As we get older, we need to start thinking about and planning for life after work; our retirement years and beyond. We can control how our future care is managed and handled if we plan it right.
Navigating through the complex aged care system isn’t easy. Choosing the right type of care and getting the funds to pay for aged care can be overwhelming and stressful – especially for self-funded retirees who need their finances to last the distance.
Planning for aged care today is the best way to avoid financial burdens later in life. Reviewing your current financial situation and planning everything today, so you don’t have to worry later in life will give you and your children peace of mind.
Start by making all future health, legal, and care accommodation decision now. You have the power and time to control your future care – to ensure your wishes and decisions are honed if you are no longer make them yourself.
Write down your decisions and aged care wishes and discuss them with your power of attorney. If you haven’t yet assigned a power of attorney, now is the perfect time to do so as well. It’s a good idea also to make or update your will while planning for aged care. Centaur Financial Services can help with both these items.
If you will be self-fund your aged care, now is also the time to talk to one of Centaur Financial Services’ financial advisors. Considering your assets, homeowner status, and impact on tax, cash flow, pension, and estate planning, our financial advisors will review the various aged care accommodation options available and advise which is the best, most tax-efficient option for you.
The Australian aged care system is for those aged 65 or over who cannot live in their home without assisted support. It offers three types of care; at-home care, residential care (nursing home), and flexible care, which comes in various forms.
The cost of aged care depends on whether you have the means to contribute or not. If you’re looking for subsidised aged care, you must pass an aged care assessment that determines eligibility based on your care needs and how much you can afford to pay towards your care and accommodation costs.
If you are not eligible for subsidised aged care, you will need to fund your own care, which at present is $19,071.25 per year for the basic daily fee alone. On top of this is an accommodation fee and a means-tested care fee.
The cost of age care can present significant financial burdens for both self-funded retirees and government-funded retirees.
Ease your financial concerns and gain financial clarity for your future care with expert aged care advice from Centaur Financial Services’ award-winning financial advisors.
The information provided on and made available through this website does not constitute financial product advice. The information is of a general nature only and does not take into account your individual objectives, financial situation or needs. It should not be used, relied upon, or treated as a substitute for specific professional advice. We recommend that you obtain your own independent professional advice before making any decision in relation to your particular requirements or circumstances. Centaur Financial Services do not warrant the accuracy, completeness or currency of the information provided on and made available through this website. Past performance of any product discussed on this website is not indicative of future performance.
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