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Renters need $1 million for comfortable retirement

"It's becoming clearer that housing affordability, particularly in Sydney and Melbourne, has wider implications than just for those trying to get a foot on the property ladder"

As many Australian cities experience increases in median housing prices, a gap in living standards between homeowners and renters is becoming larger. And the gap is likely to widen.

Photo: Sahlan Hayes

The Association of Superannuation Funds of Australia (ASFA) figures show a Sydney home-owning couple needs to have saved about $640,000 to support a "comfortable" retirement from age 65."

If you are a renter and live in Sydney, and wish to retire comfortably from age 65, a retired couple will require approx. $1.17 million to retire.... if in Melbourne, this is a much lower at approx.  $1.12 million.

" The ASFA estimates a couple renting even a two-bedroom unit in Sydney needs $79,800 annually to be comfortable.Unless the renters happen to be very high-salary earners, they have virtually no chance of affording a comfortable retirement.By comparison, ASFA estimates a comfortable retirement costs a home-owning couple $59,800 a year, nationally, on average."

For more information on retiring comfortably as a renter, contact Derek on 0416 543 810 or Send an Email

Credit: SMH 28th March, 2017

 

 

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