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Financial planning is key to ensuring your financial future is secured, no matter what life stage you are in. While there are many things that you can do to increase your probability of financial security and appropriate care in your senior years, having the right aged care financial advice for your personal circumstances is key. Future planning for your aged care needs can allow you to make the best choices so you can have the peace of mind that you can afford to live a comfortable life in your golden years. But how can an Aged Care Financial Adviser help you and how are they different? Read on to learn more.
What is Aged Care Financial Advice?
Aged care financial advice can help anyone at risk of needing aged care or who is currently using aged care services. An Aged Care Financial Adviser can provide support when you are:
- Considering your own aged care options for the future;
- In a position where you urgently need to find yourself a residential aged care placement; or
- If you are responsible for finding care for a close relative or carer.
According to Aged Care Steps, by age 65, a woman has a 68% chance and a man has a 48% chance of needing aged care during their remaining lifetime.1
What can an Aged Care Financial Adviser Help You With?
Financial advice tailored to your circumstances will give you the knowledge you need to make the right choices when it comes to your finances now and in the future. With that in mind, an Aged Care Financial Adviser can shed light on the following financial matters:
- Retirement Planning;
- Superannuation Advice;
- Centrelink Advice;
- Investment Portfolio Management;
- Life Insurance;
- Cash Flow Planning;
- Estate Planning;
- Aged Care Advice.
In the case of senior Australians, one of the biggest steps towards financial security is to identify the aged care support services required and forecasted, and the associated costs, to ensure you’re on top of your cash flow management.
It’s important to be thorough in your aged care financial plan because, when you’re older, you may find it hard to make these financial changes yourself. An aged care financial adviser can first assess your financial situation and then show how you can benefit from a tailored and structured financial plan.
How can an Aged Care Financial Adviser Tailor Your Financial Needs?
As mentioned above, there are many financial matters to consider when you’re getting older. Because of this, your financial advisers will tailor their advice to suit your needs and circumstances. This can range from the following:
- Help you make the most of your Aged Care pension or DVA pension;
- Help you minimise multiple aged care costs such as residential aged care fees;
- Help you fund the ideal accommodation payments;
- Help you negotiate with aged care facilities;
- Help you decide whether you should sell your home and other assets and minimise the impact of age pension and care fees;
- Help you be financially prepared for any tax implications;
- Ensure your estate is structured so that your assets are transferred efficiently to your beneficiaries in the event of your passing.
If you want to make sure that you get the most out of your aged care advice, you should talk to an Aged Care Financial Adviser about your circumstances.
The Bottom Line: Aged Care Planning Helps You Plan Ahead
It is difficult to plan your finances in your golden years when you don’t know what the future holds. With aged care financial planning, you can get appropriate advice to make sure your future is secure if you need aged care services.
Aged care financial advice allows people who need aged care to afford the services while also ensuring future financial independence.
How Can We Help You?
Retirees need to have a secure aged care financial plan, but most aren’t sure how to start. Thankfully, we’re here to help with whatever you need to achieve financial independence as you grow older.
Looking for an aged care financial adviser in Port Macquarie? Coastal Advice Port Macquarie guides clients to enjoy their dream retirement through excellent financial planning and personalised advice then supports them during their transition to Aged Care when it’s in their best interests. We’ve got you covered, retirement planning, wealth management, through to aged care. Call us or book online to secure your complimentary first meeting.
DISCLAIMER: The views expressed in this publication are solely those of the author; they are not reflective or indicative of RI Advice Group’s position and are not to be attributed to RI Advice Group. They cannot be reproduced in any form without the express written consent of the author. This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice. Newcastle Financial Planning Group, Central Coast Financial Planning Group, Sydney Wealth Advisers, Coastal Advice Port Macquarie and Coastal Advice Ballina Byron are subsidiaries of Coastal Advice Group Pty Ltd which is a Corporate Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429.