offer customization. One weekend of printing can yield dozens of products. Why it works: It's asset-based. Once you design and list the product, you can reproduce it endlessly. Bonus points if your designs go viral. These hustle ideas don't require inventory, shipping, or in-person presence. You can launch these anywhere with a laptop and Wi-Fi. Start with a niche: like reviewing phones, software, or gadgets, and upload simple comparison videos. Use affiliate links in the description to earn on purchases. As your views grow, so does your ad revenue. You don't need a studio. Many creators film on smartphones and edit using free tools. Start with one video a week and grow from there. Why it works: Compound growth. Each video becomes an evergreen income generator. Monetize via ads, sponsorships, and affiliate links. If you enjoy writing, you can pitch articles to blogs, ghostwrite newsletters, or create content for startups. Many platforms (like Upwork) make finding clients easy. Start by offering small projects. As you build your portfolio, raise your rates. Weekend writing sessions can stack into thousands per month. Why it works: It's fast to start and low cost. You get paid to learn industries and write, skills that always pay off. Most small businesses hate doing their own social media. If you enjoy Canva, Instagram, or scheduling tools, this is your edge. Start by managing posts, creating simple graphics, or writing captions. One local restaurant or gym paying $500/month for basic posts can turn into a $2,000+/month side hustle if you take on multiple clients. Why it works: Monthly retainers = predictable income. Plus, you don't need to be an expert, just more consistent than the business owner. It depends on how you scale. Service-based hustles (like cleaning or light installation) pay fast cash. Creative hustles (like art or props) scale with exposure. Online hustles (like YouTube or freelance writing) build long-term income streams. The sweet spot? A hustle you enjoy enough to keep going when results are slow, but scalable enough to grow past trading time for money. You don't need five side hustles. You need one that works. Start with the idea that feels fun, doable, and aligned with your lifestyle. Test it this weekend. Then test it again. If it works, keep going. If not, try the next one. Freedom doesn't start with quitting everything. It starts with trying something. By next weekend, you could be earning. By next year, you could be quitting your job. And it all starts with one side hustle this weekend.
Yahoo
18 hours ago
- Yahoo
Should you buy an annuity? Here's 4 times when it doesn't make sense to do so
Annuities can be a solid tool for generating guaranteed income in retirement, but they're not for everyone. Despite promises of financial peace of mind, annuities come with some big trade-offs. They're complex, often expensive and restrict access to your funds. Before you tie up your money potentially for decades, it's worth asking yourself if an annuity truly fits your financial situation. In plenty of cases, it might not. Annuities are essentially a bet that you'll live long enough to make the upfront investment worth it. You give an insurance company a lump sum or series of payments, and in return, they promise to pay you income — sometimes for life. The longer you live, the better your investment pays off, because no matter how long you live, those guaranteed payments keep coming. However, if you have concerns about your health or your family history points to a shorter life expectancy, you may be better off keeping your money elsewhere. You could spend $100,000 or more to buy an annuity and only get a few years of payments before passing away — leaving little to nothing for your heirs. Some annuities include a standard death benefit, which pays out the remaining contributions minus fees and withdrawals. (You contribute $100,000, receive $60,000 in payouts and your heirs inherit $40,000 minus fees.) You can also add a death benefit rider to your annuity, but that protection comes at an added cost — one you could avoid by skipping an annuity altogether. Similarly, since annuities restrict access to your initial investment, it can be costly — if not nearly impossible — to access your money if your health rapidly declines and your financial outlook shifts. In short, if your health isn't solid, keep your cash more liquid and flexible somewhere else. Learn more: Here's what you should know about inheriting an annuity. An annuity is often described as a do-it-yourself pension. If you're lucky enough to have a traditional pension from your job when you retire, you may already have guaranteed lifetime income. Let's say you're set to get $3,000 per month from your pension, and your expenses are $4,000 per month. Maybe an annuity could cover the $1,000 gap — but so could a smart systematic withdrawal plan, not to mention the ultimate source of guaranteed income in retirement, Social Security. If your pension covers all your essential expenses, an annuity contract will only complicate your