The Elephant in the Room
The property podcast for the thinking person.

Episodes

Episode 423: Why Retirement Living Needs Planning Before Retirement Age

Retirement living decisions are rarely made early—and that’s exactly where most Australians get caught out. For many households, retirement living planning is treated as something to deal with later, often after retirement or when health starts to decline. The problem is that delaying these conversations frequently leads to fewer choices, higher costs, and outcomes driven by crisis rather than intention.

In this episode, we explore why retirement planning today must go beyond superannuation and investments. It now requires clear thinking about housing, care, and family dynamics—well before those decisions feel urgent.

A major focus of this conversation is the reality of the Australian aged care system. Many people assume support will simply be available when they need it, but access to services depends heavily on timing, assessments, and eligibility. This is where aged care planning and retirement care planning become critical.

Mitch Hiam explains how recent reforms, including the Support at Home program, are reshaping access to services. While designed to simplify care, these changes also introduce more means testing and co-contributions, especially for everyday support. As a result, understanding when you should plan for home care has become one of the most important—and overlooked—retirement questions.

For many Australians, staying in the family home feels like the safest choice. But this episode challenges that assumption by unpacking the full range of retirement living options available today. From aging in place to downsizing, retirement villages, and independent living retirement communities, each option involves trade-offs that need to be understood early.

Older homes often come with rising maintenance costs and safety risks, creating challenges faced by retired homeowners that aren’t always obvious at first. Exploring retirement living options early allows people to weigh lifestyle, cost, and care needs without pressure—instead of being forced into decisions after a fall or medical event.

A key insight from this episode is how closely housing decisions are tied to aged care financial planning. Because the family home is treated differently under means testing, poor property decisions can increase future care costs or reduce flexibility later on.

Mitch highlights why retirement and financial planning must account for care funding, asset structure, and long-term housing needs together. For many families, this also means confronting the challenges faced by retired homeowners, including being asset-rich but cash-poor.

This conversation reframes financial planning for retirees as a long-term strategy—one that protects independence, rather than reacting to decline.

The episode also explores the growing relevance of multigenerational living. With housing affordability pressures and ageing parents needing support, more families are considering shared arrangements or tailored solutions like multigenerational living house plans.

When planned properly, multigenerational living can support independence while keeping families connected. When rushed or unstructured, it can create financial and emotional strain. That’s why these retirement living decisions need to be discussed early, with clear legal and financial guidance.

Throughout the episode, one theme is repeated: time matters more than people realise. Early retirement living planning creates choice. Late planning creates urgency.

Whether you’re a Gen X investor, an older Millennial supporting aging parents, or someone starting to think seriously about your own future, this conversation offers clarity around retirement living decisions, property decisions, and care planning. The message is simple but confronting—plan early, or let the system decide 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 Property Decisions

31:37 — Understanding Retirement Villages

40:10 — Costs and Contracts in Retirement Villages

52:26 — Final Thoughts and Advice

About the Guest

Mitch Hiam is the Chief Operating Officer of Balance Financial Group, a specialist advisory firm focused on retirement planning, aged care strategy, and later-life financial decision-making. His work sits at the intersection of pensions, home care funding, residential aged care, downsizing, retirement villages, and intergenerational arrangements.

Mitch works closely with individuals and families navigating some of the most complex—and emotionally charged—decisions they will ever face. From proactive planning to crisis-driven aged care transitions, he brings frontline insight into how Australia’s systems actually operate, where people get caught out, and which decisions permanently limit future options.

Known for his plain-spoken, practical approach, Mitch helps Australians understand the financial reality behind retirement living—so they can make informed decisions early, rather than forced


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