The Queensland Council of Social Services released its Pensioners Cost of Living report, revealing that the number of retirees who own their homes outright (now 78 percent) is tipped to fall to the startling figure of just 2 per cent by 2050.

The report also revealed that people aged over 65 who rent, rather than own, do not enjoy basic living standards.

QCOSS chief executive Mark Henley said property ownership rates among retirees was in freefall, with ageing Australians increasingly selling the family home to fund their retirement.

"The biggest concern in the trend is that, by 2050, there is expected to be nearly a tripling of the number of people 65 and over, and a large percentage not owning their own home,” he said.

The report also shows that rent is a significant cost for people reliant on a pension. Those who do rent their home are often forced to forgo essential items in order to meet payments.

"Government needs to make decisions to put in place mechanisms to support people to retain their homes because it will take pressure of government in the longer term," he said.