However, there are challenges. While many have benefited from rising house prices, for many others, the size of their superannuation accounts is not big enough to afford the retirements they would like. More boomers are entering retirement with debt and their adult children are staying at home for longer, which is making it harder to save. Not enough saved A survey on behalf of industry super fund REST, released early last year, found a disconnect between what boomers expect their retirement to be like and what reality has in store.

It found 35 per cent of boomers described themselves are "completely unprepared" for retirement, 51 per cent as "somewhat prepared" and only 14 per cent as financially prepared. Universal compulsory super only started in 1992, so boomers, older ones in particular, have not had the benefit of the superannuation guarantee over their whole working lives. In a second REST survey of over-50s, released in June this year, one quarter said they had less than $50,000 in super, with a further 12 per cent having $50,000 to $100,000 in super. Not surprisingly, only half of over 50s say they are looking forward to retirement. It seems it is more likely to be outings in the tinnie rather than cruising down the Rhine or Loire.

"This group who started their working lives before the advent of compulsory superannuation are trapped between a rock and a hard place," says Damian Hill, the chief executive of REST. Nearly two-thirds estimate they will need to rely on the age pension to supplement their retirement income, highlighting the fact that the system came too late for some to get the maximum impact," he said. Wait for age pension However, younger boomers are going to be waiting longer for the age pension and the pensioner concessions that come with it. The Abbott government is to further increase the qualifying age for the age pension to 70 by July 1, 2035. The increase will be phased-in.

The higher qualifying age will affect younger boomers more than is likely realised. The exact qualifying age will depend on actual birth date but, very roughly, anyone aged about 49 or younger now will have a qualifying age of 70. The youngest boomers (those aged about 50) will be waiting until they are 69 for the age pension. For those aged 55, it is 67 and for today's 60-year-old it is 66. It is not just a longer wait for the pension, but starting in 2017 a couple of measures will tighten access to the pension and the fortnightly pension will be indexed to inflation, rather than to wages, which grows more quickly than inflation. As well, it is only a matter of time before the preservation age, the age at which superannuation savings can be accessed, is increased. Like the increase in the age pension qualifying age it would be increased gradually, but could rise to age 65 to maintain the five-year gap with the new age pension qualifying age. Call to action

Olivia Maragna, a financial planner with Aspire Retire, rarely sees boomers who cannot make relatively small changes in their weekly budgeting that will put them in a position to have the lifestyle they want in retirement. A good adviser should be looking line-by-line on spending and giving advice on how they can make little changes on all aspects of their financial affairs, she says. Sometimes, boomers have to be told that they are not going to have the retirement they want if they do not makes changes now. Claire Mackay, a financial planner and a chartered accountant at Quantum Financial, says: "You cannot have a champagne lifestyle on a beer budget." She says: "If you do not have discipline around expenses while you have regular pay coming in, it is going to be that much harder in retirement." Mackay says usually the first things new clients will ask her is how much money they will need for their retirement, and whether they are on track to get there.

Mackay does modelling for the client that shows the outcome if the client keeps doing what they are doing. The modelling shows how, by making some small changes, such as spending a bit less, they will be able to live better in retirement. Though, for many boomers, even making small savings, such as salary sacrificing into super, can be difficult as many of them are sandwiched between looking after their ageing parents and their adult children. Sandwich generation Laura Menschik, a financial planner and director of WLM Financial Services, has many boomer clients who are sandwiched between caring for aging parents and their adult children. Many of the younger boomers still have sizeable mortgages. More of their adult children are going onto full-time tertiary eduction and staying at home for longer.

High rents and high house prices, especially in Sydney and Melbourne, are also keeping adult children at home for longer. Menschik says she is coming across more boomers who say they want to help their children into the property market. She says, some of her clients who do not have the cash to help their children with a house deposit do look to access part of their super if they can. "I am not saying it is for everyone, but it is a trend for those baby boomers who have done well out of property themselves," Menschik says. The parents have to be able to afford it, Menschik says. You do not want to be going back to the children some years later and saying you need to money back, she says. Though there are challenges, retirement is exciting, Mackay says. It is the time you can do what you want to do. "I have had clients come to me months before they retire; it is never too late to start," she says. "If you have a plan you then you can make adjustments."

Many boomers will have seen the value of their homes rise considerably, and that is likely to prompt them to think that the house could be the answer to the retirement-saving shortfall. According to the latest MLC Wealth Sentiment survey, released in October, 11 per cent of adult Australians plan to sell the family home to fund their retirement. About 8 per cent said they would draw down equity in their home to help fund their retirements. The others were either unsure what they would do or said they had no plans to sell their homes. Menschik says people who sell the family home and then buy the apartment on the coast often find they do not have much left over.

"They want the nice apartment with the view and there is not much left over, especially after the high costs of moving," she says. These include high transaction costs such as stamp duty. They will probably want at least a couple of bedrooms to accommodate visitors. Older boomers looking for a quick fix may be tempted by a reverse mortgage, which is a way for home-owning retirees to free some cash while staying in the house. They are usually available to over-60s who own their home outright. The money can be taken as a lump sum or as an income stream. Menschik says reverse mortgages can be suitable. There are no repayments on the loan, which is repaid when house is sold. That will be when the owner dies, moves to a smaller house, or moves into a retirement home or an aged-care facility. As there are no repayments on the loan the interest on the loan is capitalised. They have to understand the debt can grow to be a large of chunk of the sale price of the price of the house, especially over long periods, Menschik says. That will leave less for the owner to fund aged care after the house is sold or to pay for medical expenses. An alternative to reverse mortgages is run by the government and is cheaper than a reverse mortgage from a bank. Centrelink and Department of Veterans' Affairs have a Pension Loan Scheme where those on a part age pension can take out a loan that is repaid when the property, which can be an investment property, is sold.

The loan can only be taken as an income stream. It is limited to that which, when added to the part-pension, takes them to the maximum pension. There are conditions, but the scheme is available to some retirees of age-pension age who are not receiving the age pension. Bucket list An online poll was conducted early this year of 1000 people aged 55 plus on behalf of REST super fund. Over half of older Australians said they have a retirement bucket list. Of those with a bucket list: More than half (53 per cent) want to travel the world.

Four in 10 (43 per cent) want to go on a road trip.

One third (36 per cent) want to visit a world famous attraction or event like Machu Picchu, Niagara Falls or the Rio carnival.

One in seven (14 per cent) want to swim with dolphins.

15 per cent want to write a book.

One in 10 (11 per cent) want to learn to play a musical instrument.

30 per cent want to leave an inheritance to their children. Action plan

Thirty-seven per cent of over-50s say they have less than $100,000 in super.

It is never too late to start a plan for retirement.

Professional advice can help clarify what is needed.

The earlier a retirement strategy is started the better.

Releasing equity in the house to help fund retirement has to be approached with caution.