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Renting in retirement

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darjeeling
darjeeling Posts: 6 Forumite
in House buying, renting & selling
Hi
First time on forum, so here goes..

We have been renting for about 3 years now after loosing our business and our debts are in a Debt plan with Payplan. They should be paid off in about 6 years !! but we know there will be no time to buy another house, so looking to continue renting into retirement in approx 8 yrs.We will have a very small pension and 2 state pensions, there is no way can we afford the current rent, but love the bungalow which would be ideal. Does anyone know what happens when you retire from work and no longer afford that rent ? i.e kicked out onto the streets ? any financial help from the state ?

Regards

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  • Morglin
    Morglin Posts: 15,920 Forumite
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    These apply currently, but bear in mind that rules might change within the next few years:

    http://www.direct.gov.uk/en/Pensionsandretirementplanning/Benefits/BenefitsInRetirement/DG_10026814

    http://www.adviceguide.org.uk/england/benefits_e/benefits_older_people_ew/benefits_for_people_over_sixty.htm

    Lin :)
    You can tell a lot about a woman by her hands..........for instance, if they are placed around your throat, she's probably slightly upset. ;)
  • seven-day-weekend
    seven-day-weekend Posts: 36,755 Forumite
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    edited 5 October 2012 at 11:35AM
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    You may be entitled to help with your rent through Local Housing Allowance

    http://www.direct.gov.uk/en/MoneyTaxAndBenefits/BenefitsTaxCreditsAndOtherSupport/On_a_low_income/DG_10018928

    If you are just a couple living together, you will only be entitled to the one-bedroom rate of help for your rent. You can have a bigger place, but if there is any shortfall in the rent you will have to make it up yourself.
    (AKA HRH_MUngo)
    Member #10 of £2 savers club
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  • kanute50
    kanute50 Posts: 58 Forumite
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    I very much doubt if you would qualify for Housing Benefit in the future if you both have a full state pension and a modest private pension. We are renting in retirement, and our pension income is by no means large. I only qualify for a 2 thirds state pension, my other half has full state pension and a very modest private pension, we do not qualify for any help at all. Sorry, I think you are going to have to move to another property when you retire.
  • pmlindyloo
    pmlindyloo Posts: 13,049 Forumite
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    darjeeling wrote: »
    Hi
    First time on forum, so here goes..

    We have been renting for about 3 years now after loosing our business and our debts are in a Debt plan with Payplan. They should be paid off in about 6 years !! but we know there will be no time to buy another house, so looking to continue renting into retirement in approx 8 yrs.We will have a very small pension and 2 state pensions, there is no way can we afford the current rent, but love the bungalow which would be ideal. Does anyone know what happens when you retire from work and no longer afford that rent ? i.e kicked out onto the streets ? any financial help from the state ?

    Regards


    I would urge you to check your eligibility for Pension Credit.

    Even if you are only awarded £1 a week this would entitle you to full housing benefit (at the local allowance rate for a one bed place) and full council tax benefit.

    If you are not entitiled to Pension Credit then you would probably be eligible for help with Housing Benefit and Council Tax benefit.

    As someone has already said who knows what will happen to benefits in the next years.

    Try to be sensible with your budgetting at the moment (Suspect I'm speaking to the converted if you're on a DMP!) to save some for the future (£10000 savings allowed at the moment for over 60s re: applying for benefits ).

    Could you take in a lodger? Foreign students? Need to think 'outside the box' and do all you can to make life more comfortable in your retirement years.
  • Fire_Fox
    Fire_Fox Posts: 26,026 Forumite
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    Are you on the council housing list now? You might be low priority but you will move up as you age.
    http://forums.moneysavingexpert.com/forumdisplay.php?f=139
    http://forums.moneysavingexpert.com/forumdisplay.php?f=19
    Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️
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