Aussies looking to sell home to fund retirement
Almost half of Australians are unsure about whether they will need to sell their family home to sustain their retirement, according to an MLC survey.
The wealth sentiment quarterly survey revealed 11 per cent of Australians have already decided to sell their family home to fund their retirement, with 42 per cent unsure.
Another 8 per cent intend to draw down on equity in their home, while almost 40 per cent have no intentions of selling their homes.
The survey also found 23 per cent of Australians will cut back spending in their children in retirement, while 30 per cent will slash spending on household items, and home improvements.
But most will spend more on their health, utility bills and insurance.
"Women also continue to worry more than men about retirement, with one in three saying they will have far from enough to retire," NAB Wealth Group executive Andrew Hagger said.
"This is particularly the case for women aged 30 to 49."
Investors are looking to become more conservative in their allocations in the next three months, and plan to pay off debt and accumulate cash/term deposits, while decreasing exposures to bonds/fixed income and shares, and investment property.
Men prefer cash and shares more compared to women, who prioritise debt reduction. Those aged 30-49 look towards growing their super and reducing debt, while those over 50 look most towards cash and shares.
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