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Do I continue with Shared Ownership or put this into a pension and rent

Unicorn79
Posts: 80 Forumite

I feel I am at a cross roads. I claim Universal Credit as am a single PT working mum, I own a share in my SO property which is worth around £80-90K, I am not able to obtain a mortgage due to my low income so I continue to rent from the HA. I have virtually no pension.
I am planning to move soon (sell my SO share) and feel I have 2 options:
A) To move to another SO property, but a small share outright, and still pay a small amount into a pension
OR
Place my share value into a pension after sale and rent. This means that I will have a bigger pension when I am retired later on (better than what I have now!) and I live in a property where I am not responsible if any problems happen with the home. Also, I am free to move if I wish.
I know there is no right or wrong warm but I would really like some ideas/thoughts from others as a different perspective.
I really appreciate it!
I am planning to move soon (sell my SO share) and feel I have 2 options:
A) To move to another SO property, but a small share outright, and still pay a small amount into a pension
OR

I know there is no right or wrong warm but I would really like some ideas/thoughts from others as a different perspective.
I really appreciate it!
0
Comments
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you are a single parent on benefits with no prospect of a mortgage
you have not explained why you are moving
however your question is self evident, owning property is pointless for you, whereas your pension is vital
PAY INTO PENSION1 -
Bookworm225 said:you are a single parent on benefits with no prospect of a mortgage
you have not explained why you are moving
however your question is self evident, owning property is pointless for you, whereas your pension is vital
PAY INTO PENSION
There are retirement Shared Ownership properties, which could be idea later on, which would give me reason to stay in Shared..0 -
Would you be renting from the HA or would it be private rented?0
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You will not be able to pay that amount into a pension, there are limits based on your earned income. Have a look at the Pensions forum here for more details.0
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Unicorn79 said:
There are retirement Shared Ownership properties, which could be idea later on, which would give me reason to stay in Shared..
will you feel a failure in life if you do not own a property?
there are people whose financial circumstances mean they should drop the aspiration to own and just accept their circumstances.
you could put the money towards learning a skill so you can get a better job?0 -
MichelleUK said:You will not be able to pay that amount into a pension, there are limits based on your earned income. Have a look at the Pensions forum here for more details.
It is pointless adding to a pension without getting the tax relief.
However you can still save/invest money for retirement in addition to pension.
Cash savings, Stocks and shares ISA etc
As a general rule,
Pensions are better for building up a retirement pot due to the tax relief ( although there is a limit on this as said)
Investing via a S&S ISA is best for money you will not need for 10 years or more ( but before you can take the pension)
Cash saving is best for money you will need in 5 years or less.
Pensions & Investing | MoneySavingExpert
Savings | MoneySavingExpert0 -
If your can't get a mortgage, I'm guessing you will struggle to find a private rental that will accept you as they usually have strict income thresholds. However in many places HA rentals are very hard to get, so I wonder how long you may be waiting to be offered a suitable property. That may take the decision away from you.0
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MichelleUK said:You will not be able to pay that amount into a pension, there are limits based on your earned income. Have a look at the Pensions forum here for more details.0
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Bookworm225 said:Unicorn79 said:
There are retirement Shared Ownership properties, which could be idea later on, which would give me reason to stay in Shared..
will you feel a failure in life if you do not own a property?
there are people whose financial circumstances mean they should drop the aspiration to own and just accept their circumstances.
you could put the money towards learning a skill so you can get a better job?1
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