I'm 51.
After several mc I had my dc late in life in my early 40s.
DH is 55.
DH and I are low earners, teachers, joint annual income £70,000 but that's before the deductions for tax, NI.
This is a terrible mistake of us both, but neither of us paid in to pensions until 5 years ago. Terrible I know. But we always struggled with our income versus high mortgage (high due to SE housing costs) and saw payment pensions as money we could use to help with the mortgage, pay bills, car costs, etc. and other life expenses. I can't actually tell you how much I regret this now. But money has always been tight and I can't change it now.
We will not receive any inheritance. DH's parents and my parents are in rented social housing with no savings between them. So there is no financial change to our circumstances on the horizon.
Both DC have SEND and because of their specific needs I feel they are going to be dependent on us in to their adulthood.
We live in a tiny house, front door leads straight in to lounge, no hallway, kitchen is 7ft x 9ft, 3rd bedroom for DC2 is 6ft x 8ft. So there's no opportunity to sell and downsize in order to inject some capital in to our lives when we retire (DC will still be living at home due to our late age as parents and their SEN).
Since having DC I've reduced my hours to part time, which has meant reduced monthly income plus - not only did I only start paying in to my pension 5 years ago - it's on a part time wage which means my pension contribution is even smaller still, due to reduced hours.
I can't work full time because DC would not be able to manage wraparound before/after school care, they literally wouldn't cope, they can barely cope with being at school 6.5 hours a day, and both only do so with lots of school scaffolding in place to support them through the day.
We have £50,000 left on our mortgage.
I am desperate to, in some way, improve our future financial situation.
AIBU to think we could buy a second property, a flat maybe, I have heard you can get a mortgage late in life now, as a buy to let? I wouldn't be looking for a monthly income profit, I would simply be looking at the rent covering the mortgage each month. But after 25 years, I'd be 75, the mortgage would be paid off having always been paid by tenants, and at that point we could continue to rent it out and then the rent would top up our monthly income at a point in our lives when we will be on an extremely low pension with adult DC who may likely still be living at home.
Or am I completely and utterly mad for even thinking this could be viable?
It's just that DH and I have always struggled financially throughout our adulthood despite working really bloody hard in our chosen professions, neither of us have ever had any financial help from parents, neither of us will ever receive anything financially from parents, DC are not looking set to be good earners in adult life therefore our support towards them will need to continue well in to our retirement, we are both looking at working for years past the standard retirement age of 65 despite feeling utterly bleak about the thought of it because we won't actually be able to afford to retire, and all I can see on the horizon is financial struggles.
I feel like a bloody idiot right now, lots of life regrets, and a failure as a parent in terms of knowing I'm never going to be able to financially provide for my DC when they become young adults, which is causing me great distress, so please be gentle.