Will you sell your home to fund your retirement?

Will you sell your home to fund your retirement?
Jennifer DukeDecember 7, 2020

Some 11% of Australians are planning to sell the family home to fund their retirement, according to the latest MLC Quarterly Australian Wealth Sentiment Survey.

Of the 2,100 participants in the September survey, 8% responded that they are planning to draw down equity in their home, while 40% have no plans to sell their family home.

A further 42% said that they are unsure about whether or not they will use their home to fund their retirement.

Interestingly, men where less inclined to sell the home to fund their retirement, with 45% not willing to take this option, compared to 34% of women.

NAB Wealth group executive Andrew Hagger said that Australians must plan carefully for retirement.

“Australians are looking to rely on the family home to help fund their retirement and cut back spending on their children and home to make their savings last,” said Hagger.

“While the level of concern about financial sufficiency in retirement fell this quarter, half of all Australians still aren’t confident they will have enough to fund their retirement and around one in six are not investing at all.”

{mijopolls 56}

Jennifer Duke

Jennifer Duke was a property writer at Property Observer
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