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How 1.2Million Britons Could Be Forced To Sell Their Homes To Pay For Their Retirement

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And the rest.............

How 1.2million Britons could be forced to sell their homes to pay for their retirement

http://www.dailymail.co.uk/news/article-1316582/How-1-2million-Britons-forced-sell-homes-pay-retirement.html?ito=feeds-newsxml

Read more: http://www.dailymail.co.uk/news/article-1316582/How-1-2million-Britons-forced-sell-homes-pay-retirement.html?ito=feeds-newsxml#ixzz112m33bMQ

By Becky Barrow

Last updated at 6:48 PM on 30th September 2010

Up to 1.2million people could be forced to sell their home to pay for their retirement, research revealed today.

They have been dubbed the new 'hippies', because they are following the mantra that 'Home Is Pension.'

The report, from the financial services firm LV, asked nearly 1,200 adults with jobs over the age of 50 how they plan to pay for their retirement.

The new 'Hippies': For many families, home is pension. (Image posed by models)

The new 'Hippies': For many families, home is pension. (Image posed by models)

Read more: http://www.dailymail.co.uk/news/article-1316582/How-1-2million-Britons-forced-sell-homes-pay-retirement.html?ito=feeds-newsxml#ixzz112ly1vrr

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And the rest.............

How 1.2million Britons could be forced to sell their homes to pay for their retirement

http://www.dailymail.co.uk/news/article-1316582/How-1-2million-Britons-forced-sell-homes-pay-retirement.html?ito=feeds-newsxml

Read more: http://www.dailymail.co.uk/news/article-1316582/How-1-2million-Britons-forced-sell-homes-pay-retirement.html?ito=feeds-newsxml#ixzz112m33bMQ

By Becky Barrow

Last updated at 6:48 PM on 30th September 2010

Up to 1.2million people could be forced to sell their home to pay for their retirement, research revealed today.

They have been dubbed the new 'hippies', because they are following the mantra that 'Home Is Pension.'

The report, from the financial services firm LV, asked nearly 1,200 adults with jobs over the age of 50 how they plan to pay for their retirement.

The new 'Hippies': For many families, home is pension. (Image posed by models)

The new 'Hippies': For many families, home is pension. (Image posed by models)

Read more: http://www.dailymail.co.uk/news/article-1316582/How-1-2million-Britons-forced-sell-homes-pay-retirement.html?ito=feeds-newsxml#ixzz112ly1vrr

So whats the problem, they plan to down size. i plan to downsize. Thats what happens. Pretty standatd thing to do i would have thought.

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How 1.2million Britons could be forced to sell their homes to pay for their retirement
asked nearly 1,200 adults with jobs over the age of 50 how they plan to pay for their retirement.

Add three zeros on and hey you get 1.2 million and they actually get paid to work that out. :rolleyes:

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30 - My home is my pension

40 - My Home is my pension

50 - My Home is my pension

60 - My Home is my pension

65 - I want to keep my home, give me a pension, pay my council tax, winter fuel allowance, carers, residential accomodation, etc etc

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We arrive with nothing and we'll be leaving with nothing.

Not even your Panini sticker albums? Well they were a bl00dy infuriating waste of money then. :angry:

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30 - My home is my pension

40 - My Home is my pension

50 - My Home is my pension

60 - My Home is my pension

65 - I want to keep my home, give me a pension, pay my council tax, winter fuel allowance, carers, residential accomodation, etc etc

Ooh, harsh :lol:

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Reorts like this are just such a load of shit.

My parents in the 70's when raising children had a 5 bedroom house, when we left my mum told my dad she did not want to hoover stairs anymore and so they bought a cheaper 2 bedroom bungalow this was in about 1987.

Scaremongering of the highest order from ignoramouses.

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30 - My home is my pension

40 - My Home is my pension

50 - My Home is my pension

60 - My Home is my pension

65 - I want to keep my home, give me a pension, pay my council tax, winter fuel allowance, carers, residential accomodation, etc etc

Post of 2010!

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65 - I want to keep my home,, carers, residential accomodation, etc etc

Sorry you can`t you will have to sell your home and are only allowed to hold £22k savings and the rest will go to fund your care.

If you want to hold on to it and require care have a fall sustaining brain damage and hey the NHS will have to fund it and you keep all your wealth to pass on to your beneficiaries. ;)

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Forced? They would buy somewhere twice the size for a third the price in Spain or Portugal. Not have to pay council tax, low heating bills etc.

How is this anything but a happy scenario?

Not forgetting in some parts of Spain they even get a free Spanish bus pass. :D

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30 - My home is my pension

40 - My Home is my pension

50 - My Home is my pension

60 - My Home is my pension

65 - I want to keep my home, give me a pension, pay my council tax, winter fuel allowance, carers, residential accomodation, etc etc

;)

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A few years back there was this political storyline about how old people shouldn't have to sell their homes to pay for care.

