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Original poster

Anyone else late 50s and renting?

36 replies

50sX · 25/07/2023 18:56

I have rented since I was 19 and have never been able to save enough for a deposit. At every stage in my life, I always felt that getting a mortgage was too far out of my reach.

I have an admin job so I’m not a high earner.

In my 30s I racked-up a lot of credit card debt and spent years paying it off.

Thankfully, I’ve lived within my means for a longtime now so have no debt but have very little savings. I have a small pension fund. I’m about to start a second side job to save a bit more.

I’m not looking for sympathy or chastising and I take full responsibility for my situation.

If you’re in the same boat as me, what are you doing to help you make and save more money to improve your situation in old age.

Thank you.

OP posts:
continentallentil · 25/07/2023 18:59

This is not what you asked OP, but are you housing association, or could you find out if you could get such a thing?

Other than that a second job going straight into a pension sounds like the best possible idea. That and taking care of your health so you can work PT in early retirement (which is good for brain and longevity any way).

YukoandHiro · 25/07/2023 19:01

As PP said once you're over 50 if you're single female you rocket up the housing register and will likely qualify for a HA tenancy before retirement, which will be absolutely worth it for the security of not being forced to move when you're older.
I would get yourself on the local lists if you're not already.
Pension savings are not taken into account but over £16k on the bank might be.

sadaboutmycat · 25/07/2023 19:32

60 and renting. Aim to get into HA when I can for security/ reduced cost. It also have a disabled adult daughter at home which makes it so much harder. Will be working till I drop.

Interested in this thread?

Then you might like threads about this subject:

General money
LadyVictoriaSponge · 25/07/2023 19:35

YukoandHiro · 25/07/2023 19:01

As PP said once you're over 50 if you're single female you rocket up the housing register and will likely qualify for a HA tenancy before retirement, which will be absolutely worth it for the security of not being forced to move when you're older.
I would get yourself on the local lists if you're not already.
Pension savings are not taken into account but over £16k on the bank might be.

Yes I heard this, apparently it’s far easier to get a retirement flat when you get older than normal social housing if you are in the OP’s position, definitely look into your options and get yourself on any waiting lists.

Wattiss · 25/07/2023 19:42

I agree about getting a HA tenancy. I have one and I'm very glad of it.

I'm also looking at doing extra work self employed with a view to dropping at least one or ideally two days from my full time job, just because the thought of doing that full time job until I'm 70 fills me with dread and horror.

I put as much as I can into my pension and plan to do draw down when I stop working so I can have a nice couple of years at least. Without assets and with continuing to have to pay rent any regular savings you have will just go on rent so no point getting them over £16k, as I understand it.

StellaJohanna · 25/07/2023 19:43

I am but for a very particular reason. We moved from our life elsewhere and rented to take care of my folks who suddenly both became very ill at the same time. We're still here. I'm more worried about being put out of this house which We've rented for a decade - our landlady is wonderful, but Clearsprings has offered her £4000 a month for a five year contract as opposed to the £750 a month we are paying - to house men for the Home Office. She's only human, so she will probably take it, then we really will be in trouble. Decent rented property is getting very hard to find, now. As for money, My career is dead and buried. I work hard doing as much as I can - promote events online, organise large art fairs and other things as a self-employed person and do consulting. I'm more worried about ending up with nowhere to live. That's my worry. Good luck.

penelopepipsqueak · 25/07/2023 20:03

Watching the thread

It's a massive worry for me - I'm 51 and renting but my health has taken a turn and I'm going to be sick for around a year - which makes renting very very precarious

WoofWoofBeachLife · 25/07/2023 20:14

We are renting, both 50 and have been home owners in previous marriages, ex spouses got the martial homes. I'm disabled and we are also on the council housing list and HA list too. Goodness knows how long it will take, I'm so worried about renting and the uncertainty. We have no savings, no debt but no assets other than my MIL's flat that's in my Husbands name. I feel at this age all my working life has been for nothing, my exh wanted bigger and better houses and cars over the years and I was the higher earner with all my money going on keeping up with and overtaking the Jones.

