According to Aged Care Who Cares, authored by Rachel Lane & Noel Whittaker, if you reach age 65, and are a man, you have a 33% chance of living some of your future life in an aged care facility. If you are a woman, you have a 50% chance of doing the same.
Just as people need to prepare for their financial security in retirement, they need to prepare for the possibility, that they will require some form of alternative accommodation to the family home during their lifetime.
Aged Care Who Cares, authored by Rachel Lane and Noel Whittaker is a thought provoking book that clearly sets out all the options for when the time comes for a person to move from the family home. They will give you the pro and cons of different accommodation according to your requirements. They also explain how you can be assessed for certain types of aged care facilities.
They give insights into people’s common misconceptions about different forms of accommodation.
I have often heard people in their sixties will make comments like:
The only way I am leaving my home is in a pine box.
After interviewing number residents, the authors found a common theme amongst residents who made the move is that:
I wish I had done it sooner!
Another book of interest written by Rachel and Noel is Down Sizing Made Simple.
As both Rachel and Noel are experts in the field of financial advice, the book skilfully takes you through the maize financial strategies for residential care.
For some reading this book, you may be thinking of your aging parents and what is best for them. This book will give you the guidance you require, in assisting your parents. Support from you, is likely to make the moving process much simpler. Having some in depth and unbiased opinions as to what is available for your parents is especially important.
In this one book, you will find a detailed appendix of Resources, a Directory Guide and Glossary.
One reservation you may have about purchasing the book, is that the last (second) edition was in 2014. Thus, a lot of financial thresholds, levels of government assistance and fees are out of date.
However, my research tells me this is the only book that will put all the basic information you require in one place. Many of the thresholds are updated quarterly, so no book is going to be up to date with those figures. But this book will certainly direct you to the resource where you can access the information you need.
When the time comes for you or a relative to move from the family home, you should consider if you need the expertise of a financial adviser who is an accredited Aged Care Professional.
Rachel Lane also offers services through Aged Care Gurus.
Glenis Phillips SF FIN – Good Financial Reads