Do you need to sell the family home to pay for aged care?
Paying for aged care services can be financially debilitating. The simple fact of the matter is you shouldn’t have to sell your family home to pay for aged care however it is certainly becoming more common for the elderly to sell their home in order to subsidise their aged care costs. Previously, retirees have been reluctant to sell their family home and would rather rent...
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Senior financial adviser Michael Johnson becomes FSPOWER 50 finalist
Exciting news! Our very own Michael Johnson – Senior Financial Adviser at Sydney Aged Care Financial Advisers – has been listed as a finalist in the FSPOWER 50! In case you hadn’t heard – the FSPOWER 50 is an annually updated list of the top 50 most influential financial advisers in Australia. Needless to say, it’s incredibly exciting to see that Michael’s hard work on...
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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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Aged Care Help! The 5 Professionals You Need Most For Aged Care
Let’s face it, the journey to aged care can be a challenging time for the resident and the entire family. We know you only want nothing but the best for yourself or for your loved one. But this doesn’t mean that aged care system should take up all of your energies. Help is available. One thing you need to know is there are some key...
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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?
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
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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3 Ways to Enjoy Retirement Using Sydney Aged Care Services
Men are less likely to take advantage of elderly and aged care services, a new study reports. According to a report released by the Australian Institute of Health and Welfare (AIHW), older men are less likely to use aged care services. In Sydney, for instance, it is estimated that only about 30% of those who availed home care services are men. “Older men typically value outdoor activities...
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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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Aged care reforms bring changes to home care but will Australians be better off?
On 1 July 2015, the new Commonwealth Home Support Programme (CHSP) began. The Commonwealth Government believes these major changes to the way home care services will operate will help elderly people maintain their independence and remain in their homes and communities for longer. Ian Yates, Chief Executive of the Council on the Ageing (COTA), says that under the proposed changes “the person needing the services and...
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