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Tips For Planning For Your Future Aged Care When You Retire

Tips for Planning for Your Future Aged Care When You Retire

As you enter your golden years, it is a good idea to talk to your family members about your aged care plan; your wishes should you become seriously ill or injured, and the need to make decisions about your long-term care on your behalf. If your loved ones know what to expect and your preferred choices, they can prepare for it and implement your wishes should the need ever arise.

According to Aged Care Steps, by the age of 65, over half of the population will need to access aged care services for the future:

  • Females are 68% likely to need aged care in their lifetime
  • Males are 48% likely to need aged care in their lifetime

If you want to get started but don’t know how – this article will help you.

Tips for Planning for Your Future Aged Care

What is aged care planning?

Advanced aged care planning is a process where you consider your future health and care needs. This can include what kind of future health care you may need, who you would like to help you make decisions about your health and care when you can no longer make decisions for yourself, and at what point you should enter a residential care facility.

Why Planning Ahead Matters

When the time comes to enter into Aged Care, it can often be fraught with stress, fear, and uncertainty. Whilst it can be a gradual recognition that you are no longer able to manage to live in your own home, it can also, unfortunately, arise suddenly following a medical incident where decisions need to be made quickly.

Planning allows you to make an informed decision and have a say in your future care. If there is a possibility that you might need to go into a nursing home or hospital in the future, use the time now to think about your options and choose who you trust to act on your behalf – without the pressure of an emergency.

A Balance Between Independence and Support

Advanced aged care planning should aim to keep you in your own home whilst still receiving the level of care you need, this way you can enjoy as much independence as possible for as long as possible.

Alternatively, if you have a chronic condition or are incapacitated, you can also shortlist preferred residential facilities which provide the necessary support and lifestyle services that improve your quality of life, in a location where you feel comfortable.

How to Plan For Your Future

Start by doing your research: investigate different in-home services and residential facilities then shortlist your preferences.

Next, you need to outline your wishes to your professional support team, put your wishes in writing and create effective financial strategies to fund the potential outcomes. This allows you to relax knowing that you have plans in place to protect your quality of life in appropriate care, achieved with financial efficiency, and there is a financial strategy to take care of the future.

Finally, have a conversation with your family about your wishes for your care in the future. Talk about what might happen if you become ill and what kind of support you want. Also, make sure to provide your family with the list of professional services that you employ, for example, solicitor, financial adviser and accountant so that they can support your family with their expert advice should your plans need to be executed.

Peace of Mind for Your Future

An Advanced Aged Care strategy can be completed in a timely and stress-free manner so that you can focus on what matters most should you fall ill or become injured in your golden years and require additional care. It is essential as it allows you to make an informed decision and have a say in your future care.

If you are looking for aged care and financial advice in Sydney, come to Sydney Wealth Advisers! Book your complimentary first meeting today to learn how we can support you!

 

DISCLAIMER: The views expressed in this publication are solely those of the author; they are not reflective or indicative of RI Advice Group’s position and are not to be attributed to RI Advice Group. They cannot be reproduced in any form without the express written consent of the author. This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice. Newcastle Financial Planning Group, Central Coast Financial Planning Group, Sydney Wealth Advisers, Coastal Advice Port Macquarie and Coastal Advice Ballina Byron are subsidiaries of Coastal Advice Group Pty Ltd which is a Corporate Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 23842
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