Anyone here that is aged 40+ and renting ?

chaparral

chaparral

chaparral

Caporegime
Joined
27 Nov 2005
Posts
25,520
Location
Guernsey
Are any of you guys on here over 40 and only renting as am wondering how much you guys are planning to have saved in a pension for when you retire to cover what the huge rent prices will be in the future at retirement age

Being 50+ years old and only renting myself this is of cause a huge thing that worries me
 
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LabR@t said:
Live fast die young
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I feel that the only way you can think when renting unless you're in a very high paid job or have a large inheritance being left to you
As it really not easy to save a lot when rent is taking a huge chunk of income every month plus all the other huge price rises these days
 
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Was reading this earlier..It not about where i live but am guessing roughly the exact same thing applies where i live

Pensions aren’t the ticking timebomb – rents are​

www.theguardian.com

Pensions aren’t the ticking timebomb – rents are

Non-homeowners currently in their 50s face having to find huge amounts of money to pay ever-escalating rents
www.theguardian.com www.theguardian.com
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You should probably start doing some research to see where you stand. I have no idea what state help is like on Guernsey, if any.
 
Well, it's a question of what quality of life you want in retirement. If you're having to pay rent, that's coming out of your pension.

What's your predicted pension income? What's an average rent + 20 years inflation?

If I didn't have a massive pension, or a property, I'd be looking at the cheapest places I could move to close to retirement, to try and maintain as best quality of life as I could manage.
 
chaparral said:
Was reading this earlier..It not about where i live but am guessing roughly the exact same thing applies where i live
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In general I think this is going to be a huge problem, especially the last 30 years or so the short sighted way society has operated is leading up to a serious issue with a not unsubstantial number of people going into retirement and not having enough to cover a roof over their head and even just the essential living costs with inadequate fallback social security measures for the situation.

As per the article there are going to be a lot of people needing to save around 6K a year over the next 10-20 years to avoid this issue and in reality many of those people are in that position because they aren't in a place to save a sufficient lower amount over a longer period let alone 6K over a shorter.
 
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mid_gen said:
What's your predicted pension income? What's an average rent + 20 years inflation?
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Am guessing todays average rent prices here for a one bedroom flat would not be that far off 14,5k per year (£1200 per month),
God knows what the rent will cost in another 18+ years time

I was hoping to have between 50k to 75k saved by the time i retire, But of cause anything could happen over the 18 years before i reach my retirement age like health problems,injuries, Losing job etc
 
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48, renting and have been all my life. Never been in a position to afford to put any money for a deposit away. Or at least anything meaningful that would get me a deposit in less than ten years.
 
Rroff said:
In general I think this is going to be a huge problem, especially the last 30 years or so the short sighted way society has operated is leading up to a serious issue with a not unsubstantial number of people going into retirement and not having enough to cover a roof over their head and even just the essential living costs with inadequate fallback social security measures for the situation.

As per the article there are going to be a lot of people needing to save around 6K a year over the next 10-20 years to avoid this issue and in reality many of those people are in that position because they aren't in a place to save a sufficient lower amount over a longer period let alone 6K over a shorter.
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I find it strange that i never heard my local government come out about this problem.
They only seem to come out all the time about needing to increas taxes for extra money to pay for pensions
 
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Rroff said:
As per the article there are going to be a lot of people needing to save around 6K a year over the next 10-20 years to avoid this issue and in reality many of those people are in that position because they aren't in a place to save a sufficient lower amount over a longer period let alone 6K over a shorter.
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I can't even see saving 6k per year being anywhere near enough with the way house/rent/food/energy etc prices keep going up
Unless there happens to be a huge house/rent price crash sometime in the future.
 
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chaparral said:
I find it strange that i never hear my local government come out about this problem.
They only seem to come out all the time about needing to increas taxes for extra money to pay for pensions
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I’m already resigned to working well into my 70’s. If I get that far. I’ve maxed out my tax free workplace pension and can’t really afford to start a private one. For all the good it’ll do. I’m 48.
 
chaparral said:
Am guessing todays average rent prices here for a one bedroom flat would not be that far off 14,5k per year (£1200 per month),
God knows what the rent will cost in another 18+ years time

I was hoping to have between 50k to 75k saved by the time i retire, But of cause anything could happen over the 18 years before i reach my retirement age like health problems,injuries, Losing job etc
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The States' pension might just about cover your rent. What other pension provision do you have?
 
Surveyor said:
The States' pension might just about cover your rent. What other pension provision do you have?
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I don't have any pensions at the moment :o, I Just have what i save out of my wages in my bank account.

But my work place is starting a pension plan near the start of next year
 
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