More Australians set to retire in debt: AMP

The dream of debt-free homeownership at retirement is slipping away for more people despite increasing super balances, leaving older Australians increasingly exposed to interest rate changes. Australians aged over 50 are expecting to retire with more debt than ever before, according to research to be released on Tuesday by AMP, with the Australian Bureau of Statistics showing a fourfold increase in household debt levels for those aged over 55 in the past 20 years. Household debt levels have quadrupled over the past two decades for Australians aged 55 and older. Credit: Marija Ercegovac An AMP survey of 1000 Australians aged 50…