Q: We are in our early 70s and retired, have $4.5 million in super and want to give our three kids $160,000 each over the next five years to help with property. Our home is worth about $3.5 million, the average refundable accommodation deposit (RAD) for aged care in our area is about $1 million and our annual expenses are about $140,000. Will we have enough to live on over the long-term plus fund aged care if we need it? EleniAbsolutely, says Brendan Ryan, an aged care financial specialist and founder of Later Life Advice.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
Can we gift money to our kids and still afford aged care?
From November 1, aged care will become more expensive for self-funded retirees because of the introduction of means-tested co-payments.
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