What happens to someone at retirement age and renting

LightFlare

swingaloo said:

LightFlare said:

swingaloo said:

As Universal credit cant be claimed after retirement and a persons income including pension credits a around 220 per week how does someone afford to rent when a small place is 800 a month? Is there anything apart from pension credits that can be claimed?

what financial plans did said person put in place for this eventuality ?

did they factor this into the decision to retire ?

Not quite sure about the  point of your questions but as you asked-

Said person had been making plans for retirement and has been paying into a private pension. However said person did not expect that their husband would die suddenly at 61. She has not yet made the decision to retire and intends to keep on working for some time but was just concerned about her future now she is alone. 

But thanks for the help you presumably thought you were giving

The point I was trying to make was that the person knew they were in rented which costs them £x a month and presumably (I know) had an inkling of their income once retired- so what plans or adjustments had they made to manage financially?

I don’t think that’s an unreasonable  question - although it does seem that a good number of people make huge changes in their lives (or retire) before fully considering the financial impact.

For some saving a pool of money to supplement rent is an option - for others,sadly they may have to delay stopping work (if they can’t afford to) - as I asked, what were this persons plans for this scenario or had they just not thought or considered it through?

From what you said, she hasn’t made firm plans,which is good and having information is always useful. She has at least a hanfull of years before “retirement” age - so plenty of time to prepare and make plans

She needs to find out what her state and private pension forecasts are first and foremost 
Does she have any savings?

Whilst help may be available that does not necessarily mean that she will meet that threshold (depending on the answers)

Jude57

swingaloo said:

As Universal credit cant be claimed after retirement and a persons income including pension credits a around 220 per week how does someone afford to rent when a small place is 800 a month? Is there anything apart from pension credits that can be claimed?

I see that your friend hasn't yet retired and seems to be privately renting while still working at the moment. It's clear that the death of your friend's partner would have been a shock and it's probably altered their retirement plan completely. I'd still recommend putting the likely financial circumstances in to the benefits checker I linked to previously and echo the advice to get pension forecasts for the private and State pensions so that your friend has all the information they need to make the best decision for their circumstances.

A further thought occurs; if, as I have assumed, your friend is renting privately, I'd recommend they look into local social housing for over 55's. There are housing associations who specialise in this type of housing and a search online for 'over 55's housing [area]' should show local providers. Waiting lists for such housing tend to be shorter than for standard Council housing and there's nothing to lose by getting onto those lists. It would give your friend security, a reasonable rent (housing benefit could still be claimed if necessary) and easy access to support from an on-site or daily warden/concierge. Some have common rooms where activities are organised for those who want to take part but it's not compulsory by any means. Most such housing is 1 bedroom, with very few two bedroom properties available and those only for couples with medical needs requiring two bedrooms, however, many developments have an ensuite visitor's room where family and friends can stay for short visits. It's independent living but with the reassurance that 24 hour support being easily available can provide and while your friend might prefer not to HAVE to move home, surely it's better to do so now, while the choice is theirs and they have the energy to do it? Lots of people who move to over 55's housing are still working and simply planning for their eventual retirement.

Savvy_Sue

I'd second the suggestion above, although what's on offer varies immensely. An on-site warden seems to be becoming rare, with an alarm system and maybe weekly visits from a warden more usual. The less present the warden is, the fewer activities, although of course residents can sort their own fun out. And accommodation with an on-site warden will have higher rent!

TBagpuss

As others have said, she may qualify for heousing benefit / council tax benefit dependng on her fiancial position, along with Pemnsion Credit. It would make sense for her to lok at the entiltledto and turn2us sites to use their calcualtors to see potential entitlement (she'll probaby have to fudge her age to get an idea of what she might get if she had reached state retirement age and retired now)

If she hasn't already done so, she should also check whether her husband had any private pensions or life insurances - she may be entitled to survivors benefits / widows pension if he had any private pensions.

Longer term, if buying is not an option for her then looking at whether she migth be able to get a Housing Association property might be a good move. In general, you have more stability and security than when private renting, so lower risk both of eviction and in most cases, lower rent than equivalent private properties/ Some HAs have properties limited to the over 55s which might have shorter waiting lists. Some are on warden controlled / supported but others are simply designed to a bit more accessible and suitable for older people.