AGED CARE
Aged care decisions
The Australian population is getting older and while most people would prefer to age gracefully at home, the reality is that this may not happen.
Moving into an aged care facility is a major transition and one that involves a host of complex financial decisions.
What is the Age Pension?
The purpose of the Age Pension is to make sure you have enough income in retirement. It is a fortnightly payment made by the Australian Government to help you meet the cost of living if your retirement savings are below a certain level. To be eligible for the Age Pension, you must have reached a certain age and then your current situation and wealth assessed to determine whether you can receive a payment.
Financial advice can help
As families support their ageing relatives through the changes in their lives, we can provide advice to help achieve the best possible outcome from this important transition.
The move to aged care is often rushed and stressful time, some common concerns are:
- Staying at home as long as possible and accessing any Government benefits available
- How to find an appropriate facility for mum or dad
- Whether to keep the family home
- What are the upfront costs and how to fund it
- What are the ongoing costs and ways to minimise fees
- Means tested care fee based on residents income and assets
- Any impact on Centrelink or DVA benefits and how to maximise any Government benefits
- How to manage cash flow requirements
- What will be left for the family
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