What should people, who do not have any savings, do when they have to retire?

If they are in private rented accommodation and when they stop work their income stops and they have no pension nor money, nor source of money whatsoever. What advice could you give them? Is there only homelessness and death?

Public Comments

1. For the people that were unable to save or plan for retirement there is only two things you can do.. 1. rely on social security (here in the U.S.) or 2. keep working... Both options suck but that's reality...
2. uh...beg?..maybe live life the way it is..tat may prove to u money isnt important.
3. Right now, they can collect social security insurance if they've been working steady for a while. How much their SSI amount is depends on what their income average was over their total working years and how long you've been working. If they had a working but now deceased spouse, they could also collect that spouses SS income. SS income isn't usually as much as you made working so it'd be a big cutback. The person would probably have to greatly change the way he or she lives--may need to take in roommate to offset the monthly rent (or move into a multi-roommate situation). Cut back on spending. Sell the house and move into a much smaller living situation using the profits from the house to live on. Get rid of the car. Work part-time (or full-time) to make ends meet. Some of these people eventually have to move in with siblings or their kids, or their kids may need to help out with basic expenses. Some do go homeless. If they have physical or mental problems, they may be able to get on a government assistance program (won't pay a lot), might be able to get food stamps, might be able to get medicare. It's why everyone stresses the need for individuals to start saving for retirement as early as possible if you do not want to end up like this. And even if you do save as much as you can, investing as advised, etc., one major medical need can wipe out all that you've saved and put you on the proverty level.
4. you answered you own question in the last sentence!!!
5. Where do you live? If it's in the UK and depending on their income they may be entitled to Pension Credit - receiving pension credit should also mean that they can receive help wtih rent etc www.thepensionservice.gov.uk