​Single 50 year old woman.

Property owned outright, recently on the market for £495,000 in order to downsize.

Money purchase pension worth ~£330,000

Savings ~£15,000 and eroding gradually.

No debts.

Self-employed zero hour contract, capped at £1000 per month. Work is dwindling, last month invoice only £250

Current outgoings ~£1500 per month.

So the question is how can I access some of the money in my property or pension on a draw down basis until such time as either the property is sold or I reach 55 and can access my pension please?

best wishes

Naomi.

You would need to sell the property.



You might wish to ask for retirement planning advice here;-



http://forums.moneysavingexpert.com/forumdisplay.php?f=19

Thank you Kingstreet.



That is in hand, however that could take some time in my area, hence my question about surviving in the meantime with savings having dwindled away.



Will share this with the forum you suggest.

I do not think there is anything like what you are after.



I take it you can not get another job?

Not much of an economy in the area needing my skills. What work I have is online and not locally based, only found that by chance and seems to be dwindling now. Saying that I am developing my skills in a new direction that in time I hope will bear fruit.



Time is the problem here and I am trying to find some options if basic things like sell house or get more income don't happen by the time my savings run out.

Why not review where the £1500pm is going that seem a lot for 1 person with no mortgage.

Thank you, the house is expensive to run so not much leeway.



My original question was:



"So the question is how can I access some of the money in my property or pension on a draw down basis until such time as either the property is sold or I reach 55 and can access my pension please?"

As there is so little that can be done, people are trying different approaches to try to help you.

There are products that will allow you to release equity now. This one was mentioned in the Sunday Times recently:



https://familybuildingsociety.co.uk/Mortgages/retirement-lifestyle-booster/retirement-lifestyle-booster-home.aspx



there are probably others.

Even if it's expensive £18k a year is a lot.

lets say aiming high per month

£200 CT

£100 gas

£100 electric

£100 phone internet TV

£300 car

£200 groceries.



still £500pm.



do a SOA and review, debtfreewanabee board will have loads of ideas.



if it's not selling drop the price.



if you need more income get a lodger or two.