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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To wonder how people who rent are able to retire?

63 replies

incorruptibledream · 04/01/2018 22:45

How do people who rent pay rent on a pension? Do renters have to move into over 65 type accommodation with cheaper rent or is help available?

OP posts:
TheQueenOfWands · 04/01/2018 22:46

Housing Benefit.

Which may be something else now, I'm not sure.

FluffyWuffy100 · 04/01/2018 22:46

Housing benefit or I guess now uni resale credit is available. But yeah, basically not a nice place to be - renting with an insufficient pension.

Teatreedelight · 04/01/2018 22:47

I would imagine council tenants would get help but private renters may be in trouble. Pension credit and perhaps benefits may help a bit though. It's a ticking time bomb this to be honest

Wineoclockinwales · 04/01/2018 22:48

My parents are about to find themselves in this situation and the options are not nice.

Icanseethepigeon · 04/01/2018 22:49

My parents barely manage and worry about this all the time. They live in a housing association place and are both retired. Their small work pensions mean that they don't qualify for any benefits so they continue to work cash in hand, odd jobs, dog walking, babysitting so that they can pay their rent and afford to eat Sad

RavingRoo · 04/01/2018 22:49

The people I know don’t retire.

Gwenhwyfar · 04/01/2018 22:50

What are the options for your parents Wine? I will be in this situation.
It's not considered a problem on the continent because state pensions are so much higher.

IamtheDevilsAvocado · 04/01/2018 22:50

Met several parents friends in their 70s over Christmas, for a variety of reasons none are now homeowners.... They're all having to work to pay their rent...

It's truly grim....

Icanseethepigeon · 04/01/2018 22:51

And Dad is 80 this month. He needs to stop and rest but can't afford to.

Gwenhwyfar · 04/01/2018 22:51

RavingRoo - they might have to at some point.

BearLeft · 04/01/2018 22:55

I rent. I don't imagine I will ever be able to retire. For those people suggesting 'housing benefit', not all renters are not working and not all rentals are local authority.

I just don't want to have to be dependent on a man so I do what I have to to finance my children myself.

I know I will probably die working but I'd prefer that to a marriage of financial convenience, personally.

SlipperyLizard · 04/01/2018 22:58

My mum rents, gets full housing benefit as she’s on pension credit - although it doesn’t stretch very far and I’ve had to be guarantor for her in the past for rentals that won’t otherwise accept housing benefit claimants. Luckily she now has a housing association flat.

But a lot of my mum’s generation do own their home. For future generations where a larger proportion are priced out of housing, this is a massive time bomb.

Inadequate pensions, but still need to pay rent somehow- how big will the housing benefit bill be in say 30 years time when people my age retire (assuming retirement v late 60s/even 70)?

But no government/party has a plan as it is too far away.

pickledparsnip · 04/01/2018 22:59

I can't see myself ever buying a house, financially it's just not an option for me. I'm not sure what I'm going to do.

PrincessoftheSea · 04/01/2018 23:00

The younger generation will pay the prize for poor planning by governments as well as poor planning by many people.

IrkThePurist · 04/01/2018 23:01

If you rent, campaign for social housing and council housing. Its crazy not to.
The current situation is why they were introduced in the first place.

Original poster
incorruptibledream · 04/01/2018 23:02

I can sort of understand how local authority/housing association could be mostly covered by benefit but private renters of which in the next generation will encompass 40% of the population could possibly manage to retire. Is the housing crisis going to be the reason retirement is not longer a thing. Albeit by proxy.

OP posts:
elQuintoConyo · 04/01/2018 23:03

I'll either move in with DS and any future partner and dc he has or jump off a cliff at about 70yo.

Buying is not an option for us and never will be.

Iloveidris · 04/01/2018 23:04

Sorry to jump on here but, i thought OAP got housing benefit and state pension despite whether they own their own house or not?
So people who rent dont get as much help towards living costs?

londonrach · 04/01/2018 23:05

Huge worry when we rented. If in london most privatly rent. No housing benefit

chocolatespiders · 04/01/2018 23:05

I always thought when I retire I would get housing benefit help. I am single parent works full time in NHS on £20.000 a year. No maintenance from children's father. Have not been able to buy but pay full rent. I guess my NHS pension will put me over HB threashold unless as single person it's different.

gingergenius · 04/01/2018 23:06

I'm looking forward to a nice cardboard box under my local railway bridge!

Gwenhwyfar · 04/01/2018 23:07

"Sorry to jump on here but, i thought OAP got housing benefit and state pension despite whether they own their own house or not?"

OAPs who own will mainly have paid off the mortgage by that age so wouldn't need housing benefit.

KanielOutis · 04/01/2018 23:07

Depends on your pension scheme. I have an average salary pension that is sufficient to support me in retirement. I’m aware that I’m lucky in that, but pay through the nose in contributions.

Argeles · 04/01/2018 23:09

My Nan is a council tenant, and a few years ago was complaining that the rent for her house in a London suburb had increased by £1 per week. She was paying a small fraction of what we were paying in rent.

At that time, my DH and I were privately renting a tiny studio flat in Central London, complete with mice and mould on a main road, for £1000 per month, and the bastard landlord told us the rent would be increasing by over £100 per month.

It was only then that it dawned on me that if we didn’t hurry up and get on the property ladder, we could’ve been renting when we were retired too.

I genuinely do not know how people afford it. My Nan was really struggling on just her state pension, and that was in a council property. Admittedly, she wasn’t claiming certain benefits she was entitled to as a recent widow, and having reached a particular age until I intervened and told her to stop being so bloody proud. Her house was always freezing, and she was hardly eating so she could keep a roof over her head.

I am in utter despair for many people in this country, now, and in the future. It’s so worrying.

Gwenhwyfar · 04/01/2018 23:11

"I have an average salary pension that is sufficient to support me in retirement. I’m aware that I’m lucky in that, but pay through the nose in contributions."

To have a good pension you need to be earning well, which is not the case for people who are renting because they can't afford to buy.

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