Robin, 67, and Val Greenfield, 64, are renting a one-bedroom ground-floor apartment in a retirement development giving them the peace of mind they’ve always wanted.
The pair downsized from a two-bedroom apartment to a one-bedroom flat, with lots of space.
Married for 37 years, Robin and Val have even worked together. So much so, when Robin got a job as Santa Claus at Lapland, Val went along too and became Mrs Claus.
They spent six weeks incognito in Lapland and were not allowed to even leave the house in case they were recognised.
As well as downsizing, the work at Lapland meant they were also able to have extra income coming in which helped them boost their retirement income, which allows them to cover their rent bills at the development.
With retirement rentals specialists, My Future Living, Robin and Val have enjoyed a stress-free experience and move.
Robin said: “The company made it a very easy process, it was straightforward with no hiccups or issues. Before we moved in, the leaking tap was fixed and the carpets were replaced and whole place was re-decorated.”
By renting in retirement, pensioners can benefit from a lack of maintenance costs, high mobility, and greater liquidity in their assets.
Just under a quarter (23 percent) of people say they plan to downsize in retirement, according to data from HL in September 2023.
The research revealed that 37 percent do not wish to do so and a further 39 percent are unsure. Also, younger people are more likely to want to downsize – 32 percent of the 18-34 age group compared to just 14 percent of the over 55s.
Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, said: “Downsizing can play a role in retirement planning, but it is important not to rely on it to fill gaps in your pension.
“Your circumstances and views can change over time, and you don’t want to be in a position where you feel you have to sell up to make ends meet or end up living somewhere that doesn’t meet your needs.”
Renting a retirement property has proven to be a sound financial choice for Donald as the proceeds from the sale of his previous home now support his wife’s care.
They both concluded that: “After 37 years of marriage and playing Mr and Mrs Claus, we couldn’t be happier together and we’ve now found the perfect place for the next 37 years of marriage.”
By selling up and downsizing, Donald has been able to pay his wife’s care home fees, volunteer and establish several scout groups and travel to see his son in Sydney, Australia.
His house sold for £280,000 which he split with his wife. With funds in the bank and monthly income from his state pension and workplace pension, he has the freedom to plan trips to visit his son and meet his grandchild.
He came across My Future Living through a newspaper advert, and fate seemed to guide him towards an apartment in a retirement development on the road where his wife grew up.
