We all like to picture our retirement through rose tinted glasses, but the reality is a little less promising. Both the economic system and demographic landscape are undergoing rapid changes and these are having a direct impact on the retirement income of Australians.
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.