Posted on Dec 15, 2015
As you get older, you should obtain aged care advice so you can afford appropriate levels of assistance. The Australian government provides home health care packages and pensions which are income and means tested. If you enter a support facility, you may be required to fund your accommodation and nursing costs. You will have to decide whether to sell your assets or rent out the family home.
Seniors often seek advice to find out how to optimise income whilst remaining compliant with the Centrelink regulations for means testing of aged care fees and pensions. However, you should be fully aware of the implications before accepting any financial plan.
If you are facing financial difficulties due to the costs of your care, free financial counselling services are available to assist. Counsellors can help organise finances, check eligibility for government assistance and outline options. They will also refer you to other community services.
The Financial Information Service can help you make informed decisions about retirement planning and aged care costs. If you are unfamiliar with different financial products and the risks involved, the financial education provided will help you to understand options recommended by a financial planner.
Everyone has unique circumstances and a professional adviser should tailor a plan which reflects your personal situation. Make a shortlist of financial advisers in your area who meet these criteria and check their credentials on the Financial Advisers register. Ideally, your financial planner should:
A sound financial plan will contribute to your quality of life. Educate yourself and select the right professional so you can make the best decisions.