Aged Care Financial Planning, How to Prepare for Aged Care: Financial Planning Tips

It’s important to start planning for aged care as early as possible. The earlier you start, the more options you’ll have and the more prepared you’ll be financially. In this blog post, we will discuss some financial planning tips that will help you get ready for aged care. 

One of the first things you need to do is to make sure that your financial affairs are in order. This includes having a will and enduring power of attorney, as well as making sure your bank accounts and investments are up to date. You should also consider consolidating your bank accounts into one account, as this can make it easier for your family to manage your finances if you are unable to do so yourself. 

Cost of Aged Care Financial Planning

Once your financial affairs are in order, you need to start thinking about how you will pay for aged care. The cost of aged care can be significant, so it’s important to have a plan in place. There are a number of ways to pay for aged care costs, including through the sale of your home, income from investments, or government assistance. 

It’s also important to think about how you will manage your health care costs in retirement. Health care is one of the biggest expenses in retirement, so it’s important to have a plan in place to cover these costs. You can do this by taking out private health insurance or signing up for a health care card. 

Another important aspect of financial planning for aged care is estate planning. This is particularly important if you have significant assets that you want to protect. Estate planning can help you ensure that your assets are distributed the way you want them to be. Estate planning can be a complex process, so it’s important to seek professional advice from a financial adviser to ensure that your wishes are carried out.  

Finally, you need to think about your lifestyle in retirement. This includes considering where you will live, how you will spend your time, and what type of lifestyle you can afford. It’s important to have a realistic idea of your retirement lifestyle, as this will help you make the most of your financial resources. 

If you are thinking about moving into aged care, it’s important to speak to a financial adviser specialising in Aged Care. They will be able to help you understand all of your options and make sure that you are prepared financially. 

The relationship between a financial adviser and their client is one that can last for life. Aged care finances are especially vital because they have such an impact on how much money will be available when you’re old enough to need help with daily tasks. The right professional guidance at the start of this process could make all those years spent working hard worth it! 

Author: Shaun Ganguly

Director and Financial Planner at Retirement Village Financial Advice and Aged Care Financial Planning, Shaun Ganguly specialises in complex Aged Care, Retirement Living, and Centrelink matters. He holds a Bachelor of Commerce (Finance & Economics), and is an FPA Accredited Aged Care Professional, Aged Care Guru, and Certified Financial Planner.

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