Australia’s population is ageing, according to the Australian Bureau of Statistics. By 2050, more than a third of Australians will be aged over 55, a trend caused by increasing life expectancy and declining birth rates. One effect of this trend is that more and more people will be seeking to ‘downsize’ from their family homes.
A substantial proportion of Australian homes are 4-bedroom detached houses in outer suburbs, a tendency that may not suit retired couples who no longer have dependent children at home and are seeking a lower maintenance lifestyle in their older years. Many want to live in places that are better suited to their needs, so they ‘downsize’ to something smaller and more suitable.
How does the process of downsizing actually take place? In Downsizing Made Simple, Rachel Lane and Noel Whittaker provide a comprehensive how-to guide. From financial and legal considerations to the different forms that downsizing can take, the authors clearly explain the ‘dos and don’ts’ of the process.
Lane is a qualified financial planner and principal of the Aged Care Gurus, an Australian organisation that delivers education and support for those providing and receiving aged care; she couples detailed financial knowledge with approachable advice. Similarly, Whittaker’s background as a finance and investment expert – formerly a director of Whittaker Macnaught, now an academic and member of ASIC’s Consumer Liaison Committee member – cements the book’s reliability.
Where Downsizing Made Simple begins by addressing the initial decision to downsize, it tackles the practical concerns that need to be taken into account. When is it the right time to downsize? Should the family home be sold before you purchase a new apartment? How can superannuation be used to fund a downsize? What about pension planning and mortgage considerations?
The book then moves into the many forms that downsizing can take. Some downsizers might choose to move into strata title homes, while others may consider granny flats, collaborative housing or retirement communities. For each of these options, Lane and Whittaker draw from case studies and interviewees to illustrate their advice and provide checklists that guide readers along the way.
In the final section, the book explains the practical realities of downsizing, especially where downsizers might need further support. This is where Lane’s expertise as an Aged Care Guru comes to the fore. Commonwealth Home Support Programmes, ACAT assessments and home care packages are explained in detail, and the book does not shy away from clearly unpacking the bureaucratic processes of government-funded aged care.