Rising Rents: Retirement Dreams on Hold

Ah, retirement—the golden years of relaxation, travel, and endless cups of tea.

But for many older folks on low incomes, the dream of retiring is slipping further out of reach, thanks to skyrocketing rents. According to Crisis, a homelessness charity, about one in six older people are stuck in the workforce, unable to retire due to housing costs. Yikes!

In a survey of 1,600 people aged 55 and up, Crisis found that 17% can't stop working because of their housing expenses. And for those who've already hung up their work boots, nearly 10% are considering rejoining the workforce just to keep a roof over their heads. Talk about a plot twist nobody wanted!

For older renters, the situation is even more dire. Nearly one in ten fear homelessness by the year's end, and 17% worry about it in their retirement. With housing benefits lagging behind actual rent costs, many are cutting back on essentials like heating and food. It’s a tough gig when your golden years turn into a survival game.

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Crisis highlights that the number of older people facing homelessness in England has soared by over 50% in the past five years. The charity blames decades of neglect in building social homes and a welfare system that’s as creaky as an old floorboard.

But fear not! Crisis is rallying the troops, urging the public to sign an open letter to the Prime Minister. Their mission? End homelessness for good. With the right political will, they believe it’s possible to turn this crisis around. So, here’s to hoping for a brighter, more secure future for our elderly!

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Want to hear more? Join Mal & Matt on the Property AI Report Podcast each week!

Access from your preferred podcast provider by clicking here

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