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.

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

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.

1. Mitch’s LinkedIn
2. Balance Retirement & Aged Care Specialists’ LinkedIn
3. Balance Retirement & Aged Care Specialists’ Website

1. Visit our website: