Did you know that almost one in four Australians aged between 55 and 64 moved home in the previous five years?1
If you’re thinking of selling your home to improve your retirement lifestyle there are many financial, practical and emotional factors to consider first.
You can use this planner to help you decide what’s important to you when considering moving from your current home to a new one.
As you approach retirement you may have substantial equity in your home or may own your house outright.
Selling your home with the intention of buying another one that is easier to maintain or closer to family might be a good lifestyle choice. And it could also release money for you to invest in shares, term deposits, managed funds, another property or superannuation. This could provide you with more income in the future, giving you different choices in retirement.
But before putting your home on the market use our home and retirement planner and make sure you:
- understand your reasons for thinking about selling
- have a clear idea of all of the implications of selling your home—financial and otherwise
- obtain financial advice
- explore other options for releasing the equity in your home. For example, could a reverse mortgage be an effective way for you to increase your retirement income? Find out more at the MoneySmart website and consider the benefits and risks of a reverse mortgage before making up your mind.
1 Australian Housing and Urban Research Institute, Downsizing amongst older Australians 2014.
Important informationShow more
It’s important to consider your particular circumstances and read the relevant Product Disclosure Statement or Terms and Conditions before deciding what’s right for you. This information hasn’t taken your circumstances into account.
This information is provided by AMP Life Limited. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you. All information on this website is subject to change without notice.