Worsening housing crisis threatens retirement system
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Research by Super Consumers Australia has found that the typical single retiree paying rent needs $659,000 in superannuation to enjoy a financially secure future, more than twice the $322,000 required by a homeowner.
Couples face a similar gap: $786,000 for renters versus $432,000 for homeowners.
Renters are three times more likely to struggle financially in retirement. Only 10% of retired homeowners are in financial stress. By comparison, nearly 50% of retired renters face financial stress.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.