Don’t fail to plan ahead
FAILING to plan for the cost of future aged care is putting Australia’s over-50s at risk of financial struggles later in life.
Many are enjoying their retirement with overseas travel but are putting off discussing the next stage of their lives, according to a new study by Absolute Care & Health and social researcher McCrindle.
It found just 9 per cent have a financial plan or savings plan for their future aged care, and three-quarters have not taken any steps towards getting the care they would want.
Forty per cent worry that they won’t be able to pay for it, and 43 per cent are not confident of the government’s ability to help.
Absolute Care & Health CEO Maria Deveson Crabbe says “having the conversation” is a big barrier for many.
“We don’t like to discuss our mortality. We don’t like to think things will come to an end,” she says.
Ms Deveson Crabbe says it is a good idea to turn the discussion into positive planning about “long, healthy, happy lives”.
“We have some incredible clients in their late 90s who are out and about,” she says.
“Start with a happy thought: ‘I’m going to live for a long time and I want to be at my best as long as possible’.
“A lot of families who have put thought into it have worked out a plan involving a balance of government care, family care and rotating care.” funding, long waiting lists remain for home care packages – putting many people under financial pressure.
The research found almost half of over-50s have not discussed their future care with anybody – not even their spouses.
Call My Aged Care on 1800 200 422, or access online at myagedcare.gov.au.