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Seeking Aged Care Financial Advice Here’s 7 Tips For Planning For Retirement

When planning for retirement, it’s important to seek accurate aged care financial advice. Taking the right steps now can help ensure that you have an easier and happier future and little changes can have a big impact down the line. That’s why we’ve put together this list of tips to help you form your plan:

Seek Professional Guidance

The first thing you’re going to want to do is seek professional aged care financial advice. Everyone’s situation and needs are different and general information can only get you so far. We suggest finding a trusted aged care financial advice and booking in an exploratory appointment, they can be as involved in the process as you’d like but even if you don’t want someone helping out step by step, they’ll be able to give you some key insight to help you get set up.

Know What You’ll Need

Before you arrive at your appointment with your preferred aged care financial advice expert, it’s a good idea to have a rough plan for what you’ll need. They’ll be able to help you sort out specifics but your required budget is going to vary based on how you wish to spend your retirement so at the very least, it’s ideal to know whether you’re looking to have adventurous twilight years or a more relaxed retirement.

Build Passive Incomes

Aged care financial advice

One of the best strategies for your future that you can put in place now is the creation of passive incomes. The two main ways that this is done is by owning rental properties or holding dividend paying shares (this option also let’s you take advantage of compound interest if you reinvest your dividends), but you can create a passive income in any way that suits your lifestyle. This will allow you to still have an income after retirement, a cornerstone of most aged care financial advice.

Pay Down Debts

Possibly the most valuable piece of aged care financial advice, however, is aiming to pay down and eliminate any debt that you may owe as soon as possible. Going into retirement with a money monkey on your back will make life exponentially harder so you will ideally have no debt by the time you stop working. Aiming to achieve this goal sooner will allow you to invest more in your future with the money that would have otherwise gone towards these debts.

Understand What Assistance You’ll Be Entitled To

The next thing you’ll want to do is understand what assistance you will be entitled to once you retire. This may come in the form of a pension, specific assistance with any issues that you may face or a regular payment from your super if your fund is set up that way. Knowing what money you will have coming in is at the centre of most aged care financial advice as it allows you to better plan for the future.

Pump Up Your Super 

Speaking of your super, one common piece of aged care financial advice is to pump it up as much as possible. Because pensions may not be guaranteed, it is important to ensure that you have a secure income in future and your super is the best way to do this. Consider salary sacrificing if your employer offers this option, however, if it isn’t available, contributing from your take home pay is just fine.

Overestimate

Finally, if you want to ensure comfort in your retirement, it is important to overestimate how much money you will actually need to survive. This allows you to have a buffer for anything that may arise.

Follow these tips, along with any professional aged care financial advice that you have received and you’ll be well on your way to a comfortable retirement.