If you’re 40s/50s with no pension...

[ginandbearit71]

Can I ask, what’s your plan?

I’ve never earned enough to put into a pension - and it can’t just me me! Apart from slowly withering away on the state pension, what do other people do?

I own my own house but still have a relatively large mortgage on it

I'm going to work until I expire or am no longer physically able. Thats it really.

Same here I guess northern. All feels far away enough right now but it isn’t really.

I’ve got friends in their 50s who struggle with work though, ie health and general tiredness. I’m worried I won’t be up to it. Then what?! And a lot of places don’t want older ie post 65 people.

You say your house has a large mortgage - if you have a biggish house in a pricy area, could you make a plan to sell up and buy something smaller and cheaper once you retire and then you'll have money to invest in an annuity (or something, I'm not sure the best thing to actually do with the money!).
I have opened one of those retirement ISAs, (lifetime ISA) so I can't touch the money til I'm 55, but the government top it up every year. I've not figured out what to do with the money when I'm 55. It isn't a lot but it makes me feel better to know I've got something.
I've a friend in late 40s with no pension, she was able to buy a buy to let, but we live in a part of the north where you can buy houses for £60k.

Most people just accept they are never going to retire, don’t they? And then idiots on msm ask why old people are still going to work.

Could you get a lodger to try to pay your mortgage off faster and free up some money? Even saving for a few years is better than no savings at all.

Thanks for the replies. It’s good to get other people’s ideas.

Sadly my house is both expensive and tiny. No spare room for a lodger. I’ll be trying to overpay the mortgage in the next 10 years with the idea of moving to a slightly cheaper area when my son finishes secondary school.

Just all feels a bit bleak really.

I have no house or property (we rent) and no pension. Fuck knows what I'm going to do. Work until I drop probably. Either that or keep playing the lottery and hope I win...

I'm nearly 60. Never earned enough for enough of a pension to make any difference (honestly, will be pence). Going to have to rely on the state pension and the power of prayer. I intend to work until I physically can't any more.

I recently inherited enough money to buy myself a house though, and the relief at no longer having to worry about how I was going to pay market rent out of a state pension is huge. I have no idea what's going to happen when the current generation of 'unable ever to own a house' kids reach retirement age though.

I don't rent but i thought I read on mumsnet that pensioners who rent get housing benefit.

But will that still hold true in another generation's time, MountDiogenes? And, remembering when I was on HB, they only pay a proportion of your rent, especially if you live in a house where the rent is more expensive than they think it should be. Will there be enough small, cheap houses for rent for the pensioners to come?

But will that still hold true in another generation's time
Probably not the way things are going

Work until I die Or large bottle of paracetamol , whiskey and a cold night on a hilltop.

I've paid into corporate pensions for 20 years and when totaled it all up it will be £5k a year. Feel like I should have spent the money buying property or something. I plan to to work til I can't then off myself before I need proper care so I'm no burden to the kids. Not telling them that.

@TipseyTorvey me too.

We bought property as it has increased more than a private pension would, and I don't trust them anyway. Too many people have lost it all in the past.

It's been interesting seeing all these cruises full of pensioners. I hadn't realised how expensive they were until my MIL started going on them. £8 to £10k for a week!! I wonder if all these cruise companies will keep going post boomer age. I will be lucky to have a week camping in France at 70.

Some sad responses here. I’m guessing most of us are female

TipseyTorvey, £5k a year on top of the state pension - £9k or so? - should make a nice difference to your standard of living. Maybe not the same as property but still a decent sum every year.

I'm 40, not well enough to work for the last 7 years (and foreseeable). Single and no kids. Didn't pay into a pension or earn much when I was working.
I'm lucky enough to be in social housing for now. Been having nightmares about what happens later.

We both have work and private pensions but won't be able to no where near fund our current lifestyle solely on them. We both have a property we rent out plus own our mortgage free home and a holiday cottage. Don't want to sell that until we get really old as we intend to use it tons when we do retire. Also some savings. Add them together and we'll be fine. I did start planning for early retirement in my late 20's but we'll both still be part time for a while yet, early 50's.
Neither of us expect to inherit further.

Zenithbear, did you read the thread title?

I have worked full time without a single break since 1983 so should get a state pension of about £8500 when I turn 67 which after tax will just about pay for my council tax bill..... I cashed in my private pension (no employer contribution ever) at 55 to give about a third to HMRC and rest to the children for housing. I want to work until I die as I work from home and we tend to die quite young in our family - my mother made it to 75 and that was old compared to many women in the family so I expect it will be fine. If not have quite a big house in outer London I could sell and after 30 years now has no mortgage on it.

So my answer is that I will work full time until I die.

Hoping to sell house to release money to top up pension as will only have state pension at 67. Will but something small and maybe need to move to a very cheap area.

It's been interesting seeing all these cruises full of pensioners. I hadn't realised how expensive they were until my MIL started going on them. £8 to £10k for a week!! I wonder if all these cruise companies will keep going post boomer age.

I've been saying this to DH for a while. There are lots of daytime TV adverts promoting things like river cruises and holiday packages for retired people. However we are going to have a generation of people who are split between those who cannot afford to retire and and those who have but don't have enough income to be able to go off on holidays and cruises.

I suspect a lot of these firms are going to end up closing down, because there won't be enough demand left. However my sympathy is reserved for the generation coming up who will be working indefinitely because they cannot afford to retire.

@Zenithbear great for you, but don't you think that's a little insensitive on a thread full of posters who either have no pension or next to bugger all? I'm not sure how you affording to work part-time now and having a holiday home is any help to someone who has nothing