If you are hoping to live to a grand old age, then you will need access to the finances required to fund that longevity. Even if you’re fortunate enough to enjoy good health, your personal expenses may increase with age. Consider the costs of ongoing pharmaceutical prescriptions, home modifications to cater for reduced mobility, gardeners to do the heavy lifting in the backyard, transport costs if you forego your licence, and expensive personal items like walking aids, notwithstanding covering the costs of your preferred aged care accommodation if that time comes.
It’s never too early to plan for the costs of your aged care. Failure to do so could cast a dark shadow on your twilight years. Your aged care could be costly for both you and your family. Imagine being forced to sell the family home in order to meet bond and daily charges accrued through aged care accommodation. Or, meeting those expenses by eroding your estate plan and the assets you had earmarked for your children and their offspring. There is an alternative.
Aged Care Planning is designed for you and your finances to grow old gracefully, ideally giving you a greater say in where and how you live, rather than making those choices based on financial constraints. Your date of birth should not determine the date you start planning for your aged care. From young, single debutante career professionals to baby boomers contemplating downsizing the family home in favour of a retirement resort, Consilium Wealth Management considers aged care planning an essential part of securing your financial future and potentially opening up the choices available to you in how you live your latter years. To help you forecast the life, you would like to live in your senior years; at Consilium Wealth Management can present you with a range of real-life scenarios designed to help you crystalise how your decision-making today could impact upon your lifestyle tomorrow.
Should you choose to enter aged care accommodation, we can help guide you through your payment options to help determine the most appropriate strategy and whether or not you may be entitled to any Government benefits or tax breaks before or after that transition.