A Third of Retiring Australians Still Paying Their Mortgages: CEO

A third of Australians reaching retirement age, particularly around 60, are still paying off their mortgage, says Alexandar Hassall, co-founder and CEO of Your Financial Wellness. Hassall was presenting to the Senate Economics References Committee, which is examining the effectiveness of superannuation and housing in ensuring good retirements for Aussies. Hassall highlighted that his company’s data showed just 17 percent of people over the age of 70 managed to fully pay off their mortgages, and use their retirement funds to achieve financial freedom. Better Money Skills Needed As Millions Set to Retire As Australia prepares for the retirement of over 2.5 million workers in the next decade, experts also stressed to the Committee the need for better financial literacy, which is critical given the country could soon see its largest transfer of wealth between generations....