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  • FIRST POST
    • NaomiP
    • By NaomiP 10th Mar 17, 12:24 PM
    • 5Posts
    • 0Thanks
    NaomiP
    Surviving the next 5 years
    • #1
    • 10th Mar 17, 12:24 PM
    Surviving the next 5 years 10th Mar 17 at 12:24 PM
    ​Single 50 year old woman.
    Property owned outright, recently on the market for 495,000 in order to downsize.
    Money purchase pension worth ~330,000
    Savings ~15,000 and eroding gradually.
    No debts.
    Self-employed zero hour contract, capped at 1000 per month. Work is dwindling, last month invoice only 250
    Current outgoings ~1500 per month.
    So the question is how can I access some of the money in my property or pension on a draw down basis until such time as either the property is sold or I reach 55 and can access my pension please?
    best wishes
    Naomi.
Page 1
    • kingstreet
    • By kingstreet 10th Mar 17, 12:26 PM
    • 31,301 Posts
    • 16,715 Thanks
    kingstreet
    • #2
    • 10th Mar 17, 12:26 PM
    • #2
    • 10th Mar 17, 12:26 PM
    You would need to sell the property.

    You might wish to ask for retirement planning advice here;-

    http://forums.moneysavingexpert.com/forumdisplay.php?f=19
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • NaomiP
    • By NaomiP 10th Mar 17, 12:34 PM
    • 5 Posts
    • 0 Thanks
    NaomiP
    • #3
    • 10th Mar 17, 12:34 PM
    • #3
    • 10th Mar 17, 12:34 PM
    Thank you Kingstreet.

    That is in hand, however that could take some time in my area, hence my question about surviving in the meantime with savings having dwindled away.

    Will share this with the forum you suggest.
    • ACG
    • By ACG 10th Mar 17, 12:35 PM
    • 14,700 Posts
    • 7,359 Thanks
    ACG
    • #4
    • 10th Mar 17, 12:35 PM
    • #4
    • 10th Mar 17, 12:35 PM
    I do not think there is anything like what you are after.

    I take it you can not get another job?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • NaomiP
    • By NaomiP 10th Mar 17, 12:42 PM
    • 5 Posts
    • 0 Thanks
    NaomiP
    • #5
    • 10th Mar 17, 12:42 PM
    • #5
    • 10th Mar 17, 12:42 PM
    Not much of an economy in the area needing my skills. What work I have is online and not locally based, only found that by chance and seems to be dwindling now. Saying that I am developing my skills in a new direction that in time I hope will bear fruit.

    Time is the problem here and I am trying to find some options if basic things like sell house or get more income don't happen by the time my savings run out.
    • getmore4less
    • By getmore4less 10th Mar 17, 1:16 PM
    • 28,364 Posts
    • 16,965 Thanks
    getmore4less
    • #6
    • 10th Mar 17, 1:16 PM
    • #6
    • 10th Mar 17, 1:16 PM
    Why not review where the 1500pm is going that seem a lot for 1 person with no mortgage.
    • NaomiP
    • By NaomiP 10th Mar 17, 1:46 PM
    • 5 Posts
    • 0 Thanks
    NaomiP
    • #7
    • 10th Mar 17, 1:46 PM
    • #7
    • 10th Mar 17, 1:46 PM
    Thank you, the house is expensive to run so not much leeway.

    My original question was:

    "So the question is how can I access some of the money in my property or pension on a draw down basis until such time as either the property is sold or I reach 55 and can access my pension please?"
    • kingstreet
    • By kingstreet 10th Mar 17, 2:16 PM
    • 31,301 Posts
    • 16,715 Thanks
    kingstreet
    • #8
    • 10th Mar 17, 2:16 PM
    • #8
    • 10th Mar 17, 2:16 PM
    As there is so little that can be done, people are trying different approaches to try to help you.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • silvercar
    • By silvercar 10th Mar 17, 3:03 PM
    • 35,119 Posts
    • 148,217 Thanks
    silvercar
    • #9
    • 10th Mar 17, 3:03 PM
    • #9
    • 10th Mar 17, 3:03 PM
    There are products that will allow you to release equity now. This one was mentioned in the Sunday Times recently:

    https://familybuildingsociety.co.uk/Mortgages/retirement-lifestyle-booster/retirement-lifestyle-booster-home.aspx

    there are probably others.
    • getmore4less
    • By getmore4less 10th Mar 17, 3:07 PM
    • 28,364 Posts
    • 16,965 Thanks
    getmore4less
    Even if it's expensive 18k a year is a lot.
    lets say aiming high per month
    200 CT
    100 gas
    100 electric
    100 phone internet TV
    300 car
    200 groceries.

    still 500pm.

    do a SOA and review, debtfreewanabee board will have loads of ideas.

    if it's not selling drop the price.

    if you need more income get a lodger or two.
    • kingstreet
    • By kingstreet 10th Mar 17, 3:29 PM
    • 31,301 Posts
    • 16,715 Thanks
    kingstreet
    There are products that will allow you to release equity now. This one was mentioned in the Sunday Times recently:

    https://familybuildingsociety.co.uk/Mortgages/retirement-lifestyle-booster/retirement-lifestyle-booster-home.aspx

    there are probably others.
    Originally posted by silvercar
    Unfortunately not.

