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Retirement Living Council urges action on affordable housing for seniors as more retirees worry about income

  • May 23 2024
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Retirement

Retirement Living Council urges action on affordable housing for seniors as more retirees worry about income

By Newsdesk
May 23 2024

The Retirement Living Council (RLC) is calling on governments to prioritise retirement villages as a key solution to housing affordability for older Australians, as new data shows an increase in retiree numbers and concerns about retirement income.

According to the Australian Bureau of Statistics' latest Retirement and Retirement Intentions report, there are now 4.2 million retirees across the country, with 130,000 people retiring in 2022 at an average age of 64.8 years.

The report also revealed that 710,000 Australians intend to retire in the next five years, including 226,000 in the next two years, with financial security being the main factor influencing retirement decisions.

RLC Executive Director Daniel Gannon said the figures highlight the urgent need for affordable, age-friendly housing options as Australia faces a "silver tsunami".

"Given household debt and financial security are impacting the age at which Australians are retiring, suitable and affordable housing options are more important than ever," Mr Gannon said.

"Unfortunately, a rapidly growing number of Australians are retiring with mortgage debt while the aged pension remains the main source of income for most retirees."

Mr Gannon said units in retirement communities are priced on average 48% lower than median house prices in the same postcode, making them a key part of the solution to retirement income challenges.

He also noted the important role older Australians can play in freeing up housing stock for younger buyers by "rightsizing" into homes better suited to their needs, which can also boost their retirement income.

However, Mr Gannon criticised the recent federal budget for failing to deliver a plan to accommodate and care for the ageing population, describing it as a "missed opportunity".

"The unfortunate reality is that Australians aren't getting any younger, and every day that passes without a plan to house and care for older Australians appropriately and affordably is a missed opportunity," he said.

While welcoming the extension of Commonwealth Rent Assistance, Mr Gannon said the current eligibility thresholds exclude most people living in affordable retirement units, underscoring the need for reform.

The RLC is the peak body representing retirement village owners and operators, advocating for policies to deliver more age-friendly homes and better services in retirement communities.

The ABS report showed Queensland had the largest increase in retiree numbers between 2021 and 2023, with 32,000 more, while South Australia had the highest proportion at 46% and Tasmania saw the biggest drop in its share of retirees.

Retirement Living Council urges action on affordable housing for seniors as more retirees worry about income

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  • May 23 2024
  • Share

The Retirement Living Council (RLC) is calling on governments to prioritise retirement villages as a key solution to housing affordability for older Australians, as new data shows an increase in retiree numbers and concerns about retirement income.

According to the Australian Bureau of Statistics' latest Retirement and Retirement Intentions report, there are now 4.2 million retirees across the country, with 130,000 people retiring in 2022 at an average age of 64.8 years.

The report also revealed that 710,000 Australians intend to retire in the next five years, including 226,000 in the next two years, with financial security being the main factor influencing retirement decisions.

RLC Executive Director Daniel Gannon said the figures highlight the urgent need for affordable, age-friendly housing options as Australia faces a "silver tsunami".

"Given household debt and financial security are impacting the age at which Australians are retiring, suitable and affordable housing options are more important than ever," Mr Gannon said.

"Unfortunately, a rapidly growing number of Australians are retiring with mortgage debt while the aged pension remains the main source of income for most retirees."

Mr Gannon said units in retirement communities are priced on average 48% lower than median house prices in the same postcode, making them a key part of the solution to retirement income challenges.

He also noted the important role older Australians can play in freeing up housing stock for younger buyers by "rightsizing" into homes better suited to their needs, which can also boost their retirement income.

However, Mr Gannon criticised the recent federal budget for failing to deliver a plan to accommodate and care for the ageing population, describing it as a "missed opportunity".

"The unfortunate reality is that Australians aren't getting any younger, and every day that passes without a plan to house and care for older Australians appropriately and affordably is a missed opportunity," he said.

While welcoming the extension of Commonwealth Rent Assistance, Mr Gannon said the current eligibility thresholds exclude most people living in affordable retirement units, underscoring the need for reform.

The RLC is the peak body representing retirement village owners and operators, advocating for policies to deliver more age-friendly homes and better services in retirement communities.

The ABS report showed Queensland had the largest increase in retiree numbers between 2021 and 2023, with 32,000 more, while South Australia had the highest proportion at 46% and Tasmania saw the biggest drop in its share of retirees.

Retirement Living Council urges action on affordable housing for seniors as more retirees worry about income

The Retirement Living Council (RLC) is calling on governments to prioritise retirement villages as a key solution to housing affordability for older Australians, as new data shows an increase in retiree numbers and concerns about retirement income.

According to the Australian Bureau of Statistics' latest Retirement and Retirement Intentions report, there are now 4.2 million retirees across the country, with 130,000 people retiring in 2022 at an average age of 64.8 years.

The report also revealed that 710,000 Australians intend to retire in the next five years, including 226,000 in the next two years, with financial security being the main factor influencing retirement decisions.

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RLC Executive Director Daniel Gannon said the figures highlight the urgent need for affordable, age-friendly housing options as Australia faces a "silver tsunami".

Retirement Living Council urges action on affordable housing for seniors as more retirees worry about income

"Given household debt and financial security are impacting the age at which Australians are retiring, suitable and affordable housing options are more important than ever," Mr Gannon said.

"Unfortunately, a rapidly growing number of Australians are retiring with mortgage debt while the aged pension remains the main source of income for most retirees."

Mr Gannon said units in retirement communities are priced on average 48% lower than median house prices in the same postcode, making them a key part of the solution to retirement income challenges.

He also noted the important role older Australians can play in freeing up housing stock for younger buyers by "rightsizing" into homes better suited to their needs, which can also boost their retirement income.

However, Mr Gannon criticised the recent federal budget for failing to deliver a plan to accommodate and care for the ageing population, describing it as a "missed opportunity".

"The unfortunate reality is that Australians aren't getting any younger, and every day that passes without a plan to house and care for older Australians appropriately and affordably is a missed opportunity," he said.

While welcoming the extension of Commonwealth Rent Assistance, Mr Gannon said the current eligibility thresholds exclude most people living in affordable retirement units, underscoring the need for reform.

The RLC is the peak body representing retirement village owners and operators, advocating for policies to deliver more age-friendly homes and better services in retirement communities.

The ABS report showed Queensland had the largest increase in retiree numbers between 2021 and 2023, with 32,000 more, while South Australia had the highest proportion at 46% and Tasmania saw the biggest drop in its share of retirees.

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