A recent report*, the Government’s Retirement Income Review (final report), highlighted that your retirement income—and subsequent retirement outcome—can be affected by how you use your assets.
Importantly, the report also highlighted several options to boost your retirement income:
In terms of this last point, and depending on your personal circumstances, the Government’s Pension Loans Scheme—a voluntary non-taxable loan secured against your property—can be an effective option.
In this animation, we illustrate a brief overview of the Pension Loans Scheme. However, please see here for a more detailed overview.
*Australian Government, Treasury. (2020). Retirement Income Review: Final report, July 2020.