These are the things you consider in your 60s. I am 60ish and still working full time. Parents worry about the financial safety of their family. As the mother of Adam and Meg, both in their 30s, I have had first-hand experience at attempting to give my Meg some financial tips. Meg and her husband Jason pool their salaries, Jason is the details person so he does his research to make sure they have the best mortgage package.
The primary objective of the aged care reforms that commenced on 1 July 2014 was to “create a better system to give older people more choice, more control and easier access to a full range of aged care services”.
It is timely to revisit ‘residential aged care’ as major reforms to the aged care system are set to kick in on 1 July 2014. The financing arrangements have been revised, and will affect those who enter residential aged care on or after this date.
Any changes to the age pension will impact the outcomes of millions of Australians. It would also affect the advice provided by financial planners and the design of default options of superannuation funds. While a financial plan is personalised taking into account the situation of the individual, a default option is more like a mass financial plan for a large collection of people with different characteristics, each of whom the super fund knows little about. Both groups need to use the same toolkit.
What a daunting prospect it must be for anyone for whom moving a loved one to residential aged care looms on the horizon.