After working hard for many decades it is disheartening to say the least when seniors find their retirement income is insufficient to enjoy the lifestyle they were dreaming of. There can be many reasons for this, some of which are out of your control, some of which are within your control.
There has been a lot of interest surrounding reverse mortgages lately. Much has been made in the media regarding Australia’s aging population and the most efficient ways those in this age range can ensure they have sufficient retirement income. To this end, the recent Financial System Inquiry recommended reverse mortgages as a means of simultaneously unlocking retirement income and benefitting the Australian financial sector in general.
As we see further enhancements in home care, there is acknowledgement for those receiving care will be required to make greater contributions to their costs.