Aged Care Financial Advice

Moving into residential aged care brings important decisions, not only about care and accommodation, but also about how to pay for them. From understanding aged care fees to deciding what to do with the family home, the choices made at this stage can affect retirement income, savings and the assets built over a lifetime.

At Wilson Pateras, we help individuals and families navigate these decisions. Our financial advisers explain the available options, assess different ways to fund care and help put arrangements in place that support both immediate and longer-term financial commitments.

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Understanding your financial position

Before deciding how to fund aged care, it is important to understand how the costs will affect your existing financial arrangements.

We review savings, superannuation, investments, property and existing income sources to build a clear picture of how residential aged care can be funded.

This allows us to identify potential funding options, assess their affordability over time and determine whether changes to existing financial arrangements may be beneficial.

Planning and Funding aged care costs

Residential aged care can involve several types of fees, and understanding what you may be required to pay is an important first step.

Accommodation payments, daily care fees and additional services can place different demands on savings and retirement income. The amount payable will depend on the applicable aged care rules, financial assessments and arrangements with the provider.

Our advisers can help you:

Compare accommodation payment options: Understand the differences between refundable accommodation deposits, daily accommodation payments and a combination of both, where applicable.
Plan for ongoing care expenses: Assess how daily fees and contributions towards care can be funded over time.
Understand government assessments: Review how income and assets may affect aged care fees and Age Pension entitlements.
Make use of available assets: Explore whether savings, investments, superannuation or property may be used to meet care costs.
Prepare for future expenses: Assess how different funding arrangements may affect available funds over the years ahead.

Rather than looking at each expense separately, we assess how accommodation and ongoing care costs can be managed together.

Managing Your Assets and Retirement Income

Paying for residential aged care may mean drawing on savings, changing investment arrangements or reviewing how retirement income is received. These decisions can affect how much capital remains invested, the income available to meet future expenses and the flexibility to respond to unexpected costs. Our advisers help you assess how existing assets can be used to fund care while maintaining an appropriate balance between accessible funds and longer-term investments. Where one partner moves into residential aged care and the other remains at home, we also consider how both sets of living expenses can be supported without placing unnecessary pressure on retirement savings.

What Happens to the Family Home

For many families, deciding what to do with the family home is one of the most difficult parts of arranging aged care. Selling may release funds to pay for accommodation, while retaining or renting the property may provide other benefits. Each option can affect cash flow, taxation, aged care fees and Age Pension entitlements. We help you compare the financial outcomes of retaining, renting or selling the home, so you can understand how each choice may affect aged care funding and the income available in retirement. Where a spouse or other family member continues to live in the property, we also take this into account when reviewing the available options.

Helping Families Make Financial Decisions

Aged care decisions often involve more than one generation. Adult children may be helping a parent understand accommodation costs, reviewing financial documents or managing the practical arrangements involved in moving into care. Having a clear explanation of the costs and available funding options can make these conversations easier. With the appropriate consent or authority, we can work with family members and trusted representatives to explain the options, answer financial questions and help everyone involved understand the decisions being made. We can also work alongside legal advisers where aged care arrangements intersect with estate planning, powers of attorney or the future transfer of assets.

Financial Advice That Looks Beyond Aged Care Costs

The cost of residential aged care is only one part of the financial picture. Decisions about accommodation payments, investments and property can also affect retirement income, taxation, government entitlements and the funds available to a partner remaining at home. At Wilson Pateras, our financial advisers look at these matters together, drawing on the expertise of our accounting and taxation teams where required. This approach helps ensure that decisions about paying for care are made with an understanding of how they may affect other financial arrangements, both now and in the years ahead.

Next steps

Our process begins with an initial discussion to understand your financial position, aged care requirements and the matters you would like to address.

From there, we can outline the areas that may benefit from further review and discuss an appropriate approach to financial planning.

Speak With Our Aged Care Financial Advisers

Whether you are planning ahead or arranging residential care for a family member, understanding the costs and funding options early can make the process easier to manage.

Our team can help you work through the financial decisions, compare the available options and establish a practical approach to funding care.

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