Housing affordability is a hot topic these days, especially for younger Australians hoping to buy their first home. But for different reasons, housing is also a vexed issue for retirees and people on the brink of retirement.
For the current generation of retirees, their home is likely to be their biggest asset alongside super, but it may no longer suit their needs. For those who rent, finding a secure place to call home is a constant worry.
We asked people – retired, semi-retired or looking to retire – if they thought their current home met their retirement needs, if they had considered moving to more suitable housing and, if not, what were the barriers? Here’s what they told us:
Nina, 65, retired
“I’ve been living in my home in Melbourne since 2006 after my husband and I divorced. I can’t see myself being able to live here when I’m much older. I would have to do a lot of work to it, which I can’t afford.
“I have two married daughters and we’ve talked about me selling the house and moving in with one of them when I’m older. It would be a huge adjustment for everyone, though, and I prefer being on my own.
“Maybe in the future I will sell and buy a little something near the beach to live out my days. I worry about house prices and the cost of living and what life will be like in retirement. Maybe I will retire to Thailand. I’ve not really thought it through to be honest.”
Jim, 58, looking to retire
“We have our 23-year-old daughter still living with us because it’s near impossible to find a rental in Sydney without an impeccable rental record. She is studying and works part time. She couldn’t afford to rent in this current market anyway. This is the new normal among our friends – adult kids still living at home with no prospect of ever buying their own place.
“My wife and I are still paying off our apartment in Canberra. It’s on the top floor of a big block with stunning views. It’s modern and well-appointed and it would meet all our needs when we’re older.
“I own my own consultancy business and my wife is an art teacher. Like many others, our mortgage has gone up 13 times recently, so it’s been tough. But if we can pay this place off before we get much older, we should be ok. I hope.”
Janet, 82, and Charles, 86, retired
“We love our little home, but it’s old and pokey and needs a lot of work. We’d like to move into a nice retirement village but don’t feel we can deal with all the hassle of buying, selling and moving.
“Last year, Charles was diagnosed with Alzheimer’s. He is doing well but he’s very forgetful. I worry that if we moved to a new place, he might be even more confused, so I tell myself to make the best of what we have. Also, we have friends in this community, and I wouldn’t want to lose that. We couldn’t afford to buy anything here that’s better than what we already have.
“We did make some modifications over the past few years. We had handrails installed in the bathroom and nonslip tiles in the kitchen. Someone looks after the garden and a subsidised home care community worker helps with cleaning and shopping. Our daughter lives nearby and helps out so that’s a godsend.”
Margaret, 80, retired
“I sold my house in North Sydney three years ago and moved into a retirement village in a quiet rural town. The main reason I moved here was to be closer to my daughter but that hasn’t worked out. You can never really rely on people. Their lives are so busy now.
“I like living in the retirement village and get on well with most of the people here. They’re a nice bunch and we all look out for each other. I also have my little dog Stella for company. There’s a heated swimming pool and the clubhouse and grounds are very well maintained. There are nice local shops I can walk to. Medical services are quite good, but I do worry that if I ever needed to go to hospital, I’d have to go to Goulburn, which is almost an hour away.”
Judith, 78, semi-retired, and John, 75, self-employed
“Six years ago we accepted a good offer on our beautiful home in Sydney where we had lived for many years. We were able to pay off our mortgage and buy a house on the NSW Central Coast. We love the beach lifestyle and, although our new home is big and has two levels, it’s the kind of home we always imagined we would live in when we retired.
“I’m working part time now and John works mostly from home, so travel isn’t a problem for us. We do miss friends being close by, but they do come and stay, which is nice. Our son and his family drive up most weekends. We have a pool and it’s just a short walk to the beach. The two flights of stairs may become a problem as we get older, but we can always have a stairlift put in.”
Elke, 63, looking to retire
“I’m currently renting an apartment in Sydney with a friend, but as I get older and unable to work full time, I wonder how I will manage. I married young and was a stay-at-home mum with a violent and controlling partner.
“I eventually left him, but I never recovered financially. Now I work at a childcare centre, which I love. I don’t have a lot of super or savings, so I will probably have to rely on the Age Pension and rent assistance when I’m old. It is quite scary to think about. My housemate is in a similar position. She’s in her late 50s, single, and doesn’t own a house.”
Janine, 62, looking to retire
“I downsized 10 months ago and moved from a house in Sydney to an apartment in the centre of Adelaide. I did enjoy living in Sydney, but I was finding that health services and other services I needed were becoming more difficult to access.
“I’m a media consultant and work from home. Everything is more accessible, and the apartment is very suitable for ageing independently. I have no regrets about the move.”
Ron, 91, retired
“I always wanted to stay in my lovely house on the Sunshine Coast, but it became too difficult to live on my own. My wife died many years ago and then my close friend and neighbour who I relied on a fair bit also passed away. That was a big loss.
“After that, my son and his wife invited me to live with them. Their two children are grown up now and live overseas. When I finally did sell the house, I was able to give them all some money.
“They had renovations done and I am very comfortable here. I have my own master bedroom with an ensuite and a nice view. My pensions and investments cover most of my costs, but things are very expensive nowadays. I never imagined basic needs like food and housing would ever cost so much. I feel sorry for young families today who work hard and struggle to keep a roof over their head.”
Helen, 80, and Philip, 81, retired
“We had been living in Sydney but, as my health deteriorated, we decided to sell up and move to Newcastle eight years ago. Thankfully we could afford this house back then. I don’t think we could ever afford something as nice as this now. Prices have shot up. We want to live here for as long as we can, but with some help of course.
“I have an impaired mobility due to an autoimmune disorder and diabetes. My husband Philip is my main support person. I have a community healthcare worker that’s subsidised by the government. She comes in three times a week and I don’t know what I’d do without that assistance. We also have a cleaner who comes weekly but Philip does all the gardening himself. He is also a great cook, so I’m lucky.”
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