Who still rents in their 40’s/50’s- What is your plan?

[Myhouseismyprison]

I live in the South East, for various reasons we have never managed to purchase our own home.

I am now in my late 40’s and DH is 50. We still have children at home who all have their lives here so unable to pick up and move somewhere cheaper just yet.

We have some savings but nowhere near enough to buy here for the house size we would need. We have rented the same house for several years but know this can change quickly and have no idea how we would afford current market rent.

I just wondered what plans people had in place for retirement? What savings accounts would be good?

Would your mum be eligible for subsidised local housing for older people?

@birdcake not yet she still has 21k in her savings but we've calculated that will be gone in 2 years.

So I'm trying to see if I can put her down on a housing list sooner?

@rivalsbinge sorry to hear that. I would look into finding ways that she can legally spend some of the money without it being considered deprivation of capital. For example, if she needs new white goods, bed, furniture, dental treatment, anything important / essential. I think some people are scared to buy what they need for fear of running out of money but in this case it could serve her better to get what she needs rather than scrimp and save. Obviously take appropriate advice on this though. I'm not versed in the ins and outs of it.

my grandmother was just over the limit and a few cheques as Christmas present and birthday sorted that. Nothing massive (and probably what she would have spent on gifts if she’d not had Alzheimer’s) just £100 / £150 each grandchild.

but yes! Do check on limits for that

@BourbonsAreOverated @birdcake thanks so much both, super helpful advice, but I've got a stubborn one!

We have spoken to her over the last 2 years as her savings have gone from 45k to 20ik and she won't take what we are saying on board.

What I need to do so prove to her she will be better off, but that's having to do the calculations without her support and I don't exactly know her pension amounts, she's 80 and only worked part time so it's a tiny private pension plus state, that's her entire income but I fear this tiny one may also be a sticking point.

So unless she cooperates I'm afraid she will just have to run out and take what's she's given, rather than plan ahead.

that sounds a tricky situation.
She’s probably petrified of not having savings.
plus a different generational view on government support etc

Is she entitled to attendance allowance (if that’s still a thing). I don’t think that one is related to savings

She's fit and active and healthy so she doesn't need any care or support "yet", just stubborn removal would be great.

And yes she is scared of not having savings.

I would just say you can't cover top ups any more due to personal expenses. That should bring her down a lot! A bit harsh but totally fair.

My grandmother was reasonably fit and healthy when she got hers. It was a game changer, she could get a cab to her friends, get a cleaner, easier gardening tools as well as treat herself to the odd cream cake… but she was honest on the form and it doesn’t sound like your mum will be

That's the issue my mum is way too honest. I'll look at that allowance.