Wattiss · 25/07/2023 20:26

Are you able to take on an ha/la tenancy if you own property? I'd check on that.

Agree that the key thing is getting somewhere secure. And that at least is easier at our age.

Once you have done that, there is a lot less to worry about. Pension credit is pretty good income compared to doing low wage jobs and paying high private sector rent. You get help with council tax and all sorts once you're on pension credit. Bus passes, dental treatment, help with gas and electric and so on. I won't be eligible for pension credit to start with so I'll spend my pension that I've saved having a nice time. At least my rent is cheap. Then I'll go onto pension credit when that runs out. A lot of people on low wages don't bother saving into pension at all just because it will all go on rent very quickly and you lose out on all the passported benefits if you don't get pension credit. It's certainly something to think about.

Catsmere · 26/07/2023 01:42

I am sixty and renting. Have never been able to afford to move out, my mother and I were in admin jobs (so not minimum wage) but could not afford to rent separately (Melbourne rentals have been ridiculous forever). Now I'm her carer on the carer pension and we rent units in a retirement village.

sashh · 26/07/2023 04:58

penelopepipsqueak · 25/07/2023 20:03

Watching the thread

It's a massive worry for me - I'm 51 and renting but my health has taken a turn and I'm going to be sick for around a year - which makes renting very very precarious

I'm n a HA property, the one I'm in you had to be over 55 or have a disability / long term health condition so it might help you get a HA or council property.

I'm not allowed to buy it (I don't think I'd get a mortgage anyway) but it means the housing stock will be there fore someone else.

Londonnight · 26/07/2023 05:40

Mid 60's here and private renting. It's a major worry of mine going forward, low wages and little pension [ when I get it ].
I am going to have to look into HA properties and hope I qualify to at least bring my rental costs down.

HappilyContentTheseDays · 26/07/2023 05:59

I'm in my 60s and renting, it suits me fine. Much easier, no mortgage to worry about, don't have the worry of a property to be responsible for (landlord deals with all the maintenance, grounds, buildings insurance and so on).

It's very sad that renting has become a "dirty" word and something to be ashamed of in the UK, home ownership isn't for everyone and shouldn't be held up as the only ideal. It's just one option amongst many.

I shall be retired in a couple of years, I'll only have my state pension but I don't worry about it. There are rented properties around which are secure and reasonably priced and in nice areas, especially for older people.

Zebedee55 · 26/07/2023 07:49

50sX · 25/07/2023 18:56

I have rented since I was 19 and have never been able to save enough for a deposit. At every stage in my life, I always felt that getting a mortgage was too far out of my reach.

I have an admin job so I’m not a high earner.

In my 30s I racked-up a lot of credit card debt and spent years paying it off.

Thankfully, I’ve lived within my means for a longtime now so have no debt but have very little savings. I have a small pension fund. I’m about to start a second side job to save a bit more.

I’m not looking for sympathy or chastising and I take full responsibility for my situation.

If you’re in the same boat as me, what are you doing to help you make and save more money to improve your situation in old age.

Thank you.

These landlords have country wide properties for older people:

https://www.myclarionhousing.com/find-a-home/rent-a-home/livesmart-homes-for-older-people

LiveSmart: homes for older people

Take a look at our LiveSmart homes for people over 55. They include studios, flats and bungalows across safe, secure developments, with on-site support.

https://www.myclarionhousing.com/find-a-home/rent-a-home/livesmart-homes-for-older-people

onefinemess · 26/07/2023 07:52

No need to worry OP, you will get a council flat at retirement. There is absolutely 💯 no way that an "elderly" single female will be left on the street if you can't afford private rent.

heartofglass23 · 26/07/2023 08:06

This trend should be a massive worry for everyone.

Our pension system is set up assuming most pensioners have no housing costs )mortgage paid off) or are in cheap social housing. We can't afford this new generation of pensioners private renting.

