We plan ahead for many aspects of our lives, but few people plan for future aged care needs. Now is the time to change that trend.
The truth is, most of us avoid thinking about our own future aged care needs, delaying our decisions until perhaps they’re taken out of our hands.
Life expectancies are increasing. This means not only might we expect to live longer than our parents and grandparents, but we might also expect longer and more active retirements. However, this does not remove the possibility that we may need help with daily living and medical care in our older years.
If we reach a point when we are increasingly vulnerable, we don’t want to be left unprepared.
Planning creates peace of mind
Planning for our retirement, as we dream of travel, cruise ships and caravans as well as more time playing with the grandkids, can be quite enjoyable. Perhaps that’s why we put off planning for our aged care needs – it’s not as much fun to think ahead to a time when we might need more support.
But with the right advice, planning ahead offers many benefits and can be easier than you think. Benefits may include:
- Peace of mind for you and your family
- Taking pressure off family when a crisis occurs
- Allowing you to have a voice, and
- Avoiding costly mistakes.
Creating a plan that will work for you includes consideration for what sort of life you want to live and what makes a good life for you. This should take into account options for where you could live but also how to continue to your interests and stay connected to family, friends and your community. Understanding the costs and planning your finances is a key component of making the plan work effectively.
Don’t leave it too late
Don’t leave your planning too late. We have helped many of our clients to start the planning process and often discuss when and how to bring your family into this process.
If you’re ready to start the conversation, contact us here and let us work with you to create a plan for all of your retirement.
IMPORTANT INFORMATION: This document has been prepared by Aged Care Steps Pty Limited, ABN 42 156 656 843 AFSL 486723, registered tax (financial) advisers (25581502) based on our understanding of the relevant legislation at the time of writing. While every care has been taken, Aged Care Steps Pty Limited makes no representations as to the accuracy or completeness of the contents. The information is of a general nature only and has been prepared without consideration of your individual objectives, financial situation or needs. Before making any decisions, you should consider the appropriateness for your personal investment objectives, financial situation or individual needs. We recommend you see a financial adviser, registered tax agent or legal adviser before making any decisions based on this information. Current at 1 August 2022.