Financial advice could be the least of your concerns as a senior citizen. However, solid financial advice can help you navigate your senior years without worrying about your bank accounts. This article highlights the benefits of aged care financial advice.
Managing Your Assets
Managing your assets becomes more difficult as you age. More often than not, your health takes priority over other matters. For instance, it would be difficult to maintain your home if you are in a nursing home. Your financial advisor will put forward a few ways to manage your assets without spending a fortune. For instance, you should consider moving into a smaller home that is close to your hospital. Alternatively, you could hire a caregiver to offer nursing services and maintain your property.
Cutting Your Spending
As you age, you are likely to have a lot of cash since you no longer have a mortgage or school fees to pay. Additionally, you will have your superannuation fund and income from some of the investments you have made over the years. Therefore, you might be tempted to take an expensive holiday or buy your dream car. Such spending habits will lead to financial problems in the future. Your financial advisor will help you develop mechanisms to control your spending. For example, you could have a strict monthly budget. Besides, the advisor will propose viable alternatives to ensure that your senior years are fun. For instance, you could cut holiday costs by staying in a rented apartment.
Managing Medical Expenses
If you have an age-related illness such as arthritis, cancer or diabetes, there is a probability that you will spend quite a lot managing your condition. Your financial advisor will inform you how you can cut down your medical expenses. For instance, you should consider comprehensive health insurance that caters to non-hospital based expenses such as moving into a nursing home, buying an electric scooter or physiotherapy. Besides, when moving into a new home, you should consider properties with low-lying shelves and ramps. In such a way, you do not have to spend a fortune on renovations in the future.
Estate planning is a concern for senior citizens. An air-tight estate plan will prevent disputes among your family members if you pass away. A financial advisor will help out with the various aspects of the estate plan. For instance, they can advise you on creating trusts and the importance of a power of attorney.
Aged care financial advice tips include managing your assets, reducing your spending, cutting medical expenses and estate planning.Share