Nicole Bell, Author at Retirement Essentials

Aged care concerns? Just ask Nicole

On 1 July rules on funding and delivery of Age Care were set to undergo significant changes.

The main changes were the result of the Royal Commission into Age Care Quality and Safety and aim to make the delivery of care safer, and people are treated with respect and dignity. This will affect delivery of services to older people in their homes, community setting and residential care homes.

On 4 June the Federal Government announced that industry needed more time to prepare for these changes so they have been rescheduled to commence on 1 Nov 2025.

In the meantime experienced financial adviser Nicole Bell is qualified to offer advice consultations for any Retirement Essentials members who are grappling with the complexity of aged care decision-making, as well as the emotional toll of supporting older relatives.

Today Nicole shares answers to five common aged care questions that pop up in customer conversations.

Deeming rates changes: Are single renters unfairly punished?

by Nicole Bell | Centrelink Age Pension

The reporting during last week’s Federal Budget that deeming rates would be frozen for another year from 1 July 2025 was a welcome one for many retirees. It was also on Retirement Essentials adviser, Nicole Bell’s wishlist when we published our preferred Budget initiatives back in February.

Nicole is pleased that this is likely to be actioned as she feels this gives retirees more confidence in their entitlements and decision-making for another year. But she couldn’t help but note the disadvantage faced by singles who she believes are disproportionately affected by deeming on their financial assets.

Who needs a million to retire?

by Nicole Bell | Planning for Retirement

Being told unrealistic targets is hardly likely to motivate anyone at any age. Yet this is often the case with retirement savings targets. Today we take a more realistic approach by using the factual ‘middle’ savings amounts for those about to retire, to demonstrate how quite modest savings can last the distance.

Why is this important?

The most commonly quoted targets for retirement spending and saving are those published quarterly by the Association of Super Funds Australia (ASFA). Much attention is paid to the so-called ‘comfortable’ amounts. The most recent targets (2023) are:

Couple:

Annual spend (early retirement years) $72,663 (reduces to $67,050 after 85)

Savings required (at retirement) $690,000

Singles:

Annual spend (early retirement years) $51,630 (reduces to $48,075 after 85)

Savings required (at retirement) $595,000

But very few retirees achieve these levels of savings by the time they enter retirement. There has also been a steep increase in the number of Australians retiring with debt, many with sizable mortgages. That’s why the median savings levels are much more useful indicators of how people will manage their savings across their full retirement journeys.