What to renters do when they retire? (retiring renting)

underthesea

Out of interest, if you can't afford to buy and you're renting into your 60's, loose your job, what options are there for these folk?

Little scared of the future with this thought. Saying that, in Europe, everybody rents opposed to buying but I assume renting is so cheap people can save for a retirement. I know if you owned your own property you can sell, etc but in this climate, i won't be able to afford to buy

Thoughts?

G_M

They use their pensions to pay the rent. Which of course is one reason why it is important to contribute to a pensions scheme, ideally from an early age onwards.

Eliza_2

I'm of retirement age and I rent. There's no difference between renters and buyers. You use whatever income you have, job, pensions, benefits whatever to pay for your outgoings, whether rent, transport, food etc. In exactly the same way as people who own their own homes.

Is this something that's looming closely on your horizon that it worries you?

silvercar

Eliza wrote: »

I'm of retirement age and I rent. There's no difference between renters and buyers. You use whatever income you have, job, pensions, benefits whatever to pay for your outgoings, whether rent, transport, food etc. In exactly the same way as people who own their own homes.

Is this something that's looming closely on your horizon that it worries you?

I hope to have paid off my mortgage before I retire, so won't have any rent to find.

jamie11

musioman wrote: »

Out of interest, if you can't afford to buy and you're renting into your 60's, loose your job, what options are there for these folk?

If you have insufficient income then you apply for housing benefit or UC as it will soon become. There's no shame in it. You are as entitled to it as anyone.

custardy

silvercar wrote: »

I hope to have paid off my mortgage before I retire, so won't have any rent to find.

just repairs

Im just playing devils advocate really

debrag

this is why I want to buy by the time I'm 40 though my partner will be much older then and user about putting him on the mortgage.

theartfullodger

You may find over 50/55/60/65 zoned council or housing association property has a MUCH SHORTER waiting list that general stuff..

Apply to go onto the local council waiting list/register, almost always a common list with local housing associations.. Nothing to stop you btw applying to various councils, particularly if you have local connections, but it depends on each councils rules....

Costs nothing, you lose nothing, if you get a place chances are it will be CHEAPER & your security of tenure much better than in a private let (the Section 21 notice problem, fault of Thatcher if anyone is interested...)

eg
http://www.slough.gov.uk/housing/older-peoples-housing.aspx

&

http://www.slough.gov.uk/housing/housing-register.aspx

underthesea

In 30 years time, not sure there will be any benefit schemes at all!

Pensions are a joke already so to pay rent out of that would be turning water into wine.

When do you apply for the housing association scheme?

theartfullodger

Look at your local council website & apply... I can't see it from here...

sofaspud1234

G_M wrote: »

They use their pensions to pay the rent. Which of course is one reason why it is important to contribute to a pensions scheme, ideally from an early age onwards.

My husband retired recently and has a good pension, I still work but after recent redundancy I have been able to step down a level and maintain our income.