Financial Advice Commentary


Phil Reid radio interview

Aged Care Financial Advice and Selling the Family Home [Radio Interview – 2UE]

The Donaldson Sisters from Aged Care 101 interview Phil Reid from Sydney Aged Care Financial Advisers on the aged care financial advice process and whether it is necessary to sell the family home when looking at moving a loved one into aged care. Transcript Annie/Jill: The money side of aged care really seems to have a lot of people totally bamboozled out there, especially when...

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Should you obtain financial advice for aged care?

Should you obtain financial advice for aged care?

I was recently invited by 2UE, Talking Lifestyle to discuss some tips and traps of aged care finance. A summary of the content discussed is available on the Aged Care 101 website here. People are struggling with the cost and complexity of aged care – especially entering a nursing home. The Australian aged care system has undergone extensive changes recently that will have a significant impact on the finances of...

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How will the Age Pension Changes impact you from 1 January 2017?

How will the Age Pension Changes impact you from 1 January 2017?

A recent VicSuper study revealed that two in five retirees were unaware of the new age pension framework and much tougher age pension asset test limited that will be imposed from 1 January 2017. The Government estimates that this measure will see 91,000 part-pensioners lose their Age Pension completely while another 235,000 part-pensioners will see their age pension reduced. If you are currently assessed under...

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Countdown to Increase in Aged Care Fees

Countdown to Increase in Aged Care Fees

The current residential aged care system rewards residents who are able to move to an aged care facility and rent the former home in order to help pay their daily accommodation payment (DAP). Depending of how the family structure their finances, it is possible to ensure that the rental income does not count towards the aged care means tested fee calculation. This loophole is closing...

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Pensioners may be forced to sell Sydney homes as government tightens means testing

Pensioners may be forced to sell Sydney homes as government tightens means testing

Although the new rule are proposed to only take effect early next year, we can’t help but worry about the possible implications it may bring to retirees entering residential aged care. Starting 1 January 2016, rental income will no longer be exempted from means testing of age care facility fees. This may result in more retirees opting to sell their home instead or of keeping there...

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Nursing Home Fees Up? New Aged Care Laws Hit Sydney Residents

Nursing Home Fees Up? New Aged Care Laws Hit Sydney Residents

From today (1 July 2014) the aged care system in Australia undergoes massive change. The Living Better, Living Longer Aged Care reforms become law, after five years of industry & community consultations. Two federal governments, three Prime Ministers and countless reviews later the moment has arrived. How will it affect you? We make some predictions below with our post Nursing Home Fees Up? New Aged Care Laws...

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Angry Seniors In The Media Over Aged Care Changes

The Living Better, Living Longer aged care reforms are finally approaching launch date of 1 July 2014 and now the media is getting very interested. See this Channel 9 ‘exclusive’ financial report above. The scope of these changes is far-reaching, and will make aged care more expensive for many. I expect that interest in this issue will take off over the next few weeks as...

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Sydney Aged Care Guide: 6 Essential Nursing Home Tips for Families

Sydney Aged Care Guide: 6 Essential Nursing Home Tips for Families

Ok, you’ve officially begun the aged care journey….. Maybe you have a parent or much loved family member whose health is quickly deteriorating; or they’ve just had an ACAT assessment ? Your head is probably spinning with questions. Where to from here? What’s next? Have I missed anything? Aged Care Guide: 6 Essential Nursing Home Tips for Family is designed to map out the key aged...

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Ageing is a ‘Horror Show’ – For Government Finances and Your Personal Assets

Ageing is a ‘Horror Show’ – For Government Finances and Your Personal Assets

We live in amazing times. The ageing of Australia’s population has long been known as a growing problem for government expenditure. In fact, it first came to national prominence when Treasurer Peter Costello released his Intergenerational Report way back in 2003. It’s not as if we weren’t warned about the demographic pressures facing our country. Only now however is it becoming clear that  Ageing is...

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Elder people using electronical devices without problems

Plan For Aged Care – 5 Times When You May Need Financial Advice

Like most things in life, when it comes to aged care some forward planning helps. The process of admission into nursing homes is different for everyone. In many cases,  mum or dad’s health deteriorates slowly over a long period of time and families have plenty of warning to get prepared and seek information.  Our free guide to aged care finances is a useful resource for...

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