    HOW OLD DO YOU HAVE TO BE?
    The youngest borrower must be aged 60 or over at the time of the application, and the oldest borrower must be aged 79 or under at the time of application.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • dimbo61
    • By dimbo61 10th Mar 17, 3:59 PM
    • 9,350 Posts
    • 5,073 Thanks
    dimbo61
    You can rent out a room in your house and earn up to 7,500 tax free from the rent a room scheme.
    Easyroomate and spareroom are good websites to find a Lodger.
    Lodgers have few rights so if your not happy or you sell the property then they can be evicted quickly.
    • Number75
    • By Number75 10th Mar 17, 6:01 PM
    • 136 Posts
    • 146 Thanks
    Number75
    Your savings will last 10 months assuming zero job income, so that's worst case.
    Why not drop the price on your house if there is no interest?
    • Trentenders
    • By Trentenders 11th Mar 17, 9:54 AM
    • 1,094 Posts
    • 653 Thanks
    Trentenders
    Get a job in Tesco filling shelves as a temporary measure to see you through?
    • getmore4less
    • By getmore4less 11th Mar 17, 10:33 AM
    • 28,364 Posts
    • 16,965 Thanks
    getmore4less
    Self-employed zero hour contract, capped at 1000 per month. Work is dwindling, last month invoice only 250
    Current outgoings ~1500 per month
    how long have you had the at least 6k PA shortfall?
    • Gin and Milk
    • By Gin and Milk 11th Mar 17, 11:18 AM
    • 209 Posts
    • 240 Thanks
    Gin and Milk
    I appreciate you want to find a job which covers all of your outgoings, which I have to say do seem very high for someone who is single and mortgage free, however what sort of work are you prepared to do?

    If all you got last month from your zero hour contract was 250 then anything above that will make your savings last longer. Given your outgoings I'm guessing you have a car - could you sell that and buy a cheaper one? If you have a car I would seriously think about travelling further for work and I would also suggest that you consider pretty much anything that will make your savings stretch further if nothing else and if that means scrubbing toilets then so be it.
    Go through your bank statements and be honest and ruthless, that way you should be able to reduce your outgoings by quite a bit.
    • minimike2
    • By minimike2 12th Mar 17, 11:06 AM
    • 1,854 Posts
    • 1,361 Thanks
    minimike2
    Get a job in Tesco filling shelves as a temporary measure to see you through?
    Originally posted by Trentenders
    This.

    There is always work to be had. If your skill set is not in demand then you need to re-evaluate your objective. Increasing your income is a much better option than increasing your debt, even if that means taking a low skilled job. There are always jobs like this available which will help your situation.

    Hop over to the debt free wannabe forum and complete their budget planner. They will make suggestions on reducing your bills. Starting for example with your 200 a month groceries. We are a family of 4 and spend less than 250 a month. I suspect you have the opportunity to switch to a cheaper supermarket.

    Your work is mainly online. Do you need such an expensive car? Sounds like this could be cut and swapped for a little cheap runabout.

    Then there is the usual gas / electric swap. 100 a month for phone / internet / TV is way over the top. Ditch Sky or Virgin or whatever pay to watch TV you have and move onto a cheap package. If you dont need a land line phone then Vodafone and virgin offer broadband only options. If you need the land line there are still options way cheaper than 100 a month - You can at LEAST halve that.

    If you adjust your outgoings and look to take on some form of work, you can probably even out your spending without issue, but you have to be willing to accept that you need to make those changes, at least until the point you are able to sell the house.
    I am a mortgage industry professional. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice
    • getmore4less
    • By getmore4less 12th Mar 17, 2:53 PM
    • 28,364 Posts
    • 16,965 Thanks
    getmore4less
    This.

    There is always work to be had. If your skill set is not in demand then you need to re-evaluate your objective. Increasing your income is a much better option than increasing your debt, even if that means taking a low skilled job. There are always jobs like this available which will help your situation.

    Hop over to the debt free wannabe forum and complete their budget planner. They will make suggestions on reducing your bills. Starting for example with your 200 a month groceries. We are a family of 4 and spend less than 250 a month. I suspect you have the opportunity to switch to a cheaper supermarket.

    Your work is mainly online. Do you need such an expensive car? Sounds like this could be cut and swapped for a little cheap runabout.

    Then there is the usual gas / electric swap. 100 a month for phone / internet / TV is way over the top. Ditch Sky or Virgin or whatever pay to watch TV you have and move onto a cheap package. If you dont need a land line phone then Vodafone and virgin offer broadband only options. If you need the land line there are still options way cheaper than 100 a month - You can at LEAST halve that.

    If you adjust your outgoings and look to take on some form of work, you can probably even out your spending without issue, but you have to be willing to accept that you need to make those changes, at least until the point you are able to sell the house.
    Originally posted by minimike2
    Love it when someone wades into a thread without comprehending it.
    (especially a mortgage professional on the mortgage board)

    no where has the OP said what they spend on anything only a total.
    • silvercar
    • By silvercar 12th Mar 17, 3:01 PM
    • 35,119 Posts
    • 148,217 Thanks
    silvercar
    Single person council tax discount should be claimed.

    Would a secured loan be an option?
    • Rich2808
    • By Rich2808 12th Mar 17, 3:07 PM
    • 427 Posts
    • 366 Thanks
    Rich2808
    My advice. Be grateful you aren't self employed on a zero hours contract and renting like millions are in the UK these days. Many families with kids rely on less than 1500 a month and they have to pay housing costs out of that.

    My other suggestion - economise.
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