The Australian Financial Review recently reported on a survey by National Seniors Australia and a commercial annuity provider.
This survey found that – despite a widespread belief that the need for money decreases as one ages – a majority of those aged older than 75 years found their cash flow needs went up not down.
This was because health costs and family support needs typically replaced and exceeded earlier financial commitments.
With life expectancy for both Australian men and women rising, provision also needs to be made for a longer retirement period.
Have you or someone for whom you care found costs for aged care reasonable or too high? What aspect is of the most concern? What issues have you encountered around the costs associated with aged care?