It can be incredibly difficult to reach a point where you are monetarily secure and ready to retire. Because of Australia’s rising living costs and the astronomical prices attached to real estate in Sydney and Melbourne in particular, it is almost impossible to have enough money to retire at 65. However, with reliable and effective aged care financial planning services, you could quickly find yourself ready to retire at a much earlier time in your life. Not convinced? Well, here are several awesome benefits of hiring professional accountants to assist with your aged care financial planning.
Better management of debt
All Australian families accrue some form of debt, especially homeowners. It’s rare for someone to be able to purchase their home outright completely and usually they’ll have to take out a mortgage. Paying off a mortgage can be stressful, however, especially when economic factors beyond your control change significantly. The purpose of retirement is to be able to live a life that is debt-free. Getting astute help with your aged care financial planning will go a long way in achieving this debt-free lifestyle!
More lucrative investments
Furthermore, getting in touch with investment accountants can help you invest in more lucrative options, ultimately improving your portfolio and ability to make stronger long-run returns. At the end of the day, a couple of smart decisions can drastically change the size and security of your portfolio, so make sure you listen to the advice of the professionals.
Planning how you will leave your assets and estate is a very important consideration, since it can be hard to create a final will that is perceived as fair and just for everyone. This is one of the big reasons why contesting wills and estate plans is such an extensive legal field.
You want to make sure that the people who are dependent on you are considered and secure following your death. With the help of aged care financial planning services, you can make sure that your will is clear, straightforward and unambiguous. Ambiguous directives can lead to confusion amongst the beneficiaries of your will.
Better long-term security
Aged care financial planning can also greatly improve your current and long-term security. Investing your money in reliable stock options or assets (ones that are mostly impervious to volatility and fluctuations) can be a great insulator against negative financial shocks (like the GFC or the European Sovereign Debt Crisis). For example, many Australian retirees were forced back into the workforce after the GFC in 2007/08 decimated their savings and asset holdings. In fact, superannuation funds were amongst the worst hit by the GFC during that time. So, if you want to ensure that your long-term security is secure, you should certainly consider high-quality aged care financial planning from a reputable provider in your community.
Reliable retirement funding
Finding the necessary finance to secure your retirement years can be incredibly difficult. With rising inflation levels and a slowing global economy, adequately saving for retirement without some form of assistance is near-impossible. Fortunately, reliable aged care financial planning can help you create safe, consistent payment systems to secure your place at a retirement village or centre. If you are unsure whether you can afford the fees at a nursing home, get in touch with an accountant you trust for advice. The costs vary from person to person, considering for current savings and capacity to pay. If you are eligible for a nursing home, your payment will be organised into one of the following three categories:
- A daily fee
- A daily fee + relevant accommodation costs
- A daily fee + accommodation costs + mean-tested fee