Financial advice areas we cover encompass a wide range of considerations to ensure that you and your family can plan for a secure and comfortable retirement. Here are the key financial advice areas relevant to each of these stages:
- Retirement Income Planning: Assessing your current financial situation and sources of retirement income, including superannuation, pensions, and other investments, to create a sustainable income stream throughout retirement.
- Investment Strategy: Developing an investment portfolio that balances risk and return to support your retirement income goals and provide for future needs.
- Debt Management: Evaluating and managing any outstanding debts or mortgages and creating a strategy for debt reduction in retirement.
- Budgeting and Expense Planning: Creating a budget that aligns with your retirement lifestyle and goals, ensuring you can cover essential expenses while enjoying your retirement.
- Tax Planning: Minimising tax liabilities through tax-efficient investment strategies and maximising retirement income through tax-effective income streams.
- Housing Options: Assessing the financial aspects of various retirement living options, including independent living, retirement villages, assisted living, and residential aged care facilities.
- Entry and Exit Fees: Understanding the financial implications of entry fees, ongoing service charges, and potential exit fees associated with retirement living arrangements.
- Aged Care Funding: Exploring government-funded aged care services, assessing eligibility, and optimising funding solutions based on individual needs and financial circumstances.
- Estate Planning: Ensuring that your estate plan aligns with your retirement living arrangements, including wills, power of attorney, and guardianship arrangements.
- Means Testing: Understanding the means-tested aged care system in Australia and assessing how your assets and income may affect your eligibility and costs for aged care services.
- Accommodation Bonds and Charges: Exploring accommodation bonds and charges for residential aged care and determining the financial impact on your assets and estate.
- Financial Structuring: Developing strategies to structure your finances to meet aged care costs while preserving wealth and minimising tax implications.
- Government Subsidies: Identifying and accessing government subsidies, such as the Age Pension or Home Care Packages, to help cover aged care costs.
- Family Considerations: Considering the financial implications for family members, such as gifting and inheritance planning, while arranging aged care services.
PlanAIR Advice provide tailored advice in these areas to help individuals and families make informed decisions, optimise financial situations, and navigate the complexities of planning for a comfortable and secure retirement.