AGED CARE FINANCIAL PLANNING & SUPPORT
Although it’s something we seldom want to contemplate, the chances are that many of us will require at least some form of assistance and support in our later years of retirement.
According to government research, at 65 years of age, the chance of needing aged care during the remaining years of your life is 68% for a woman and 48% for a man. By age 85, this has risen to 80% for females and 62% for males.
Although entering a residential aged care facility or accessing in-home aged care services is fairly commonplace, very few Australians are really prepared when the time comes.
Aged care support can be expensive, and as such retirees may need to plan carefully in order to fund residential or community care in the future. In addition to the financial implications, there are also significant emotional considerations to take into account. Many of us value our independence and it can cause some degree of discomfort and frustration if we feel that our needs are ignored or compromised.
In order to make the right decision, it is important to consider such things as:
- the level of care you need and desire
- the cost and availability of care
- any potential impact on your Centrelink entitlements
- taxation consequences
- any potential impact on your estate plans
The prospect of aged care can seem daunting, particularly as it suggests a decline in our health and mobility, however evaluating your options and discussing your requirements with a qualified professional can give you a degree of comfort and peace of mind that you will receive the care you desire when the time comes.
At Retire on Track we specialise in aged care. If you are caring for an elderly parent or relative who needs assistance we can help. We understand the complexities and financial implications of the various aged care alternatives and can help you to evaluate your options and arrive at a solution that’s right for you and those you care for.
To find out more please feel welcome to contact us.