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Active Retirees : Active Retirees Oct-Nov 2012
Active RetireesTM | 13 Borrowing to live Retirees are racking up credit card debt more than ever before and failing to make repayments, and a growing number are using the equity in their homes to fund their retirement. The credit card default rate for people over 65 has jumped 150 per cent over the past 10 years and, while credit card applications have fallen for the 18- 20 age bracket, financial pressure has forced some older Australians to become reliant on credit cards. Others are turning to reverse mortgages, with more than 40,000 senior Australians now holding a reverse mortgage – a figure that has risen by 22 per cent in the past two years. Reverse mortgages allow those over 63 to borrow against the equity in their properties, without making repayments until the property is sold. They are becoming more popular in the aftermath of the global financial crisis, but can significantly impact the ability of retirees to fund their own aged care in private facilities should the need arise. 100-year-old adventurer Emily Guidice is proof that age is no barrier to an adventure. The 100-year-old former World War II Australian army nurse recently boarded P&O’s Pacific Jewel as the company’s oldest ever passenger. Emily cruised with her 81-year-old nephew Jack and his wife Yvonne.
Active Retirees Aug-Sept 2012
Active Retirees Dec-Jan 2013