Maintaining independence: Supported living in Australia

January 31st 2019 | Categories: Retirement | Aged Care |

It’s no surprise that as you get older your independence becomes more important to you. Growing up it’s a hard-won right, and over your adulthood, it becomes second nature. Protecting your independence is an essential part of retirement, and one of the best ways to do this is to consider your options early.

At Invest Blue, we know how prior planning and developing the right strategy for your future can help you make the right choices for your needs. To help you do that we’re taking a closer look at what live-in aged care facilities have to offer Australians.

If you would like to discuss your options and how you might manage it from a financial perspective, please get in touch.

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The trends for live-in aged care facilities

By 2027, the Australian government expects the number of people over 65 to rise from 3.8 million to 5.2 million. The demand for different types of aged care is growing and to match it Australia is increasing funding by $5 billion over the next five years, as stated by The Department of Health.

According to data collected by Gen Aged Care Data, the rate at which people are choosing to use home care is increasing at a more rapid rate than for residential aged care.

Live-in aged care, such as found at retirement villages, is one of the options on offer to Australians. Smaller homes are grouped together for the older generation to settle into and create communities. Supporting them are multi-skilled caregivers that are there to assist them in retaining their independence and quality of life. Traditional residential aged care is appearing to become less of an acceptable option and live-in care seems to better suit people’s needs. However, one issue that live-in aged care is facing is acquiring enough real estate in the right locations to create these communities.

Other trends that are likely to become more prominent are:

• Technology playing a larger part in helping individuals retain their independence.
• Aged care offering more in terms of lifestyle due to pressure mainly from the baby boomer generation.

The pros and cons of live-in aged care facilities

Live-in aged care is an option that sits between home and residential care. Offering a large range of possibilities for individuals, they are an option that’s open to everyone. Here are some pros and cons to consider when thinking about options like retirement villages for a loved one, or your own future.

Benefits:

• Meeting new people – Occasionally as you move into retirement it’s possible to feel isolated from friends and family. In live-in aged care, you meet a variety of new people who you interact with daily, allowing you to build a strong social network.
• Save on time and living expenses – Retirement villages offer a range of different housing options and are an easy way to downsize. Communal spaces and gardens are also generally maintained for you, minimising the time you spend on tasks around your home.
• Support is on hand – As your needs change so does the support you gain, all while staying in a place that is your own and maintaining a network around you.
• Housing suited to you – The range of homes to choose from allows you to select what feels best for you.
• Social calendar – Entertainment and activities are all part of what is offered at assisted living facilities.

Disadvantages:

• Can cost more, without home ownership – Instead of owning your home, you’re buying the right to live in your house and make use of the facilities of the village. Due to the range of services offered and the costs involved with a retirement village, there are also monthly charges to cover your share of the expenses.
• No diversity in age – Many people can find it difficult adjusting to living in a community that’s all of a similar age. If you’re used to spending time with your children and their families, the change can feel strange.

Planning your retirement involves many details and decisions. Choosing the right option for you means embracing a rich and positive time of life and getting the most out of it. If you’d like to know more about how to ensure your retirement provides you with your golden years, talk with one of Invest Blue’s financial planners today.

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What you need to know

This information is provided by Invest Blue Pty Ltd (ABN 91 100 874 744). The information contained in this article is of general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regards to those matters and seek personal financial, tax and/or legal advice prior to acting on this information. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relations to products and services provided to you.