Why Retirement planning - the first step of any aged care plan

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Why Retirement planning - the first step of any aged care plan

by Cardena Private Wealth

No-one likes thinking about getting old, but at what age should you start thinking about life after work, and planning your retirement? Unfortunately, many people who are approaching retirement age never give their future financial situation or needs a minute of thought until their personal circumstances find them lying in a hospital bed, often after suffering a fall or chronic illness that forces them to start relying on their retirement income long before they intended.

The best time to start retirement planning was yesterday. The next best time is now.

Whether you are in your early retirement years or well into retirement, retirement planning can help demystify aged care, investment options, and superannuation - reducing stress levels around where the retirement income will be coming from.

Good investment decisions now have a huge impact on your available future retirement income, and potentially mean not having to access your super until much later into your retirement, leaving you in a better financial position to enjoy life after work.

Most of our clients have had successful careers and are (financially) in a position where they, or their families, have choices when it comes thinking about retirement and how they want to be supported when care is required. With some pre-planning and some solid personal financial advice around the right investment decisions, you can maintain control and choice with access to the financial resources for your future retirement income.

Planning your retirement circumstances

We can help you to feel more in control of your future in retirement, even in the event of an unexpected emergency or other personal circumstances that would otherwise see you unprepared and leaving work before retirement age.

The first step is to set up and facilitate a family meeting to help you:

Explore retirement priorities and preferences and help your family arrive at a common view of your financial situation or needs.
Understand how aged care works and the range of investment options available.
Identify the steps required to access the right level of care.
Understand the costs to enter care and the ongoing fees.
Consider the role of the family home in funding the entry fee.
Review your ongoing cashflow requirements, including super, the age pension, and any other income.
Develop strategies to optimise your financial position including minimising fees, maximising entitlements and investment options for the remaining assets.
Ensure your estate plan continues to reflect your wishes (financial or otherwise) and the family’s decisions.

Whether you are looking for advice for yourself or a family member with difficult personal circumstances, we can guide you through the process.

Contact us today on 02 8016 3200 or email This email address is being protected from spambots. You need JavaScript enabled to view it. to make an appointment to discuss your current or future aged care needs.