You don’t need to watch the news to know the cost of living is rising – and for many products and services, well above the headline inflation rate. The evidence is there every time you walk down a supermarket aisle, fill your car with petrol and open an energy bill. It’s at the doctor’s surgery and the pharmacy, the butcher and the baker. It seems that inflation’s appetite for your retirement income is insatiable.
Then there’s the other unknown that affects your retirement income – the number of years you need to fund. None of us know how long we have to budget our retirement savings for.
When your income is fixed at a rate to make it last across many years of retirement, something has to give. And for many people, the first things to go are those they enjoy most. A restaurant meal, trips to the cinema, exercise classes at the local gym. For others, more critical things may fall by the wayside – heating in winter, nourishing food, critical repairs to the home or car.
If you’re worried that your retirement income won’t stretch to cover the rising cost of living over an unknown number of years, there are ways to boost it. Despite a recent dip in home values, strong growth over many years has seen the value of retirees’ home equity skyrocket. And now, you can unlock the wealth accumulated in your home to improve your retirement funding.
This wealth in your home can be used to fund a monthly or fortnightly income stream, to top up pension payments received from your super fund or the government. It can also be drawn as a lump sum – or a mix of capital and income. Access to capital is important – you can use it to repair or renovate your home, buy a new car or enjoy a holiday.
Unlocking the wealth in your home enables you to live the retirement lifestyle you deserve in the home you love…without watching every dollar you spend or foregoing the important things that make you happy.
About Household Capital
Household Capital is a specialist retirement funding provider that provides responsible long-term access to home equity to meet the needs of an ageing population.
We work with you to improve your retirement lifestyle: by enhancing retirement income, providing access to capital and improving retirement housing. Our approach aims to provide you with the best of both worlds – to continue living in your family home with the confidence to enjoy the retirement lifestyle you deserve.
In providing access to your home equity, we offer you the choice and flexibility to use the wealth in your home in a variety of ways that suit you, today and in the future. These might include:
- Providing a regular income stream through a regular drawdown facility, so the rising cost of living doesn’t mean going without
- Paying off an existing mortgage or other debt to free up your cashflow
- Setting up a contingency fund for those unexpected expenses, which can be drawn on as you need
- Covering the costs of in-home or residential aged care.
Our customers – Lynne, Raylene and Suzanne
Lynne, Raylene and Suzanne have been friends for more than 30 years and although they no longer live in neighbouring suburbs, they get together at least weekly to laugh, to talk and to sew. The three of them sew quilts to donate to aged care facilities, where they are gratefully received by the residents.
Lynne was the first to approach Household Capital. She needed a reliable car – but as a widow in her 70s, banks would not lend to her. Instead, Lynne unlocked her home wealth to purchase her new car and to set up a contingency fund to draw on in the event of unexpected expenses. She told her friends Raylene and Suzanne about Household Capital, as both were struggling to make ends meet. Raylene and Suzanne have now used their home wealth to each establish a regular income stream and a contingency fund, giving them confidence in their future and the flexibility to meet their financial needs.
Despite the rising cost of living, you can take control of your retirement and Live Well At HomeTM – and it’s Household Capital’s mission to facilitate that. After all, home can be both the best place to live and the right way to fund your retirement.
To find out more about the retirement wealth source that most Australian retirees aren’t using, and see how much wealth you can unlock visit householdcapital.com.au or call us 1300 734 720 to have an obligation free chat with one of our Australian based retirement funding specialists.
Applications for credit are subject to eligibility and lending criteria. Fees and charges are payable, and terms and conditions apply (available upon request). Household Capital Pty Limited ACN 618 068 214, Australian Credit Licence 545906, is the Servicer for the credit provider Household Capital Services Pty Limited ACN 625 860 764
This is a sponsored article produced in partnership with Household Capital.