We’re led to believe that life slows down in retirement. From a financial position, however, things have the potential to become complicated and stressful rather quickly. Aged care is a case in point. Transitioning to this stage of life requires a cool and experienced head to make the decisions that will have a marked impact on your future.
A financial adviser who specialises in aged care advice can help explain the options, the process and work out the most effective way to finance aged care accommodation or in-home care. Having a financial advisor with the knowledge and expertise working alongside you not only streamlines the process but removes much of the stress.
Important aged care advice to consider
Costs of Care
There are two main areas of expense to consider when moving into aged care:
The cost of moving into the accommodation
The ongoing cost of care
Both areas have their own rules and complexities and are impacted by other financial decisions you make. Given that costs will have an impact on the type of aged care you choose, preparing your finances is an important step, and one that is greatly helped by a professional financial adviser.
Aged care facilities
Moving in with the kids is not a realistic aged care solution for most Australians, making it essential for households to plan ahead and understand their options well in advance.
While cost is a determining factor when considering aged care, location is too; many people don’t want to be too far from family and friends. It’s a good idea to have a look at the services in the area you desire.
Taking a look around the facilities will also give you a good idea of the types of accommodation and level of care available, as well as the corresponding costs.
This stage of life comes with difficult choices. Deciding whether to keep or sell the family home isn’t easy and can have a significant impact on both pension entitlements and aged care fees. A complicating factor is that financial issues aren’t the be-all and end-all. It’s an emotional time, and careful consideration of the pros and cons is key so that your decisions balance all the factors involved.
Again, financial aged care advice can make this complex process smoother and put your mind at ease that you’ve sought counsel from those who specialise in this advice area.
Don’t go it alone
These are important steps to take and they can impact heavily on your quality of life. It’s important that you involve those you trust, whether that’s a doctor, family and friends, or a financial adviser. This can help with the burden of research and decision-making and offer new perspectives and insights.
Don’t go it alone. Our Aged Care Specialist – Renay Richardson is here to help, support and guide families through navigating the aged care system.