National Seniors Australia reports that age care costs are not typically considered as important components of planning for a financially comfortable retirement.
Retirement comfort is defined predominantly by lifestyle factors, with age care a distant and unwelcome possibility.
Australia’s age care system is complex. The financial contribution by individuals to their own care is difficult to determine and age care is not considered a desirable commodity, especially given the recent distressing findings by the Royal Commission into Age Care.
National Seniors Australia argues that a shift in focus is needed so that age care costs are built into later life financial planning. Having the financial resources available to access age care and support services can greatly increase retirees’ quality of life and independence.
A financial plan that includes age care also relieves stress and anxiety, either for family members or the older person themselves when navigating the age care system in times of crisis.
To better understand seniors’ willingness to financially plan for age care, National Seniors Australia analysed responses from over 5,000 Australians 50 years and over who took part in the 2021 National Seniors Social Survey.
The eport can be found here: https://nationalseniors.com.au/uploads/Planning-for-care-costs-24.8.21.pdf