Any long term renters in? Do you worry about your future?

boxer234

Deleted_User said:

ProDave said:

The biggest problem for long term renters is retirement.  If planning to rent for your whole life then you have better be putting a LOT more into your pension provision so you can carry on paying rent when you have retired.

Most home owners have paid off their mortgage and own the house outright by retirement, so the cost of living and therefore pension required for retirement is a lot less.

boxer234 said:

ProDave said:

The biggest problem for long term renters is retirement.  If planning to rent for your whole life then you have better be putting a LOT more into your pension provision so you can carry on paying rent when you have retired.

Most home owners have paid off their mortgage and own the house outright by retirement, so the cost of living and therefore pension required for retirement is a lot less.

We know this is why we are worried 
If you can’t afford to buy how can you afford a big pension? 

I've pretty much given up on retirement, I've no private pension, couldn't afford it.  So there is effectively no retirement for the likes of me, the worry is when I am too old for work or have health issues meaning I can't work I will effectively end up homeless.  I'm willing to be this is a problem that comes to bite the goverment on the !!!!!! in years to come.  Lack of any affordable housing and backing private landlords for votes has caused this problem.

Of course we might not need to worry about it as civilisation might have collapsed due to lack of fuel and we are living in a mad max style future.  

[Deleted User]

boxer234 said:

Deleted_User said:

ProDave said:

The biggest problem for long term renters is retirement.  If planning to rent for your whole life then you have better be putting a LOT more into your pension provision so you can carry on paying rent when you have retired.

Most home owners have paid off their mortgage and own the house outright by retirement, so the cost of living and therefore pension required for retirement is a lot less.

boxer234 said:

ProDave said:

The biggest problem for long term renters is retirement.  If planning to rent for your whole life then you have better be putting a LOT more into your pension provision so you can carry on paying rent when you have retired.

Most home owners have paid off their mortgage and own the house outright by retirement, so the cost of living and therefore pension required for retirement is a lot less.

We know this is why we are worried 
If you can’t afford to buy how can you afford a big pension? 

I've pretty much given up on retirement, I've no private pension, couldn't afford it.  So there is effectively no retirement for the likes of me, the worry is when I am too old for work or have health issues meaning I can't work I will effectively end up homeless.  I'm willing to be this is a problem that comes to bite the goverment on the !!!!!! in years to come.  Lack of any affordable housing and backing private landlords for votes has caused this problem.

Of course we might not need to worry about it as civilisation might have collapsed due to lack of fuel and we are living in a mad max style future.  

Oh the way things are going in this country I wouldn't rule anything out at the moment, every week seems to bring a new surprise.

lookstraightahead

ProDave said:

The biggest problem for long term renters is retirement.  If planning to rent for your whole life then you have better be putting a LOT more into your pension provision so you can carry on paying rent when you have retired.

Most home owners have paid off their mortgage and own the house outright by retirement, so the cost of living and therefore pension required for retirement is a lot less.

Not so sure now. People buy later with small deposits and get into an overwhelming amount of debt. They keep remortgaging but they don't look ahead.

seven-day-weekend

Deleted_User said:

It's something I never really thought about until I heard a discussion on the radio this week.

I'm in my 40s now, been renting 20 years, had about 6 moves within that time.  Through various life circumstances and with renting at the same time I've never been able to get a mortgage.  

During them 20 years, I've seen renting stock dwindle and dwindle and rent prices rise and rise.  I have a cousin who has had to split up his family and move home as his landlord sold up, so he and his son live at his parents, the wife and daughter live at their parents, it's quite a situation and one I fear I may be in shortly myself because if rent prices rise any more and they will as we won't be able to afford it either even with working two jobs.

Judging by the phone in's to this radio show I'm not alone,  a situation that could be fixed by the government building more social housing rather than focusing on keeping landlords sweet.

You must be joking!  Rules and regs for landlords are getting more and more onerous, as successive Governments expect private landlords to be social housing providers.

However, I feel for your plight, it must be very worrying and I agree there should be more proper  social housing.

comeandgo

Deleted_User said:

ProDave said:

The biggest problem for long term renters is retirement.  If planning to rent for your whole life then you have better be putting a LOT more into your pension provision so you can carry on paying rent when you have retired.

