Future-proofing for a childfree old-age

[musixa]

I've been thinking a lot about this subject lately, as my own elderly parents are needing more and more support from my sister and me. Simple things like replacing household items, setting up a new appliance etc. are getting beyond their capabilities; their house isn't being properly maintained and so on.

I'm wondering what others are considering - of course my ideal would be to be one of those elderly people who is as sharp at 80 as they were at 18, but I have to be realistic based on what genes I have inherited.

My best idea at the moment is sheltered accommodation either rented or bought and maintained, warden-managed. A bonus of being without children is that there are no worries about retirement properties being 'impossible to sell' after death and of course, whatever cash my current house might be worth is at my disposal to release by selling or releasing equity.

What are your thoughts?

The sheltered accommodation - the likes of McCarthy and Stone and Churchill- are IMO very expensive, starting with the price of the flats. I keep seeing ads that say no maintenance, lower bills and all sorts of enticements and I ask myself how on earth they manage to provide these - and it's sky high management fees. I don't find them appealing at all. I haven't really worked out an alternative, and I need to because I'm pretty sure I couldn't afford them.

I was wondering about council/housing association options - I had a look online just to get a feel for it (obviously it might all change by the time I need it) and apparently you bid on flats as you would for other council accommodation. My MIL is in a HA flat and it seems quite nice, and affordable on her pension - I think she gets an element of housing benefit.

The thing with the McCarthy and Stone places is that once you buy, they have you over a barrel with 'service charges' which puts me off. In some ways I'd rather rent to be able to escape that kind of thing (and if the flat next door gets moved into by someone very noisy) but then I remember back in the days when I rented a house, the feeling of insecurity and impermanence was a constant nag at the back of my mind.

The rental charges are high, as well.

The thing about buying is that you get choice, if you are relying on a housing association you need to first meet their eligibility criteria (both income and capability) then take what is available which may not be where you want to live. There are other developers with in between options too. A friend lives in a McCarthy and stone apartment and it is very nice! Very, but very expensive at around £380k for a 2 bed. You pay £800 a month in service charges for the manager, 24 hour helpline, lounge, gardens, etc etc.

To rent in their block it's nearly £3k a month

You pay £800 a month in service charges

I can say right away that unless a miracle happens to my pension fund, that is not going to be happening!

My idea (!) is when we retire...hopefully 65, to sell and rent a retirement property. Ive seen some like mcarthy and stone but not so high fees. I figure if we sold for £200,000, rent for £1,000 then we would have 16 years rent covered without touching our pensions. Then at 81 someone would have to help us 😂😂. Id also love to live in a park home...not caravan....but thats more tricky I think. Basically I dont really want a property to maintain.

Euthanasia for me and I have children!

And I thought our flat management was grasping. That, of course, is what pays for all the perks.

Yes, that is also on my options list but I'm hoping for some 'good' years after retirement beforehand 😃

There’s a few flaws in your plan. First of all, inflation. Over time, rental costs could increase so your cash won’t last as long as you think. Second, what happens if one of you needs to go into a care home? The savings you have over 24K will have to be used to pay for them, along with their pension. The remaining person could end up with a very limited income and no security.

I have to say I think 'rent for £ 1,000' is hugely optimistic for a retirement property.

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Another option, I suppose, is buying the smallest, cheapest reasonable property I can find, paying for some sort of home help/living assistance and taking a laissez faire approach to house maintenance, bare minimum to be habitable, as it only has to last my lifetime.

Ive seen plenty of retirement properties for under £1000 rent, but its all pie in the sky figures anyway !

"Another option, I suppose, is buying the smallest, cheapest reasonable property I can find, paying for some sort of home help/living assistance and taking a laissez faire approach to house maintenance, bare minimum to be habitable, as it only has to last my lifetime."

I think this is a much better idea. Small flat, new, quality, fixtures and fittings. Minimal living (get rid of any clutter) & think about accessibility. Then save the money you would have used on all those fees. Get a nice cleaner who you have a good relationship with. Same with handyman etc. Introduce more people as and when needed & they can hopefully look out for you too and help getting you what you need.

I remember reading about this and thinking it looked quite good

https://www.communityledhousing.london/project/older-womens-co-housing/

A
Lot
Of my
Older family
Have sold up
And moved to
Park homes
They're bigger than my house, they live all year round, hair dresser and chiropodist on site, gp nearby, easy reach of shops without driving.

No idea what happened there, sorry!

Let's start a Mumsnet commune 😊

I've looked at park homes (which I regard as being a sign of approaching old age, a bit like looking at those seats that lift you out of the bath and thinking 'Hm, that's a good idea') but where the hell do I put my hundreds of books?

Books are a real issue, I agree. I struggle to contain them in my present house where I have a spare room devoted to them as well as shelves in other rooms.

Yes! This needs its own thread - brilliant notion!

The issue isn't the size of the house, the issue is that you won't have free helpers with your best interests at heart on tap to negotiate all that tricky stuff - getting a new washing machine, sorting out online banking, taking you to and from the GP/hospital etc.

What I suspect you need is an easy to maintain home, close to services, surrounded by a supportive community with younger as well as older people in it, and plenty of money to throw at problems. If you think live in care is going to be the way to go you're going to need a good sized bedroom and ensuite for them. I'm eyeing up new builds on smallish estates, personally.

the issue is that you won't have free helpers with your best interests at heart on tap to negotiate all that tricky stuff

Exactly this.

Right, I'll start looking for a suitable location 😊