retirement plan. You're likely better off keeping additional funds in an IRA or a high-yield savings account for emergencies and nondiscretionary spending. Annuities are complex and a bit different than other financial products. Learn how annuity fees and commissions work and the common annuity terms that every investor should know. You may also want to consult with a financial advisor if you're considering an annuity. Annuities are for people who already have their basic financial house in order. If you're still working on building up your emergency fund or paying off considerable debt, buying an annuity could make your overall financial situation worse, not better. Why? Because annuities generally require a large upfront investment in order to produce any sort of meaningful income in retirement — think $100,000 and up. Most financial experts recommend putting no more than 25 percent of your savings into an annuity, so you should have plenty of money elsewhere before signing a contract. Because once you buy an annuity, getting your money out can be difficult. Annuity funds are notoriously difficult to access without getting hit with surrender charges and tax penalties. And once you annuitize your contract, meaning you start receiving payouts from the insurer, you may not be able to take an early withdrawal at all. Annuities also generally don't offer great growth potential or adjust payouts to keep pace with inflation (unless you pay extra). If you're still trying to build wealth, you're likely better off keeping your money in a Roth IRA or a brokerage account. Get started: Match with an advisor who can help you achieve your financial goals Annuities are most useful for people who want to outsource some of their retirement planning decisions — particularly when it comes to managing investment risk and timing withdrawals. The insurance company handles the investment, the payouts and manages the risk of outliving your money. But that convenience comes at a cost: high fees, rigid rules and less flexibility. If you feel confident managing your own portfolio, it's not very useful to pay an insurance company to do what you can already handle yourself. You're likely to get better returns and more control by keeping your money invested and drawing it down in a tax-efficient way. If you want a second opinion, a one-time session with a fee-only financial advisor could go a long way and cost only a few hundred dollars — a drop in the bucket compared to the potential hidden fees baked into many annuity contracts. While annuities aren't the right choice for everyone, there are valid reasons why they continue to be part of retirement planning conversations. The trade-offs are real, but so are the benefits — especially if you're focused on long-term financial security. First, not all annuities are expensive or inflexible. Multi-year guaranteed annuities (MYGAs): These are fixed-rate annuities that act more like CDs, but with deferred taxes. They're simple, low-cost and don't require giving up access to your money forever. Longevity annuities: These deferred income annuities are purchased at retirement but don't start paying out until later — usually around age 80 or 85. Because they're designed to cover only the later years of retirement, they require a much smaller upfront investment than annuities with lifetime payouts. Second, you might feel confident managing your investments now — but what about in your 80s or 90s? Cognitive decline is a real possibility, and not everyone has a reliable person to step in and manage their finances. An annuity can automate your income and help protect you from poor decision-making later in life. And finally, while annuities are often seen as rigid, there are ways to build flexibility into your contract. For example, you can add a long-term care rider if you're worried about your declining health. Many contracts also allow annual withdrawals of up to 10 percent before you fully annuitize, giving you access to a portion of your money if you need it. Ultimately, buying an annuity is a deeply personal decision. The best move is to talk through your options with a qualified financial advisor before moving ahead. Annuities are heavily promoted as a solution to retirement planning, especially by sales reps and agents who make commissions selling them. But in reality, they're far from a one-size-fits-all fix and there are plenty of times when buying an annuity simply doesn't make sense. If you're on the fence, ask yourself what problem you're actually trying to solve by purchasing an annuity. If it's peace of mind, reliable income or protection against market volatility, there might be simpler, cheaper ways to get there. Compare advisors: Bankrate's list of the best financial advisors Editorial Disclaimer: All investors are advised to conduct their own independent research into investment strategies before making an investment decision. In addition, investors are advised that past investment product performance is no guarantee of future price appreciation. Sign in to access your portfolio
