EFFIE BATEMAN | Lifestyle | Contact
Millennials have been warned that relying on inheritance as a safety net cannot be guaranteed, with a recent expose by ABC investigations proving that the ‘great wealth transfer’ from baby boomers is likely not going to their children, but to parasitic retirement homes who rip off tenants with complex contracts and excessive exit fees.
This comes as Western society is facing significant challenges associated with an ageing population, as people are living longer and countries are increasingly required to address the needs and demands of their elderly citizens.
In Australia, the life expectancy for the average person has risen to 83 years, resulting in a strain on healthcare systems, and a need for improved elderly care – resulting in many retirement companies enforcing predatory contracts on people who may not have the cognitive abilities to realise they’re essentially handing over their life savings to live to a place that routinely serves them frozen fish fingers for dinner.
Therefore, unless millennials happen to be fortunate enough that both of their parents pass away in a quick and peaceful manner, the reality is that a significant portion of the inheritance they might be expecting will likely be used to cover the costs of aged care.
With the average retirement home in Australia now carrying a price tag of around $470,000 plus additional fees, with the longer an occupant stays, the more the property devalues, many millennials may find that the financial legacy they were counting on is instead funnelled into ensuring their parents receive proper care and support in their later years.
Luckily, by the time millennials enter their old age, the Sarco suicide pod should be available as a backup option.
More to come.
