Why Retirement Living Needs Planning Before Retirement Age

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 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 ones later. Connect with Mitch Mitch’s LinkedIn Balance Retirement & Aged Care Specialists’ LinkedIn Balance Retirement & Aged Care Specialists’ Website Resources Visit our website: If you have any questions or would like to be featured on our show, contact us at: The Elephant in the Room Property Podcast - questions@theelephantintheroom.com.au Looking for a Sydney Buyers Agent? Work with Veronica: Looking for a Mortgage Broker? alcove.com.au Work with Chris: chrisbates@alcove.com.au Enjoyed the podcast? Don't miss out on what's yet to come! Hit that subscription button, spread the word, and join us for more insightful discussions in real estate. Your journey starts now!

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Why Retirement Living Needs Planning Before Retirement Age is an episode from The Elephant In The Room Property Podcast | Inside Australian Real Estate by Chris Bates.

This episode is 56:18 long.

This episode was published on Feb 8, 2026.

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