Family home may help fund superannuation

superannuation/family-home/

26 July 2016
| By Oksana Patron |
image
image
expand image

The family home may for many hold the overlooked value when it comes to fund or financially support their retirement savings, an option strengthened by constant tinkering and growing complexity of superannuation, according to Homesafe MD.

The provider of the retirement solutions noted that the ongoing fiddling with the legislation around superannuation fuelled a lack of confidence in the system and drove Australians to seek other alternatives despite the federal government's objectives to strongly encourage people to fund their own retirement through industry, retail, corporate and SMSF structures.

Peter Szabo, Homesafe Solutions managing director, said that all these issues would rather turn Australians to the family home as an option "seeing it as a better, simpler and relatively more secure alternative".

As such, the overlooked value stored in the family house, an equity that can be accessed to supplement the underfunded superannuats and low income retirees, was expected to gain more significance.

"Continuing socio and economic uncertainty is the new norm for today's working Australians that these factors will impact on their ability to contribute sufficiently to superannuation," he said.

"Add in constant government tinkering with the superannuation system and owning a family home can prove to be a much needed asset lifesaver for ongoing financial wellbeing when it is time to face an underfunded retirement."

 

 

 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

1 month 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

2 weeks 5 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 4 days ago

TOP PERFORMING FUNDS