I'm 62 and in a similar position to Trudi. 6 months ago I bought a modest one bedroom apartment with a plan to do exactly what Paul has advised - am rather relieved he suggested the same. It was my ever increasing rent and the realisation that I would likely be renting in retirement that made me act - our system is set up for home owners and rental assistance doesn't make up the difference. I think I made the right move, even though home ownership costs more now, the mortgage is less stress than the fear of homelessness in old age (our population is growing so rents can only keep growing given the lack of new builds)

Reply to article

For original story, Click Here.

I'm confused about the projected superannuation balance in Paul's response. When I put all the details in the money smart super calculator, the projected super balance on retirement is $479,000! Much less than suggested

Reply to article

For original story, Click Here.

First of all, my condolences for the passing of your mother. It's nice that you are reaching out for financial advice and while I think home ownership is very important, I'm relieved that you have a stable renting situation. Rent money is not dead money, it is the price of having a roof over your head and that is a precious commodity these days. My concern is the $7,000 in savings...With uncertainty of rate rises and inflation always on the economic forefront, I would advise having a more robust savings account before jumping into home ownership. While you spend some time researching what/where you would like to live in permanently, open up a high interest savings account and add a generous amount in each pay. Wishing you success!

Reply to article

For original story, Click Here.

lol this comment has such a weird vibe to it

she didn't ask you mandy, she asked paul

Reply to article

For original story, Click Here.

Comment removed by Moneymag.com.au moderator for breaching Comments Policy.

Reply to article

For original story, Click Here.

Comment removed by Moneymag.com.au moderator for breaching Comments Policy.

Reply to article

For original story, Click Here.