Op I'm not blaming you at all btw. Gov policy decisions have led to this and thousands (millions??) are in the same boat.

Somethings wrong in society if working people can't ever get & pay off a 25 year mortgage by 66.

Op could you move to a cheap area and/or get a shared ownership?

JJ8765 · 26/07/2023 08:08

Be wary of increasing private pension if you would otherwise be eligible for pension credit. It would just be deducted £ for £. You might be better off saving as you can have £10000 in savings and still get full pension credit plus help with housing costs. A private pension is only worthwhile if you will be better off with that than pension credit.

BadGranny · 26/07/2023 08:18

The wonderful thing about renting is that you aren’t shackled to one building in one place, and any problems with the property are your landlord’s headache, not yours. I owned houses for 45 years, but when the last child left home, I sold up and have rented ever since - and I would never buy again.

Coffeetree · 26/07/2023 08:24

Well done paying off the cc debt! Freedom!

Well I was renting in my 50s, but managed to get into a shared ownership scheme so that I built a little equity whilst also paying rent. Then I leveraged that equity to "staircase" into 100% ownership, just last month. So I don't know if that helps you?

Coffeetree · 26/07/2023 08:27

JJ8765 · 26/07/2023 08:08

Be wary of increasing private pension if you would otherwise be eligible for pension credit. It would just be deducted £ for £. You might be better off saving as you can have £10000 in savings and still get full pension credit plus help with housing costs. A private pension is only worthwhile if you will be better off with that than pension credit.

Thank you, this is really interesting!

EarringsandLipstick · 26/07/2023 08:28

BadGranny · 26/07/2023 08:18

The wonderful thing about renting is that you aren’t shackled to one building in one place, and any problems with the property are your landlord’s headache, not yours. I owned houses for 45 years, but when the last child left home, I sold up and have rented ever since - and I would never buy again.

That's a little different to the OP though. Presumably by selling your final property you had equity that resulted in significant cash savings, which you can now rely on as income, to afford your rental.

Renting post-retirement is a challenging proposition that requires planning.

EarringsandLipstick · 26/07/2023 08:32

onefinemess · 26/07/2023 07:52

No need to worry OP, you will get a council flat at retirement. There is absolutely 💯 no way that an "elderly" single female will be left on the street if you can't afford private rent.

I'm in Ireland so maybe the situation is greatly easier in the UK, but it's absolutely not here.

There is an absolute paucity of local authority housing, and the remedy for housing an elderly single female could be very bleak indeed & certainly not a comfortable house.

Additionally if someone could afford - at any cost - their rent, they would be expected to manage on the support the state provides including fuel allowance, paid TV licence, pension, free travel, free GP visits - it might just about be liveable but it is certainly not comfortable.

continentallentil · 26/07/2023 08:33

JJ8765 · 26/07/2023 08:08

Be wary of increasing private pension if you would otherwise be eligible for pension credit. It would just be deducted £ for £. You might be better off saving as you can have £10000 in savings and still get full pension credit plus help with housing costs. A private pension is only worthwhile if you will be better off with that than pension credit.

I would see a financial adviser OP so you know how to exploit all the nets.

The PP is right you need to plan carefully. See 3 of them to compere their advice and check it against the personal finance pages in the Sunday broadsheets - they review financial services all the time.

HighlandCowbag · 26/07/2023 08:35

My dm is a widow in a council flat with just her state pension and as soon as she reached retirement age her rent and council tax were paid by housing benefit.

BadGranny · 26/07/2023 08:37

EarringsandLipstick · 26/07/2023 08:28

That's a little different to the OP though. Presumably by selling your final property you had equity that resulted in significant cash savings, which you can now rely on as income, to afford your rental.

Renting post-retirement is a challenging proposition that requires planning.

Show quote history

Very little equity - big mortgage after buying ex out. I have a pension and house-share to look forward to on retirement. I wouldn’t buy even if I won millions on the lottery.