Anyone retired and renting?

[Andyrourkerip]

Or know anyone who is? We're obsessed with home ownership as a nation, and constantly told that we'll really struggle as pensioners/after retirement if we aren't on the ladder. Would be interested to hear if that's really the case.

I was thinking about his recently-someone I work with was saying their rent has gone up-to £1400 a month for a 2-bed house and that there was no way they would ever be able to afford to save to get on the property ladder. Both are now in their 40s, small children-both work full time but no spare cash. They can afford this because they work full time but what happened when they get to retirement age-you draw your pension and I presume benefits might give a certain amount, but they won’t just top up to the rent amount, will they? Then bills. I don’t really know how it works.

I worry about this .

My plan is to buy a tiny home or park home with the small lump sum my pension will pay , I will then have around £400 a month to live on so I reckon I'll need to work at least part time .

There’s a very good reason we’re obsessed with home ownership. It means (assuming your mortgage is paid by or well before retiral) you can’t be turfed out into the street or your rent increased by 200%. I’d hate to be at the mercy of a landlord or government housing policy in my 70s.

Not ideal to be renting is it? But I understand that if you're on pension credit then you get your rent paid? And some council tax paid too. Must leave you feeling vulnerable though. The security of home ownership makes retirement a much better prospect, you are not subject to the vagaries and whims of Government policy.

Yes I know people that rent

There are options to move into accommodation for over 50s, over 60s, over 70s

There has never been a time in history when everyone owned their own property

Some people are now moving into vans, because they have been unable to afford accommodation plus bills

My mum is in her mid 70's and is renting a terraced house. Her landlords are lovely and have deliberately kept the rent low, though they have been very honest and said they'll have to review when their mortgage goes up. She is now in need of a bungalow/ground floor flat for mobility reasons. She doesn't drive so needs to be near a bus route. There is nothing she can afford, and the council waiting list is about 5 years. We currently have absolutely no idea what to do when her mobility goes.

https://www.bbc.co.uk/news/av/uk-england-kent-65274902

@DaphneduM, depending on your LA, you might get your rent paid if you're in council housing, but not necessarily in private rental. You still get clobbered with bedroom tax on pension credit.

We will be in this position soon enough. Only have state pension to rely on so not sure what will happen I try not to think about it too much or I would probably have a breakdown

The only thing worse than the home ownership market in the U.K. is the rental
market/ I wouldn’t want to deal with that in my old age

Scraping by on benefits will be all they can do.

We are in our late 30s/mid 40s and have zero chance of getting a mortgage. Our landlord has already told us they’re selling up in five years time. They’d like us to buy it but at £350,000, we have no chance.

We are currently trying to work on our careers to increase earning power, then we are going to stick away loads of money for the next five to ten years and buy an absolute shithole at auction, probably further north. We can then spend a few years doing it up. Luckily we can relocate with our jobs as they are national companies with lots of job movement.

I have wondered about this. My ndn for 12 years rented and had been home owners who sold up in a hurry because of some kind of dispute. Her DH worked offshore and money did not seem an object. But 12 years erodes your sale capital doesn't it. We did talk about it briefly and she said she was sorry for me having to lay out on my house - but it was my house this being the point.

She said she enjoyed having a lot in the Bank, the freedom renting allowed her and the fact her landlady was on the ball about having things fixed. Because she was paying for it. It isn't some kind of favour.

I thought she had got comfortable with the situation and after that length of time I guess you start thinking you own that home. Not only that, I guess a bad experience puts you off. I guess this doesn't answer your question about struggling renting but gives a different mindset.

Thank you for this. I guess this shows the problem, with the randomness of different local authority rules. And also the difference between council housing and private rental.

This will be me and it's terrifying. I'm a carer so haven't worked for 15 years and whilst ds is alive I won't work. My rent almost doubled in the last year. I know a few pensioners on housing benefit and they need to pay several hundred pounds top up every month. I'm hoping my ds1 might get a house with a garden/drive and allow me to park a caravan there to live in.

My mum is, and I probably will be too. I am 56 and in social housing. I have never been able to get on the housing ladder and with a 12 year old to support as a single parent, doubt that I ever will. Fortunately I have lovely home, low rent and tenancy for life, as long as I pay my rent and don't do anything stupid enough to get evicted. Its not ideal but better than being in private rented accommodation and retired. My mum has a council flat, so again very low rent and a tenancy for life. We both have good pensions though, hers is an NHS pension and mine is from the civil service, so unless things change dramatically we should be okay.

Sheltered housing

My dad was retired and renting privately luckily a lower rent than market. Thankfully has a nice sheltered place now so more tenancy security and no evictions etc. Was always worried his rent would go up where he couldn’t afford it or the landlord would sell up. Nothing anymore in his bracket bar council.

He is entitled to a small amount of housing benefit too.

Edited to add it took over two years on the list for council with medical issues that made him near the top of the list.

My mum is 80 and recently widowed, she privates rents a bungalow she has lived in for 40 years, she gets pension credit, housing and council tax benefit which covers all her costs, she has a protected tenancy and is not subject to the bedroom tax, landlord does all repairs, she feels secure with none of the hassle of repairs to worry about.

If you're of state pension age you don't pay bedroom tax - although if you are in private rented then there is still a limit to how much Housing Benefit you can claim.

The only thing worse than the home ownership market in the U.K. is the rental market/ I wouldn’t want to deal with that in my old age

This - though family did rent in old age but it was all council properties which is very different to private rental sector.

My siblings remain in area we grew up and are in HA housing - and I think now were all well into 40s it will be really hard to buy now for them.

I assume they will rely on benefits to pay for them?

I think realistically the state pension and benefits available will not meet the rent for many retirees and they will therefore become homeless. Then they will be housed in cheaper accommodation, possibly temporary B&B situations.

If I could not afford to buy I think I would at least try to pay into a private pension to help top up state pension.

I don’t think it’s a worry worth having for young people tbh.

There could be 10 changes of government in the next 50 years, any policies / help could be introduced for those in retirement like the current shared ownership for older people etc. Being skint and scrimping when young and working is not worth it just so you own property in retirement. You might not make it to retirement. Or you might need care and your house would be sold to pay for this anyway. You’ve got to be happy in the now as you can only plan for so much.

Sincerely, a Gen Z

I probably will although it’s at least ten years away. In council housing so at least the rent is cheap. My mum private rents - she sold her property and moved abroad.