Now - this is about 10 years ago and it might have had roots in the early-90's where people sold their homes to pay for an old folk's home. Of course, with prices depressed this was the worst time to sell - but they were forced.

Now - instead of an Englishman's home is his Castle it's become - and Englishman's Home is his Pension.

Or maybe more accurately - an Englishman's 2 BTL Flats are his Pension.

This is a ridiculous article. Most people have few assets* when they retire.

1) a house

2) a pension (preferrably a gold-plated final salary pension)

If it said in this article that pensioners are selling gold filling, organs or giving hand-jobs to pay for their pension, I might pay more attention. It's only natural that if you don't work for 20 years, something has to pay for it - and it shouldn't be TAXPAYERS!

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Reorts like this are just such a load of shit.

My parents in the 70's when raising children had a 5 bedroom house, when we left my mum told my dad she did not want to hoover stairs anymore and so they bought a cheaper 2 bedroom bungalow this was in about 1987.

Scaremongering of the highest order from ignoramouses.

Yes, but they probably had alternative pension plans. I fear too many people are relying on downsizing, as opposed to doing it for convenience

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30 - My home is my pension

40 - My Home is my pension

50 - My Home is my pension

60 - My Home is my pension

65 - I want to keep my home, give me a pension, pay my council tax, winter fuel allowance, carers, residential accomodation, etc etc

praise the lord..at last someone gets it.

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30 - My home is my pension

40 - My Home is my pension

50 - My Home is my pension

60 - My Home is my pension

65 - I want to keep my home, give me a pension, pay my council tax, winter fuel allowance, carers, residential accomodation, etc etc

'Because they are worth it'. Retirement do at my work today, a few recently retired also showed up either bemoaning their lack of money (all on full final salary schemes) or rubbing it in as they know they are the last generation to get such a good deal with final salary pensions, affordable housing and all the vote winning freebies progressive governments have thrown at them.

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30 - My home is my pension

40 - My Home is my pension

50 - My Home is my pension

60 - My Home is my pension

65 - I want to keep my home, give me a pension, pay my council tax, winter fuel allowance, carers, residential accomodation, etc etc

Thats a true representation of feelings, except their homes will be taken, after ending up in a nursing home, to pay for nursing fees if they cannot pay up front, and at £500 per week it doesnt last long.

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Thats a true representation of feelings, except their homes will be taken, after ending up in a nursing home, to pay for nursing fees if they cannot pay up front, and at £500 per week it doesnt last long.

Quite right too.

I've yet to hear a coherent argument against the principle of nursing home care having to be funded from the sale of the person's house, if they have one. After all, if you go into a nursing home, you don't need a house.

As to the article...

In the most extreme cases, this involves selling the property and downsizing to a smaller property, using the extra cash to fund their retirement.

It could also involve less dramatic options such as taking out an equity release product, which is rather like using your home as a cash machine.

Wrong way round, surely.

Downsizing from a large family home to a bungalow or flat in Eastbourne or Lytham St Annes is an obvious and well established move upon retirement. I remember my grandparents doing just that in the early 1970s.

Releasing equity Borrowing money while retaining the expenses of a large home seems a far more dramatic option to me.

Meanwhile, I'm working on a far more imaginative solution to exactly this problem. I'm in the process of extending and remodelling our 3-bed semi so that we will end up with a large ground floor with a nice garden for Mrs Yogi and I to live out our days in, and 3 en suite bedrooms, a living room, and kitchen on the two upper floors. These we can rent out to any of our 4 kids who may need somewhere to live when they are older, or more interestingly to young buxom nurses from the local hospital a quarter of a mile away. At current levels I should clear a grand a month easy. Now that's a pension!

I will then change my user name to Mr Rigsby...

:lol:

Edited by Mr Yogi

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'Because they are worth it'. Retirement do at my work today, a few recently retired also showed up either bemoaning their lack of money (all on full final salary schemes) or rubbing it in as they know they are the last generation to get such a good deal with final salary pensions, affordable housing and all the vote winning freebies progressive governments have thrown at them.

the point is, they WONT be the last generation to get all these things...its the NEW generation just ponying up that has led to themselves being priced out....Finance is the key....

Beeb this morning praising Brazil, where, NOW, you can get a mortgage, NOW, house prices are going up, NOW FINANCE is big business, GDP is up, the people can take their pets to poodle parlours.

And who pays for all this....yes, its borrowers, flooding the market with credit they are taking on...a bubble is forming and the MSM just love it...so do the people at the time.

Mortgages for private housing stock should be banned. Bankers, paid hundreds of thousands, should use their "skill" in inventive ways to create wealth, not the illusion of it.

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  • 261 Brexit, House prices and Summer 2020

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      • down 5% +
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