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Super for first home buyers - massive winner for young, page-138

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Dermotlyons24

275 Posts.

15/05/22

19:05

Post #: 61419565
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Originally posted by chappy58: ↑

penury of surviving on the pittance that will be the affordable welfare required by those without superannuation savings.
You can look at this in two ways, those working that retire in 20 plus years with no house will have all this super, get less pension because of that and still be paying rent out of those super proceeds.

You can retire in 20 years owning your own house, still have that 60% remaining balance that you have contributed into for the next 20 years plus, then go on the pension which will still most likely subsidised by your super, but you will not be renting for all your retirement years and will have more money available to you for a much more comfortable retirement.

This will be hard to sell this to the younger person, but those in their 35 to 40 years old brackets wanting to buy their first home will be the ones that take this up.

This bracket will have some super build up and 40% of that will make a good deposit and get them in the market regardless of how much you earn.

If you asked a 65 year old today, renting and ready to retire and if you asked them if this was available 30 years ago would you have taken this up to buy your own house the answer would be YES.

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yes they would say yes but that doesn't mean it's a good idea.
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