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

Thrugelmir

musioman wrote: »

Pensions are a joke already

Spend wisely and save over your lifetime. Very basic financial planning.

G_M

musioman wrote: »

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 you get your pay at the end of the month, you plan how to spend it. Maybe not explicitly, but everyone has an idea that they need £X for rent, bills, food, phone, clothes etc.

You probobly 'put aside' a bit forthe summer holiday, new car next year etc.

Well, if you've got an ounce of sense, you also think further ahead still... to when you retire.

Whether you have a company pension scheme to which you contribute, put something into a provate scheme (with tax breaks), or conclude (as well you might) these are not reliable/sufficient) is a judgement you must make.

There's nothing to stop you building up savings in your own share portfolio, bank savings, premium bonds, property - there are dozens of ways to put something aside, just like you do for your annual holiday.....

tim123456789

theartfullodger wrote: »

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

When my mum died and my father didn't want to live in the family home on hisown he sold it and put himself on a list for secured accommodation with a localHA.

They found him something within weeks, though it was only a tiny studio. Hedid pass the "local connections" test having lived in the borough formost of his life (in fact longer than the borough existed).

He had to pay a market rent but they didn't seem to exclude him because of his "savings"

C_Mababejive

Become a van dweller/live in a caravan/motorhome?

Doshwaster

jamie11 wrote: »

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.

The problem is that this is why many people don't save at all or contribute to a personal pension. They think that if they have savings then they won't get benefits so they may as well spend all of their money now.

bodmil

Doshwaster wrote: »

The problem is that this is why many people don't save at all or contribute to a personal pension. They think that if they have savings then they won't get benefits so they may as well spend all of their money now.

Certainly shameful behaviour and I hope it gets knocked on the head soon.

Turnbull2000

UK private pensions are largely rubbish, so most private sector workers expecting to rent in retirement can expect a threadbare, benefit dependant existence.

Either set 20-30% of your salary aside so you have at least some disposable income after rent payments...or buy a property like most sensible people. If you can't set aside 20-30% and cannot buy, don't bother with a pension whatsoever. Accept your retirement will be welfare dependent or at least postponed until you're 70.

Of course, even if you do achieve a good private pension and can easily cover the rent, you still face the stress of eviction and unscrupulous landlords in your twilight years.

[Deleted User]

Anybody earning enough money to contribute enough to their own pension to give themselves a noticeable bump in post-retirement income will be earning enough money to independently save or purchase a property prior to retirement. Anybody earning too little to contribute to a pension will be not earning enough to purchase their own home.

Nobody should be retiring with a good pension without owning at least one home. This leaves the people without a good pension (or any pension at all) that will be dependant on the state pension, people dependant on the state pension will be in a dire enough financial situation that they will be eligible for social housing.

It would be very interesting to see numbers regarding retired people renting privately, it seems unlikely that any retired person that needs to rent would have the money to afford to do so, especially with how rental prices are increasing over time. If I'm right the percentage should be very small, anecdotally I know of nobody retired renting privately, although anyone retiring at the moment will have been purchasing houses back when they were exceptionally cheap (compared to now) so it will most likely change substantially over the next few decades.