That's already available but the uptake rate is very low. I have been trying to guide one elderly relative in that direction but the resistance is very strong.
I also think it is probably not the optimal way to do it from a social perspective because it essentially takes the inheritance of middle income earners while leaving the top (those who are outside the pension system) entirely in the clear. I know it will never happen in Australia, but reintroducing modest estate duties (DEATH TAXES!) for estates above, say $1.5M would help balance the current favourable tax treatment of housing and inherited wealth in our system. Money could then be available for social housing, nursing support for the elderly and to top-up health funding rather than relying on a (diminishing) working-age population to pay high rates of tax.
I have also (with some limited success) been encouraging my more elderly relatives to consider skipping their boomer children when it comes to their estates and leaving any remaining wealth to their grandkids. Some of my boomer rels (most of whom own their homes and are comfortably retired, like me) are not at all happy about this idea. Strange.
Oh, and I'm also one of those white people who think we have incredible and overwhelming advantages in our society and it is about time we checked our privilege and looked around us.
