The latest Intergenerational Report 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.
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.
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