“The Institute of Chartered Accountants in Australia estimates that the average retiree, retiring at age 65, will need around 125% of their pre-retirement income each year in the first five years of retirement, and 75% of their pre-retirement income each year after five years (up until going into care). Following admission to a care facility, its estimate is around 30% of pre-retirement income a year, plus a lump sum to pay upfront admission. All this equates to a lump sum of around $760,000 if you’re a male on $60,000 a year and hope to live a normal life expectancy of 81 years. And it’s just over $1 million if you’re a female on $80,000 a year who hopes to live a normal life expectancy of 85 years.” See :-http://money.ninemsn.com.au/article.aspx?id=23684
Are we all investing to cover this expectation?[blink]
There is alwas the reverse mortgage option when you hit age 60 and are retired. The way superannuation performs, I would rather pay off some properties and use the equity later if I did not have enough cash flow.
REVERSE MORTGAGES, REVERSE MORTGAGES, REVERSE MORTGAGES
[cigar]
Robert Bou-Hamdan
Mortgage AdviserM: 0414 347 771
E: [email protected]
W: http://www.mortgagepackaging.com.auComments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty Ltd
Hi
Can you please explain REVERSE MORTGAGES?
Thanks
Calderhttp://www.mortgagepackaging.com.au/index_files/reverse_mortgage.htm
If that is not enough, let me know. I will send you a brochure from one of the providers which clearly explains it.
Robert Bou-Hamdan
Mortgage AdviserM: 0414 347 771
E: [email protected]
W: http://www.mortgagepackaging.com.auComments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty Ltd
Thank you. Much appreciated. It is enough.
regards
Calder
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