Age pension is in danger of becoming unaffordable for retirees. The current age pension is 30% of the average salary of male individuals, short of what is needed to support retirees for 20 years or longer.
The complexities of current cost and regulations for in-home services are a major problem, with daily fees for accommodation as a growing concern, according to Wealth management firm Centric Wealth. If people are not educated on the current costs and rules of age pension, this can negatively impact families and pensioners.
This can be addressed by proper education from professionals, since new legislation regarding age pension has taken effect since July of this year. Better understanding of the policies will ensure that care for the elderly will not be compromised, and that they will get to enjoy the life they deserve after retirement.
Read more about this on the Money Management website.