The latest Intergenerational Report¹ tells us that Australians aged 65 years and over accounted for 14% of the population – and that figure is rising. Whether you’re concerned about your future self or a loved one, aged care is an issue most of us will have to manage at some time in our lives.
At the time of Federation, Australians at birth had an average life expectancy of around 55 years. The most common causes of death were infectious and parasitic diseases resulting from unsanitary sewerage and water systems, poor quality food and limited health education.
Improvements in public sanitation, health and medicine have seen lower death rates and longer life expectancies. Enhanced living standards meant we began living longer with cancer and heart disease becoming our most common causes of death.
The latter part of the 20th century witnessed substantial advances in medical treatment, which reduced the impact of these diseases and further increased life expectancy.
Given mounting pressures on governments to assist an aging population, more Australian families are taking the support of elderly loved ones into their own hands – and this is where it pays to do early homework.
There are so many complexities involved in planning for aged care – be it your own or your parents’ – but the one with the most impact is the emotional strain. It can be heart-breaking to see once vibrant loved ones begin to decline as they age. The majority of us want to do everything we can to make this stage of their lives as pleasant as possible, but that may not always be an option. What most of us can do though is to plan ahead for the financial impact.
Acquire the Knowledge
We’ve developed an e-book to outline some of the options available for care and how to manage the costs – the key here is to plan well in advance and seek professional guidance.
One More Thing
This publication consists of general and factual information only. Its contents cannot be substituted for professional financial advice. Why? Because the information does not take into account your individual objectives, financial situation or needs. It is strongly recommended that you do not act on any information contained before seeking personalised advice from a licensed financial adviser.
We are suitably qualified to discuss everything covered in this publication and encourage you to contact us if you have further questions about this material. Always remember, before you invest in any financial product you should obtain, read and understand the related Product Disclosure Statement and determine if it is suitable for your personal situation.