Let’s face it … we’re all getting older!

August 6, 2019 in Latest News

Let’s face it … we’re all getting older!

It’s not something any of us like to admit… but we’re all getting older!  Unfortunately, as we get older, it becomes more and more difficult to live independently – whether it’s because of illness, disability, reduced mobility, isolation or the problems associated with maintaining a large property. So, whether it’s for you, or on behalf of your parents, maybe it’s time to start finding out more about the aged care accommodation options that are available.

Australia’s population is aging

The first cohort of baby boomers turned 65 in 2011. By 2055, it’s estimated that more than 22.6 per cent of the population will be aged over 65. Nearly one in ten people aged over 70 live in an aged care facility. In the years ahead, the ageing population means the number of aged care residents is only going to increase and this will affect not only the availability of aged care, but it’s affordability as well.

Making the decision

There’s no doubt that the decision for either you, or a loved one, to move into an aged care facility is a tough and emotional one. It’s also complex – you need to have an understanding of the rules and regulations because it’s important to understand what your options are.

While moving in with family may be viable there are alternative accommodation options that not only allow a level of independence but also provide varying levels of care.

Next steps

Deciding on the right course of action can be difficult, but a Bridges financial planner can help you and your loved ones work through the options that best suit your particular circumstances and needs, including:

  • what fees and costs are involved
  • the best ways to pay, including whether to sell the family home
  • assessing what government benefits and entitlements are available.

Take the next step

To discuss your financial situation, make an appointment with a Bridges financial planner.

We have an established alliance with Bridges, to provide our customers with financial advice. Bridges has been helping Australians with financial advice for 30 years.

A Bridges financial planner will develop a plan specifically for you; one that’s tailored to your needs and circumstances to help you achieve your goals.

To make an appointment with a Bridges financial planner, call us on 07 5499 8988. The initial consultation is complimentary and obligation free.

 

Bridges Financial Services Pty Ltd (Bridges). ABN 60 003 474 977. ASX Participant. AFSL 240837.

This is general advice only and has been prepared without taking into account your particular objectives, financial situation and needs. Before making an investment decision based on this information, you should assess your own circumstances or consult a financial planner or a registered tax agent.

Examples are illustrative only and are subject to the assumptions and qualifications disclosed.

Part of the IOOF group

In referring customers to Bridges, Maleny Credit Union (MCU Ltd trading as) does not accept responsibility for any acts, omissions or advice of Bridges and its authorised representatives.