Are you worried about aged care needs?
We are living longer and that is good news as it may give you more time in retirement to tick off your bucket list. But at some point, you can expect to slow down and take things easier. At that point, you may benefit from help around the home or with some of your daily needs or you may need to make the move to residential aged care.
Whatever your needs and choices, without good advice and an effective plan, the choices can be confusing and overwhelming. And this may lead to poor decision-making – especially if you have never given aged care any thought.
Think back to the first time you attempted anything. How well did you do? How long did it take you to work out how to do it and how many mistakes did you make along the way?
Some tasks are too complex and too important to do on your own. Navigating the way through aged care and the jargon is not easy – especially if decisions are being made in a time of crisis and emotions are running high. When aged care decisions go badly, the stress can lead to family conflicts, fuelled by the Three G’s of aged care® (as identified by Aged Care Steps) – grief, guilt and greed. Mistakes can be costly.
As an example, here are three key mistakes people make when they don’t get advice:
- Selling the home without understanding the consequences
- Being afraid to pay a lump sum for residential care accommodation (called a refundable accommodation deposit)
- Not generating enough cashflow.
You might be looking for advice for yourself or for a family member. Or you might want to think ahead to ensure you have covered the future possibilities so you can plan for quality of life, even when care needs start to creep in.
Let us take away some of the stress. Contact our office today and speak to Iggy Moro.
Disclaimer: The information in this article is general and does not take into account your particular circumstances. We recommend specific financial, tax or legal advice be sought before any action is taken to apply the rules to your specific circumstances. Refer to the relevant Product Disclosure Statement before investing in any product. Aged Care Steps ABN 42 156 656 843 is holder of AFSL 486723. Current as at 1 December 2020.