Planning for the time when you finish work often isn’t considered until the last 10 years. Unfortunately, given the current contribution limits to superannuation this may mean you have left it too late.
Planning for this phase of your life should form part of your entire financial plan and should include consideration of reducing mortgage debts and other lifestyle needs. This along with proactively adding to your retirement savings are a big factor affecting the success (or otherwise) of your retirement experience.
One thing you will need to ask yourself and have an answer for……. How much money do you need and will it last?
Then there is the prospect of your parents (or even you) having to move into an Aged Care Facility. This can be very daunting for them and you. On most occasions, it isn’t planned and becomes a highly emotional and stressful time for everyone.
In both of these instances, there can be time constraints and this may lead to some poor decisions. It may be hard for you and your family to face some of the questions and information, but thinking about Retirement and Aged Care should be important to you and is no different to putting thought into your will or planning for many aspects of your life.
To help prepare for this phase of life, it would be best to undertake your own research early or discuss with our specialist advisor, who has an in-depth knowledge and understanding in this specialty field and can provide you with the best options for your situation.
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