Retirement
Navigating the transition into aged care
Moving into an aged care facility or retirement home can be stressful, both financially and emotionally, making it all the more important to prepare adequately for the change.
Navigating the transition into aged care
Moving into an aged care facility or retirement home can be stressful, both financially and emotionally, making it all the more important to prepare adequately for the change.
Planning for your later years should be done the same way as planning for education, according to dailycare.com.au founder Tull Roseby.
“You wouldn’t just turn up to the closest school when your child turns five. You research the options and make informed choices where you can,” Mr Roseby said.
This same mentality should be applied to living conditions in retirement, as making a poor decision in this area can result in “long-term financial and emotional impacts”.
“Decisions are often made hastily when a crisis emerges, but the more time you have to work through the options, the better chance you have of making the right choice,” Mr Roseby said.
“Advance planning with a clear head and ensuring you have the paperwork checked by the appropriate professionals are the best safeguards.”
Mr Roseby said there are six steps Australians should be taking to ensure the best outcome when moving into an aged care facility.
First, inspect several different facilities. Mr Roseby recommended bringing friends and family members along and asking staff plenty of questions at each facility.
Second, look at all the fees and costs and make sure these can be covered.
Third, consider all available options, “not only for your needs today, but the level of support you are likely to need in the coming years” Mr Roseby said.
The fourth step is to make sure you understand the contracts before you sign them. Mr Roseby suggested finding a trusted adviser to help make sense of the contracts.
Fifth, ensure all promises and commitments made by the aged care facility or retirement home are in writing.
The final step Australians should be taking is to seek information, whether it is from a close friend, relative or a professional, to help make the right decision.
Retirement Planning
Empowering your future: Financial literacy and retirement planning in Australia
In today’s complex financial landscape, achieving a secure and comfortable retirement requires more than just saving money. It demands a deep understanding of financial concepts and the ability to ...Read more
Retirement Planning
How much do you need to retire comfortably in Australia?
Retiring comfortably in Australia is a goal shared by many, but achieving this requires careful financial planning and a clear understanding of the cost of living. Read more
Retirement Planning
Retirement planning advice for Australians: Avoiding common pitfalls
Retirement planning is a critical step in securing your financial future, but it's fraught with potential pitfalls that can derail even the best-laid plans. Read more
Retirement Planning
Mastering financial planning for retirement in Australia
Financial planning for retirement is a nuanced journey that requires careful consideration and strategic planning, particularly in Australia's unique financial landscape. Read more
Retirement Planning
Crafting your retirement planning spreadsheet in Australia
Retirement planning is a crucial aspect of financial management, especially in Australia where the landscape of superannuation and investments offers unique opportunities and challenges. Read more
Retirement Planning
Maximising your pension plan in Australia: Strategies for a comfortable retirement
In the ever-evolving landscape of retirement planning in Australia, securing a comfortable retirement through your pension plan has become increasingly important. Read more
Retirement Planning
Supporting our veterans: A guide to financial resources and benefits
Military veterans have made invaluable contributions to their country, and in recognition of their service, there are numerous financial resources and benefits available to support them in civilian ...Read more
Retirement Planning
The ultimate retirement planning checklist for Australians
Retirement planning is a multifaceted process that demands careful attention to financial, legal, and personal considerations. Read more
Retirement Planning
Empowering your future: Financial literacy and retirement planning in Australia
In today’s complex financial landscape, achieving a secure and comfortable retirement requires more than just saving money. It demands a deep understanding of financial concepts and the ability to ...Read more
Retirement Planning
How much do you need to retire comfortably in Australia?
Retiring comfortably in Australia is a goal shared by many, but achieving this requires careful financial planning and a clear understanding of the cost of living. Read more
Retirement Planning
Retirement planning advice for Australians: Avoiding common pitfalls
Retirement planning is a critical step in securing your financial future, but it's fraught with potential pitfalls that can derail even the best-laid plans. Read more
Retirement Planning
Mastering financial planning for retirement in Australia
Financial planning for retirement is a nuanced journey that requires careful consideration and strategic planning, particularly in Australia's unique financial landscape. Read more
Retirement Planning
Crafting your retirement planning spreadsheet in Australia
Retirement planning is a crucial aspect of financial management, especially in Australia where the landscape of superannuation and investments offers unique opportunities and challenges. Read more
Retirement Planning
Maximising your pension plan in Australia: Strategies for a comfortable retirement
In the ever-evolving landscape of retirement planning in Australia, securing a comfortable retirement through your pension plan has become increasingly important. Read more
Retirement Planning
Supporting our veterans: A guide to financial resources and benefits
Military veterans have made invaluable contributions to their country, and in recognition of their service, there are numerous financial resources and benefits available to support them in civilian ...Read more
Retirement Planning
The ultimate retirement planning checklist for Australians
Retirement planning is a multifaceted process that demands careful attention to financial, legal, and personal considerations. Read more