Don’t wait too long, Wealth Connexion touches on some issues that can arise from lack of planning for aged care.
A massive issue that our aged care financial advisors find with most of Wealth Connexion’s clients, is that Australian’s aren’t preparing themselves for aged care. This issue can grow into a disaster if the aged care isn’t thoroughly planned out, or if the individuals in question aren’t given trustworthy advice. It’s an easy mistake to make when you’re younger to make the claim that you will never need aged care, we see this all the time with our clients. To make your journey into aged care easier, we will outline our aged care financial planning strategies.
The big one – finances
Without proper planning, finances can be extremely difficult to manage as you fall into the aged care journey. By keeping savings for this time in your life as well as having a good understanding of what to expect, you can rest easy knowing that you’re covered for the future stress-free. The sooner you start, the better.
Delaying planning for this stage in your life could come with a massive cost, literally. By discussing some aged care financial planning strategies, you and your loved ones can rest easy knowing that you are covered for the future, whether that be regarding your future health or accommodation.
Life is unpredictable, so by making these changes well and truly before your later age, you’ll be able to combat the potential challenges life throws your way. By planning out where you would like to be at a particular age, you’ll not only feel better prepared, but you’ll be able to discard the uncertainty of your aged care future.
Finding what works for you
Every person is completely different, whether it comes to goals, what makes them feel at home and happy. We all like to feel comfortable in a homely space, so it’s no wonder that most Australian’s plan to stay in their home for as long as they can. While there are some good options for receiving at-home care, it’s important to weigh the risks and the possibility of you or a loved one moving into an aged care facility. This is a great option to consider in advance, as it’s an easier conversation to have now rather than when you’re in a hospital bed unwell and you’ve never considered this option.
If in the future, you’re unable to look after yourself, aged care homes are a great opportunity for you to receive the care you need with peace of mind. The only catch, they’re not cheap and it can be stressful if you haven’t considered aged care home’s in advance. At Wealth Connexions, our aged care financial planning strategies always return to the aged care home opportunity.
So, when should you start planning?
Whenever you’re ready to, but well and truly before you need it. We can’t urge our clients enough, that it’s so important to consider these options well and truly before it needs to happen. The journey of aged care doesn’t happen in an instant, but it’s important to weigh your options and consider this with your loved ones.
Our aged care financial strategies counter for lack of time or finances, however, the process is so much easier if we work together before your next stage of life begins. It’s important to take your time when doing research and planning out your goals and finances.
