Seniors Downsizing home for retirement
Retirement... a golden period, when Australians can look forward to reaping the benefits of their working life, to kicking back with family and friends and indulging in favourite pastimes.
Many suggest downsizing along with the government's downsizer contribution as the optimal solution for retirement. A smaller, more manageable home. A transaction that frees up cash for retirement. Family homes available for the next generations. This is a proposition supported by the federal government, in words as well as actions.
Its downsizer contribution encourages retired Australians to sell up and contribute some of the proceeds to super, thus building the nestegg from which pension income is drawn. The question is, however: is downsizing a ‘one size fits all’ solution?
Downsizing Contribution, Rules plus More
This guide answers some important questions about downsizing and the downsizer contribution;
- What is downsizing, upsizing and rightsizing?
- Why are seniors downsizing?
- What is the downsizer contribution?
- Downsizing pros and cons
- Costs to downsize
- Pension downsizing rules
- Downsizing alternatives to increase retirement income
Wellbeing is positively driven by strong financial health and feelings of safety and security. Older Australians feel safest in their own home, with almost 9 in 10 of respondents in a recent survey 1 reporting that their
sense of security at home was good (35 percent) or very good (53 percent).
That home is important to Australia’s retirees is reinforced by findings of surveys across multiple years and numerous cohorts of older Australians. For many, that means the family home they’ve lived in for many years. For others, it might be their new, smaller home. Either way, home is where the heart is.
Download the Downsizing Guide
If you’re looking forward to a long, comfortable retirement and want to spend it living in your own home, this guide is for you. It’s particularly valuable if:
- You're aged 60 plus
- You’re already retired or are planning to retire in the near future
- You have equity savings in your home
- Your retirement savings are insufficient to fund 20 plus years of retirement.
What are you doing with your Household Capital?