He highlighted the ‘third pillar’ of Australia’s Retirement Income Review (RIR) was “voluntary savings and home ownership”.
“Home ownership is an important influence on a person’s standard of living in retirement. Housing costs are generally lower in retirement and the house is an asset that can be drawn on to boost retirement income,” the RIR report said.
“The home is the most important component of voluntary savings and is an important factor influencing retirement outcomes and how people feel about retirement. Homeowners have lower housing costs and an asset that can be drawn on in retirement.”
Funder said: “To fund aged care, in-home care, and improve aged housing, the federal Retirement Income Review was right to highlight the importance of providing responsible, long-term access to home equity as the third pillar of our retirement funding system.