INSIGHTS WITH EVALESCO
No-one likes to talk about getting old, but when you or a family member needs help, there’s no getting around it. Many of our clients want to know what choices they have in their older years – and before the crisis hits.
When should you start thinking about aged care?
Any age is a good time to start thinking and planning for aged care, regardless of whether you are in your early retirement years or are well into retirement. The need for care can arise suddenly or result from a more gradual decline in capabilities.
If you are in good health, aged care is probably not on your radar. But this is the best time to have the conversation – you’ve still got capacity and you’re not in panic mode.
Or, if you’re lucky enough to still have your parents, starting the conversation while they are healthy is definitely sensible. They might not be thrilled that you’re raising the subject, but it gives an opportunity to find out what is important to them when choices need to be made.
Don’t accidentally fall into these traps:
- Leaving it too late to have the conversation – once Mum or Dad can’t return home from the hospital, you’re in crisis mode. This is not the best environment to make life-changing decisions for anyone.
- Thinking it will never happen – unfortunately the statistics say otherwise. On average, we can expect to live 17-25% of our retirement with a frailty that may threaten our ability to live independently without care. With those odds, planning ahead is vital.
How to find help
Making an informed decision about aged care is incredibly important. Making the wrong decision can have far-reaching consequences for the whole family. When aged care decisions go badly, the stress can lead to family conflicts, fuelled by the Three G’s of aged care® – Grief, Guilt and Greed
However, not all advice is good advice. Aged care financial advice is a specialist area. The rules change constantly, as do the available strategies. This is why Melody Edwards in our office has qualified as an Accredited Aged Care Professional TM to ensure we have the skills and knowledge to give you the right advice.
For more information, call us today on 02 9232 6800 or speak to your adviser to arrange an appointment to start your aged care planning.
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We believe the true value of financial advice isn’t found in dollars and cents (although this is important too!) but in the peace of mind a financial plan can provide. It’s knowing where you want to go and how to get there, with a dedicated team behind you every step of the way.
We know the impact of good holistic financial advice can make and we have the life experience, technical capability and quality support team that can make that difference for you. We’ve empowered over 1000 families through the delivery of great financial advice, to be healthy, wealthy and happy.
The amount of super you’ll need when you retire depends on your big costs in retirement and the lifestyle you want. The Associate of Superannuation Funds of Australia (ASFA) estimates for a single $44,224 a year and for couples $62,562 a year is how much you may need. This is only an indicator and our advisers assess everyone’s individual circumstances.
The fees we charge for financial advice is only a fraction of the value we derive for our clients, meaning our clients are always better off after seeing us. Rarely do we encounter a new client invested appropriately for their needs, with adequate risk protection, structuring and estate planning provisions in place. Even small tweaks to a financial plan over a long period of time can result in drastically better outcomes for our clients which eclipses the fees of the financial advice. Additionally, you can opt-out of an ongoing fee arrangement at any time.
In our discovery meeting with you our advisers discuss the initial advice fee and the ongoing fees associated with our services.
After our initial phone call to discuss why you are seeking a financial adviser, we arrange a discovery meeting that outlines what is important to you, your current position, our areas of advice, our approach. We then present a Statement of Advice (SoA) to discuss your goals and our recommendations and go through the steps of how to proceed to the implementation stage. After signing the SoA, we discuss your questions, get you to sign the authority to proceed and complete any application forms before implementing the recommendations detailed in the SoA.
One thing to consider is the interest rate on your home loan in comparison to the rate of return on your super fund. Before making a decision, it’s also important to weigh up your stage in life, particularly your age and your appetite for risk. Whatever strategy you choose you’ll need to regularly review your options if you’re making regular voluntary super contributions or extra mortgage repayments. As bank interest rates move and markets fluctuate, the strategy you choose today may be different from the one that is right for you in the future
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. Evalesco 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. Copyright © 2019 Evalesco Financial Services. All rights reserved