The government subsidies granted to the bulk of Australians in relation to aged care are substantial, but complex and I believe that some of the fear associated with moving to permanent aged care, comes from not understanding the costs associated with care.

As our basic standard of living increases, our basic needs during retirement also increase. 

As per the ASFA (Association of Superannuation Funds of Australia) Retirement Standard, it is considered that a basic lifestyle for a couple could be covered by annual expenditure of $34,216 and to achieve a comfortable lifestyle the amount of $59,160 would be required for those aged 65-85. 

For those aged 85-plus a comfortable lifestyle for a couple is considered $54,460 and $34,598 for a basic lifestyle.

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In planning your retirement today, it’s inappropriate to simply calculate your needs based on one annual sum indexed for life, but more suitable to give consideration to your desired expenditure needs, taking into account the level of activity, health and mobility that you may have for different periods of time.

I believe that it’s important that your retirement plan be considered in light of at least one major review during retirement.

If you’d like a copy of the ASFA Retirement Standard or need to review your retirement plan in light of declining heath, please phone me on (02) 6056 8777.