Most home owners have paid off their mortgage and own the house outright by retirement, so the cost of living and therefore pension required for retirement is a lot less.

boxer234 said:

ProDave said:

The biggest problem for long term renters is retirement.  If planning to rent for your whole life then you have better be putting a LOT more into your pension provision so you can carry on paying rent when you have retired.

Most home owners have paid off their mortgage and own the house outright by retirement, so the cost of living and therefore pension required for retirement is a lot less.

We know this is why we are worried 
If you can’t afford to buy how can you afford a big pension? 

I've pretty much given up on retirement, I've no private pension, couldn't afford it.  So there is effectively no retirement for the likes of me, the worry is when I am too old for work or have health issues meaning I can't work I will effectively end up homeless.  I'm willing to be this is a problem that comes to bite the goverment on the !!!!!! in years to come.  Lack of any affordable housing and backing private landlords for votes has caused this problem.

My mum never worked, never had anything  other than state pension and benefits which paid most of her rent. She managed fine, had no car, did not smoke or drink and no worries regarding property repairs.  

JJC1956

Deleted_User said:

It's something I never really thought about until I heard a discussion on the radio this week.

I'm in my 40s now, been renting 20 years, had about 6 moves within that time.  Through various life circumstances and with renting at the same time I've never been able to get a mortgage.  

During them 20 years, I've seen renting stock dwindle and dwindle and rent prices rise and rise.  I have a cousin who has had to split up his family and move home as his landlord sold up, so he and his son live at his parents, the wife and daughter live at their parents, it's quite a situation and one I fear I may be in shortly myself because if rent prices rise any more and they will as we won't be able to afford it either even with working two jobs.

Judging by the phone in's to this radio show I'm not alone,  a situation that could be fixed by the government building more social housing rather than focusing on keeping landlords sweet.

No harm putting your name down on the local council housing list, It might take a few years to get near the top of the list but lists tend to change once you get past 50, I put my name down about 14 years ago and was up in the 900’s on the general waiting list but when i checked about 7 years ago, there were a few lists, over 50’s over 55’s over 60’s and Warden Assisted, on the general list i was still up in the hundreds but on the over 55’s list I was in the 20’s, a few months later I successfully applied for a flat in an over 50’s block.
Good Luck

[Deleted User]

Deleted_User said:

It's something I never really thought about until I heard a discussion on the radio this week.

I'm in my 40s now, been renting 20 years, had about 6 moves within that time.  Through various life circumstances and with renting at the same time I've never been able to get a mortgage.  

During them 20 years, I've seen renting stock dwindle and dwindle and rent prices rise and rise.  I have a cousin who has had to split up his family and move home as his landlord sold up, so he and his son live at his parents, the wife and daughter live at their parents, it's quite a situation and one I fear I may be in shortly myself because if rent prices rise any more and they will as we won't be able to afford it either even with working two jobs.

Judging by the phone in's to this radio show I'm not alone,  a situation that could be fixed by the government building more social housing rather than focusing on keeping landlords sweet.

Yes. Renting into old age is not going to be easy as your income reduces and rents keep increasing. What's more, property is the bulk of most people's wealth. Your children will be stuck renting too because you have little to hand down to them, relatively speaking.

It's looking grim for a lot of people and there is no solution. I'm a similar age, desperately trying to buy but priced out of the market.. Soon we will be too old to get a 25 year mortgage.

We are also not old enough to avoid dealing with things like climate change and brexit. The situation is unlikely to improve.

Remember this next time you go to the ballot box.

Belleofthebooks

If I didn't have my mortgage I wouldn't even be able to afford to rent the house I live in now. It's crazy. 

luvchocolate

I'm of a certain age and was renting private...3 years prior to retirement I put my name down on over 55s housing association list..it took 3 years but best thing I did 

TripleH

I think the issue is that there is insufficient long-term planning with regards to housing. We are unrealistic with our expectations.

The problem isn't a UK wide one. In Melbourne Australia, they allow fertile farmland to be dug up for housing in a country where fertile land is limited because people want a nice view now not food later.

Change is needed but it would be short term political suicide to do that.