We plan 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 are 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 do not 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 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 aged care 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 are ready to start the conversation, contact our Head of Financial Planning, Robert Syben at robert_syben@investmentcollective.com.au and let us work with you to create a plan for all of your retirement needs.
Please note this article provides general advice only and has not taken your personal, business or financial circumstances into consideration. If you would like more tailored advice, please contact us today.