Advice please

Olliesnana

bouicca21 wrote: »

If you earn £50k and are in the local government pension scheme then you will be well provided for in retirement.

50k may sound like a fortune to some people but isn't enough to buy in or around London at your age, even if you were younger you would struggle to get a big enough mortgage. And why do you want to? You have a secure tenancy with no worries about major repair bills. Your financial future is assured.

Thanks bouicca21,
Local government schemes are not as good as they were, but that does reassure me a bit, I suppose I could act on previous advice in this thread and increase the amount I pay in.

I have been thinking about moving away as also suggested but I’m born here - my friends and family is here.

I also realise that private sector schemes are not nearly as good so I am lucky in that respect

Kind regards all who have given me some ideas so far

lookstraightahead

Personally I wouldn!!!8217;t buy, just save lots of money for the next few years and then perhaps re-assess a bit later in life. Why do you want to buy now? Who knows what will happen to the housing market over the next few years and long-term you might find all your cash wrapped up in an asset without being able to sell quickly if push comes to shove. You will have more choices by just getting your head down and saving. It!!!8217;s lovely to have the prospect of buying after renting for so long, but having more choice and freedom is even better I think.

Olliesnana

lookstraightahead wrote: »

Personally I wouldn!!!8217;t buy, just save lots of money for the next few years and then perhaps re-assess a bit later in life. Why do you want to buy now? Who knows what will happen to the housing market over the next few years and long-term you might find all your cash wrapped up in an asset without being able to sell quickly if push comes to shove. You will have more choices by just getting your head down and saving. It!!!8217;s lovely to have the prospect of buying after renting for so long, but having more choice and freedom is even better I think.

Thanks lookstraightahead, I suppose I was thinking now or never due to my age, I have researched some parts of England where I could buy at low cost, but would I be happy there when I am properly old? I lie being on hand for my grandchild too.

I need to think more and I’ll reassess my finances and save hard for now

Cheeky_Monkey

You live in social housing and earn £50k!!

You should have more than enough money to have a comfortable retirement and stay living near your family.

As I imagine you are probably living in a 'family' home, have you considered downsizing to reduce your rent?

Olliesnana

I downsized after my first son left home, and my intention is to exchange this current much smaller property with that son, who now has a child.

£50,000 sounds a lot, but actually this is a very recent event in my life, as you’ll see from previous posts. Had I been earning £50,000 for years then perhaps I could have bought, but it has taken me a very long time to get to this stage.

If anyone else can suggest ways I might secure a financial future please feel free!

All advice gratefully considered

AnotherJoe

Olliesnana wrote: »

I downsized after my first son left home, and my intention is to exchange this current much smaller property with that son, who now has a child.

£50,000 sounds a lot, but actually this is a very recent event in my life, as you’ll see from previous posts. Had I been earning £50,000 for years then perhaps I could have bought, but it has taken me a very long time to get to this stage.

If anyone else can suggest ways I might secure a financial future please feel free!

All advice gratefully considered

Improve your pension Rather than buya property . Then you'll be able to afford the social housing you are in, into retirement, and won't have to move away from family and friends. The pension savings are also subsidied via tax breaks which buying aproperty wont be,

Worry about grandchildren after you've assured your own financial future.

Pixie5740

Since you have a secure HA tenancy I wouldn't bother buying property. You have a secure roof over your head and don't need to pay for repairs or maintenance which will be a real boon when you retire. Property isn't the only way to invest your money there are plenty of other, more tax efficient ways to invest your money such as paying more into your pension or a stocks & shares ISA especially since you are a higher rate tax payer.

Forget about leaving your children an inheritance chances are the money would be of more benefit to them whilst they are younger not when you eventually shuffle off this mortal coil which will hopefully be many, many years away.

Think about what kind of help you are giving your child who is financially struggling. Why are they struggling? Is there a better way to help them other than financially, for example helping them to budget or directing them towards a debt charity?

Mojisola

AnotherJoe wrote: »

Improve your pension Rather than buya property . Then you'll be able to afford the social housing you are in, into retirement, and won't have to move away from family and friends.

I'd agree with this.

Owning a house in a new area many miles away from family and friends isn't likely to make you happy.

Lioness_Twinkletoes

ProDave wrote: »

Just how much is your rent?

It's a HA property she's renting so that'll be nice and low