The Importance of Having the Aged Care Conversation with Your Parents, This Global Day of Parents!

SYDNEY - Amzeal -- NSW, Australia - It can be difficult to think about our parents or loved ones growing more vulnerable as they age. Sydney Financial Planner Bill Savellis is encouraging you to have the aged care conversation on Parents Day. June 1st is the Global Day of Parents, and is an opportunity for having early aged care talks with our parents and loved ones, ensuring you know their preference when it comes to their health, finances, and future care as their needs change and they start to require additional assistance with daily activities.

According to Mr Savellis who specialises in Aged Care Financial Advice, a family meeting is an essential step in planning for aged care, and by having your preferences known, it can minimise conflict later down the track. "A well-run family meeting allows for discussing issues and preferences, expressing concerns, understanding wishes and making decisions that work for your family as a whole. It also provides the opportunity to express your wishes to someone you trust to look after you when you may not be able to advocate for yourself," said Mr Savellis.

The average retirement pathway goes through three phases:

• The carefree years, also known as the honeymoon years or active years;
• The quiet years, which may require some level of support; and
• The care years, which is when you or your loved one may require extra assistance in the form of Home Care support or an Aged Care facility.

"We might not like to think about it, but approximately one-quarter of your retirement is expected to be 'care years' where additional help will be needed with daily living activities," said Mr Savellis. "And as our life expectancy increases, so do the care years".

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The reality is that we have an ageing population with long wait times for approval for support programs. In 1974/75, 0.6% of the Australian population was aged 85 years or above.

In 2020/21, 2.1% of the population was aged 85 years or above, and this figure is expected to rise dramatically over the next 50 years.

On 1st June, as we celebrate our parents on the Global Day of Parents, Bill encourages everyone to take the time to have the aged care conversation with their family and loved ones. The earlier you take this step, the better your family can respond if an event requiring a move to aged care occurs.

Learn more at https://www.olivegrovefinancial.com.au/