Do you know the key to successful ageing?

It's tempting to put off aged care planning when you're currently enjoying the life of retirement. The key is planning ahead to ensure an easy transition.

When’s the right time to start planning?

It’s time to consider your aged care options when you start winding down from work and plan for retirement. It may seem too early to think about a future you can’t imagine, but the reality is, it’s probably too late to consider aged care when the need for it has actually arrived.

If you—or your family—need to decide about aged care suddenly, as is often the case with unexpected illness or injury, the added emotional stress can make finding an agreeable solution seem impossible.

By thinking ahead early you can consider alternative options and put plans in place—then you can move on to enjoying your retirement.

Can you stay at home for longer?

The ‘Living Longer Living Better’ Federal government reforms encourage older people to stay at home longer, before having to enter residential care, by providing low-cost home care packages.

The services provided include:

  • transport for shopping and appointments
  • social support
  • personal care
  • food services
  • domestic help with household jobs
  • home and garden maintenance
  • home modifications
  • nursing care
  • medical assistance.

If a home care package is something you’re interested in, find out if you’re eligible by reading more here.

Paying for aged care

When the time does come to move into an aged care facility the associated costs will be determined by a means test applied to your personal income and assets, including the family home.1

It is tempting for homeowners with insufficient cash to cover the cost of aged care accommodation by selling or renting out their property.2 For example, if they rent out their home, a combination of rental income and part-pension may provide enough money for living costs, while preserving the family nest. Selling up on the other hand, could reduce an individual’s pension entitlement if the value of the home far outstrips the cost of care.

So it’s really important to seek advice on what the best option is for you.

Planning for tomorrow, today

Make sure you’re living the best life you can―whether it’s in your own home or a care facility. A financial adviser can help with every stage of aged care planning; including helping you understand what is involved. Remember, AMP is here to help at all life stages. Call us on 131 267 Monday to Friday from 8am to 8pm and Saturday and Sunday between 9am and 5pm AEST.

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© AMP Life Limited. This article provides general information and hasn’t taken your circumstances into account.  It’s important to consider your particular circumstances before deciding what’s right for you. Although the information is from sources considered reliable, AMP does not guarantee that it is accurate or complete.  You should not rely upon it and should seek qualified advice before making any investment decision. Except where liability under any statute cannot be excluded, AMP does not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person.