Planning For Your Future Aged Care Needs
Getting older isn’t something that many of us want to think about, but it’s important to consider planning your future aged care needs while you’re younger. Below are some tips on how to approach this somewhat daunting task.
Have the tough conversations now
While it might be tempting to wait until you receive a ‘sign’ that it’s time to start thinking about getting older, it’s important not to ignore the topic until the last minute – organising your aged care while dealing with financial or health difficulties will prove a far more stressful situation.
Take the opportunity to discuss your wishes with your partner or family, and make sure you’ve reflected your preferences in writing to remove any uncertainty. If you’re relying on family or a partner to take care of you, it’s best to get their agreement on the arrangements as early as you can to give both parties peace of mind. An advance care directive can formalise your plans and also outline your values and beliefs, which could prove an important reference point for loved ones in the future.
Look at your lifestyle and figure out a budget
It’s understandable to want to be independent for as long as you can, but it’s important to be honest about your circumstances – could you look after yourself in your current property? Would it still be suitable if you developed health or mobility issues? Consider how long you’re planning to stay in that residence and then decide on what the next steps are. It’s worth walking through different scenarios to make sure you are ready to respond financially, whatever the situation. Aim to get rid of your debt, and be prepared to pay a bond, either on residential aged care or a retirement property.
Make sure your affairs are in order
An essential part of stress-free aging is making sure that you have tied up any loose ends in your finances, insurance policies and properties. Taking the time and space to update documents, including your will, could reduce a great deal of difficulty for you and your loved ones in the future.
It seems like a big task – and it is – but the sooner you can achieve clarity, the better. Don’t hesitate to get in touch if you’d like to chat more - contact us via info@ultimumfinancial.com
GENERAL ADVICE WARNING
The advice contained within this document does not consider any person’s particular objectives, needs or financial situation. Before making a decision regarding the acquisition or disposal of a Financial Product, persons should assess whether the advice is appropriate to their objectives, needs or financial situation. Persons may wish to make their assessment themselves or seek the help of an adviser. No responsibility is taken for persons acting on the information within this document. Persons doing so, do so at their own risk. Before acquiring a financial product, a person should obtain a Product Disclosure Statement (PDS) relating to that product and consider the contents of the PDS before making a decision about whether to acquire the product.