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3 Signs You Need an Aged Care Financial Adviser

Author: Janelle Kirk

When we are kids, most of us get taught about the basics of money: how to save up, why money is important, and what is important to spend money on. As we reach adulthood, we realise just how important these basic money management tips are.

While money should never be the most important thing in life, there is no denying that it is essential. Managing your money well can bring so much more than just financial security. It can bring with it peace of mind, confidence, comfort, and a lifestyle we truly love.

The same is true as we get older. As we enter retirement, we finally get to enjoy our golden years. However, it is likely that many Australians will need to enter into residential aged care at some point in their lives.

With transitioning to aged care comes a lot of unexpected costs which can take a hit to our financial situation.

Aged care has undoubtedly been of great help for older adults to have the best quality of life in their later years. However, although aged care can be a great comfort, handling the financing part of it can be challenging and overwhelming.

The Challenges of Planning for Aged Care

Handling finances is often a complicated process, but when it involves the costs and fees of aged care, the task can be nearly impossible.

The prices and charges associated with aged care can get very complex, not to mention when you have to consider your superannuation, pension, banking, investments, existing assets, and more. Plus, the accommodation fees and other residential aged care fees can be difficult to navigate without an expert adviser.

With all of the financial elements to take into account, anyone would be discouraged to plan for aged care.

Do You Need Aged Care Financial Advice?

Experiencing the aged care process for the first time is understandably overwhelming, but making the right decisions could save you a lot of money, time, and stress.

There are so many options for you to choose from but it’s important to pick the right one for your situation so you can continue to enjoy your retirement with security.

If you’re not sure whether you need professional support to manage your finances for your aged care, here are some signs that indicate you should work with an aged care planner:

1. The Aged Care Costs Are Unclear to You

Planning for the future requires a clear understanding of the costs involved in aged care. When you’re not sure what each fee is for, you can’t make the right decisions and plan your finances.

With an aged care financial adviser by your side, you can get a thorough understanding and breakdown of the costs you will need to consider as well as some of the optional expenses you can choose from.

An experienced aged care adviser also has a great network of connections and a wealth of knowledge about the aged care facilities so you can be sure to select the one that will make you happy.

When you’ve fully understood the fees involved, you’ll be able to set goals, express your wishes, and know how much to save for your aged care.

2. You Don’t Know What Financial Support is Available to You

Excellent financial planning involves exploring every option available to you.

Financing your aged care can seem impossible when you’re not confident in preserving your wealth and creating a financial plan.

Most Australians have a number of options to help them fund their aged care residency. If you’re not sure whether you have financial support available to you, you may like to speak with an Accredited Aged Care Specialist. They can help you to develop a personalised financial plan and ensure you consider every financial option to better your future.

3. You Don’t Know What to do With Your Home or other Financial Assets

Financing your aged care can seem impossible when you’re not confident in preserving your wealth and creating a financial plan.

If you currently own your own home, it may seem like a good idea to rent or sell it to fund your aged care fees. Maybe you already have savings or investments and are not sure what to do with them now that you are considering aged care.

Moving to aged care can be an emotionally and financially challenging process. But you don’t have to do it on your own—an aged care financial advisor can help you give the available options to fund your aged care.

Talking about the future can be overwhelming and complicated, especially when it involves your aged care plan. But planning for your later years doesn’t have to be stressful.

As long as you work with a qualified and experienced aged care financial adviser, you’ll be able to secure your future and live happily for your entire retirement.

Do you want to plan for your aged care but don’t know when to start? Leave it to our aged care financial advisers at Newcastle Financial Planning Group to guide you through the process.

Want to learn more tips to retire debt-free? Check out these interesting blogs!

Our Aged Care Specialists can provide you with helpful information and advice to provide peace of mind and an ideal lifestyle for you and your family. Arrange a complimentary chat with our team today.

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.
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