Retiring with a Mortgage: The New Normal?

About this episode

This episode discusses the increasing trend of Australians retiring with a mortgage and its implications for financial planning and retirement strategies.

For decades, the assumption was simple: by the time Australians reached retirement, the mortgage was gone. But that reality is changing fast. Today, more than half of Australians approaching retirement still carry housing debt—and it’s reshaping how households think about superannuation, the Age Pension, and the role of the family home. In this episode, Veronica and Chris sit down with retirement specialist Harry Chemay to unpack the growing debt burden among pre-retirees and what it means for the next generation of retirees. They explore why the traditional “pay off the home before retirement” rule is breaking down, how rising property prices and refinancing behaviour have changed the way Australians use housing equity, and why more people are drawing down their super simply to clear their mortgage. Harry explains the financial trade-offs between paying off your mortgage versus preserving superannuation, and why this decision can dramatically affect long-term retirement cash flow. The conversation also dives into reverse mortgages, equity release strategies, the Age Pension means test, and why downsizing isn’t always the straightforward solution many assume it to be. This…

People in this episode

Hosts: Chris Bates, Veronica

Guest: Harry Chemay

Topics covered

• retirement
• mortgage
• housing debt
• superannuation
• financial planning
• property market

Keywords

• retirement
• mortgage
• housing equity
• superannuation
• Age Pension
• financial trade-offs
• reverse mortgages
• equity release

Mentioned in this episode

Organizations: Age Pension, superannuation

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