If you think you don’t want to move into an aged care facility, you’re not alone. Residential aged care and nursing homes are not on top of the lists of Australians. Needless to say, they prefer to live out retirement in their own home.
Previous studies, such as “The Aegon Retirement Readiness Survey 2018”, found Australians lean towards remaining in their own home as they age. Worldwide, 70% of respondents said it’s either ‘very’ or ‘extremely’ vital for them to stay in their own home in their senior years.
Residential aged care’s bad rap
In general, life in residential aged care is negatively perceived. Although residents have access to medical care in a safe and well-maintained accommodation, there’s a notion that they’re oftentimes lonely and don’t have control over their lives.
Some of the constantly raised questions are whether there are enough activities for residents, do these activities provide them the help they need, are they respected at the facility, among others.
Why do retirees prefer to remain at home?
Largely, senior Australians who live in their own home have a positive view of their lives. They feel healthy and still physically fit to do things in life and free to spend time doing so. They seem to be able to take care of themselves.
Most retirees engage in various activities, which include exercising, pursuing leisurely and recreational interests, and spending quality time with family and friends. Much more also spend time volunteering in community activities, while others travel, and a small percentage are paid employees and continue to work.
For years, a family home has witnessed milestones and events in one’s life. It’s walls contain so many memories that’s why it’s not at all surprising if you prefer to spend your dream retirement at home.
However, there are things for consideration, such as if the home is suitable for retirement and if in-home care is accessible as needed.
In-home care in retirement
Research points out that retirees live longer and enjoy a better quality of life staying at home. Should they ever need care or support, older people choose to do it at home with minor modifications made.
In-home care lets you control and choose your lifestyle. It allows you to do the things you enjoy in the privacy and comfort of your home.
Older Australians who live independently in their own homes may require support for cleaning, cooking, shopping, and attending scheduled appointments.
Provided by family and friends, seniors prefer this type of support. Whereas the current aged care system, support is mainly provided by paid help through non-profit and Government organisations.
However, older Australians may consider paid help from aged care service providers if higher-level of assistance is needed, such as going to the bathroom, dressing up, eating, and nursing care.
Financing In-home care
More often, it comes down to funds. There’s a long waiting list, an average waiting of 18-24 months, for government-funded care packages where more acute care is needed. According to the federal government, there are thousands of people waiting on a home care package at their approved level.
But, there’s another way.
As with most senior homeowners, there’s a resource in their home’s value waiting to be tapped to fund in-home care.
ASAG helps senior Australian homeowners access the value of their homes through ASAG Equity Release. With this solution, you retain ownership while utilising your home equity to finance in-home care or other retirement expenses.
From having your family and friends over to pottering in the garden, there’s nothing quite like ageing in your own home. ASAG Equity Release can help you afford these and the life you deserve while remaining in your family home as long as you want.
If you liked our “Australians Prefer To Live Out Retirement In Their Own Home”, check this space regularly to get more updates on reverse mortgages and equity releases.