Episode
Why Retirement Living Needs Planning Before Retirement Age
- Published
- Feb 8, 2026
- Duration seconds
- 3378
- Processing state
not_requested- Canonical source
- http://www.theelephantintheroom.com.au/
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Summary
Most Australians assume they’ll deal with retirement living and aged care when the time comes . The problem? By the time it does, the system has already made many of the decisions for you. In this episode, we unpack why delaying retirement and home care planning is one of the most expensive mistakes people make—not just financially, but emotionally and structurally. Veronica Morgan and Chris Bates are joined by Mitch Hiam , COO of Balance Financial Group, to explain how Australia’s aged care and home care systems really work—and why recent reforms are quietly changing the rules. They explore how “Support at Home,” means testing, maintenance costs, and wait times are pushing retirees into decisions earlier than expected, often under crisis conditions. The conversation challenges deeply held assumptions about staying in the family home, downsizing, retirement villages, and intergenerational living. Mitch breaks down when home care works, when it doesn’t, and why time—not money—is the real currency in preserving choice and independence later in life. This episode is essential listening for Gen X, older Millennials, investors, and anyone with ageing parents, offering a clear warning: if you don’t plan your retirement living early, the system will plan it for you. Episode Highlights 00:00 — Introduction to Retirement Living Decisions 01:08 — Guest Introduction: Mitch Home from Balance Financial Group 01:48 — Challenges Faced by Retired Homeowners 04:05 — Importance of Early Planning for Home Care 09:07 — Government Policy Changes and Their Impact 16:00 — Financial Trade-offs and Family Dynamics 24:21 — Granny Flat Agreements and Multigenerational Living 26:31 — Inheritance and Financial Planning for Retirees 29:52 — Planning for Future Care Needs 30:29 — Making Better Prope…