Too Little… Too Late? The talk may have finally started but this may not solve the retirement challenge for the largest generation within the Australian population who face that phase of their lives poorly prepared.
An effective and ethical equity release market needs to emerge in Australia, so that senior Australians will have the ability to tap into the stored wealth of their home in order to live well in retirement and importantly, stay in their home,” Conlon said.
A good proportion of the Financial System Inquiry’s 460-page interim report is dedicated to a discussion of superannuation and, in particular, to making the financial system better at facilitating the conversion of super into retirement income. The Conversation.
“Baby boomers are often touted as one of Australia’s most prosperous generations. They are living longer, retiring later, and commonly labelled as the beneficiaries of Australia’s growing property market,” Ms Sprekos said.
“Our findings tell quite a different tale – current and future retirees are struggling to navigate a range of new affordability pressures for which their superannuation funds may not be sufficient.”
Despite their Housing Wealth, Senior Australians are struggling to fund retirement and are dreading that phase of their lives.
despite their Housing Wealth
The numbers are in and it is clear that the Australian Reverse Mortgage market has failed!
At a time when Asset Rich but Cash Poor retirees are struggling to “stay in place”, fewer are turning to Reverse Mortgages as a way to tap into their home equity wealth.