The cost of ageing
While Australia may have missed the brunt of the global financial crisis (GFC), one disadvantage that is being felt by older Australians has been the decimation of their retirement savings. Those planned “relaxed and comfortable” years are about to become anything but for many retirees.
Unfortunately, longer lives also aren’t necessarily synonymous with healthy ones and the cost of living for older Australians is rising thanks to expensive medications, hospital stays and the search for suitable accommodation. Children who want their parents’ last years to be comfortable may find themselves footing the bill for more than they bargained for.
Can you afford to take care of your parents? Here’s how to get your finances back on track >>
If you think you’ll need to be supplementing your ageing parents’ income, or covering the cost of having them live with you, it’s a good idea to budget in the cost of necessary home modifications, medicines and taking leave from your job. You may be eligible for a carers allowance so make sure you check out the criteria on the Department of Human Services website.
Even if you’re not financially responsible for elderly parents, you may still need to take control of their finances at some point. For example, if your parent is really sick in hospital or suddenly dies, you will find it virtually impossible to communicate with their bank, insurance company and superannuation fund if you don’t have a Power of Attorney or Guardianship in place.
“Encourage your parents to update their will and to ensure that they have Enduring Power of Attorney and Guardianship in place while they are still fit and healthy,” says James Gerrard of PSK Financial Services.
“This will ensure that a loved one who understands their wishes will be able to make financial and lifestyle decisions should they be unable to do so for themselves.”
Final arrangements
No matter how old your parents are or how good a life they’ve had, when they pass it’s still going to hurt.
In most cases if your parent dies at home you will need to call your parent’s doctor and a funeral director who will lead you through the next steps. If your parent dies in the night it’s okay to wait until morning before you make the appropriate phone calls. You can use this chance to say your final goodbyes before their doctor arrives to sign a death certificate.
See the rest on the next page
For Complete Cooking STEPS Please Head On Over To Next Page Or Open button (>) and don’t forget to SHARE with your Facebook friends.
