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.

My aunt owned a cottage with a mortgage throughout her working life then sold it upon retirement. She’s 80 and rents still.

she felt that it was better not to have the house to worry about maintaining as she gets older and also didn’t want to pass on the faff of it being sold when she passes.

Makes you think what’s the point owning

Yeah. I guess she bought young not knowing her life’s plans. No husband or kids for it to be left to.

My dad says his aim was to leave us (me and DB) his house to live in, rent out of sell. A bit of investment to pass on. I guess we plan the same for our house and our kids.

Hahahaha! You’re fucked with that attitude, love.

Sincerely,

Millennial who bust her ass to buy a house with no help from anyone and is mighty glad she did.

The profit that you are likely to make on selling your property?

The fact that if you pay off your mortgage you are doing the equivalent of living rent free?

Not being affected by a landlord 's choice to sell up / put the rent up?

What if there's not enough people working and paying tax for pension credits . There's a view that even the state pension will drastically reduce or vanish . I think families are going to have to get used to multigenerational living .

I think the point is that she had the proceeds of the sale of the house to live off in her retirement. So the property itself was like a pension scheme. Lots of people did that because property went up in value much more than pension investments did.

I have friends who have rented their whole lives. They're now 62 and 52, living payday to payday, nothing to spare. Their pensions won't be anywhere as near as much as they're earning now - but they'll always have to pay rent. They admit that they'll have to work until they die (at least part time to top up their pensions) but that's not taking into consideration what happens if they're not able to work.

I know a mortgage is hard to get sometimes, but I do think it's worth it, as it's such a huge chunk of your monthly income spare when you no longer have to pay for the mortgage.

So the property itself was like a pension scheme. Lots of people did that because property went up in value much more than pension investments did.

And you don't pay tax on the increased value!

Will you not have the £800+ state pension to live on?

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.

Ouch. Martin Lewis or any financial expert would not agree with you. When you are young is the time to start putting something away for the future, even a little bit. As you get older and your earning power increases, you can hopefully invest a bit more in your future.

Leaving it until you are almost retired and finding out you have no provision except whatever the state will give you is not where you want to find yourself. It's a hell of a lot easier to be skint when you are young and working than to be skint when you are elderly and no longer able to work.

I'll be one of these renting in retirement, 40 and still renting at the moment, no chance of buying. It's a very scary prospect, not a life I want ro be living at retirement, it would make think twice about being around.

Been renting privately happily for years, now retired. I have both state and private pension so no need for benefits. I am in the North where rents are lower although rising now due to COL.

Just to note that home ownership is great but many elderly people end up losing their homes to fund care costs so maybe not as clear cut as it seems

Get on the housing ladder. You can buy so much cheaper than 350 if you're willing to do some graft. Owning your home gives you security. And choices.
I'd be homeless now if I'd still been renting when I got breast cancer 4 years ago. I bought cheaper properties and made them decent over the last 30 years. Expecting perfection is unrealistic. Making compromises works

Only 15% of people who are 85 and over are in care homes, so I think ‘many’ elderly people losing their homes is a stretch. Besides, I’d still rather own my own house and have no rent to pay for the first several decades in retirement, and then use my purchasing power to chose a care home that suits my needs if I need one for my final years.

I'll retire next year and I rent. I am in private rent at the moment, but won't be able to afford it once I retire. It is a huge worry for me. I am divorced and live on my own.

Wishing you luck 💐

I know people that rent. Social housing means they're lucky. But private rental costs are a disgrace so that would certainly be a worry. We should all be lobbying the government about that. There should be a cap on private renting costs.

However I know at least 3 people who's home had to be sold to pay care home fees. 1 of whom always used to say 'when I die my son & daughter will inherit my house'. Also know people who had a pension from youngish age and sadly didn't even live to pension age

Just saying there are no absolutes or guarantees, we just think there are. You do the best you can, when you can.

Well, I'm retired, renting and paying full rent. Not struggling at all.

But, I have got a fairly good state pension, and very good private pensions. I've also got a lot of savings behind me (finally getting some decent interest).

And I'm in a secure HA property.

So, life will vary a lot, obviously, as it does with younger people.🙂

Thank you, you sound kind.

Agenda 30, we'll own nothing and be happy?

Try to apply to your council or a HA for one of their "older people" properties.

The average length of stay in a care home is two years and the average fee is £760 a week. So the total costs would be around £78,000, which is a huge amount of money but still leaves plenty for relatives to inherit within the average house (currently worth £285k).

And yes, you might die before you pick up your pension but you probably won’t. If I died my pension would pay 30% to my husband for the rest of his life, as well as a death in service benefit worth severe times my annual salary. It comforts me to think I can provide for him this way if I’m not around.

Sorry but your reckless attitude pisses me off. You’re already on a back foot financially because you are a woman. Do better for yourself.

Eh?? Did I say that anywhere.