You can put your head in the sand about one day needing help at home – and possibly needing to move to receive that help -but you can’t keep it there forever.
In this issue of the Retirement Affordability Index™, we’re aiming to help you learn a little more about getting a helping hand – because we believe many older Australians might need some catch-up information. You told us about your aged care intentions in the YourLifeChoices 2021 Insights Survey, in which, alarmingly, one in five of the 7000-plus respondents said they didn’t have a plan. Never fear, the experts are on board in this edition.
Former banker turned aged care system disruptor Peter Scutt never expected to be an expert advocate on ageing, but had to learn on the run when seeking the best home-care help for his parents. He shares the valuable lessons he learnt so you don’t make expensive mistakes. Senior financial adviser and aged care specialist Craig Phillips looks at an increasingly popular option, granny flats, and tells where you could go terribly wrong when considering a granny flat arrangement.
Residential aged care is another complicated area. We share expert guidance on what to do with the family home when a move into care is necessary and how different strategies affect the Age Pension. And responding to a query from a YourLifeChoices member about the Residential Accommodation Deposit, we asked Aged Care Steps director Louise Biti to ‘please explain’ so you can better understand those costs. For those who are staying put, we outline the home modifications and tech developments that can keep you there as safely as possible.
Senior economist Matt Grudnoff tells why ‘reform’ and ‘record spending’ are dirty words in relation to budget allocations for aged care, and industry chief Lincoln Hopper queries the depth of ‘care’ in aged care. The raison d’etre of this publication is to help you monitor the true cost of retirement. We do this in association with The Australia Institute and estimate what you will spend given the quarterly change in living costs and your desired standard of living in retirement. There is also a budget planner to help you along, as well as updates relating to the Age Pension and other government assistance, superannuation and COVID.