Retirement Villages and Aged Care
Should you move into a retirement village?
There are many reasons why you may be considering village life. Downsizing a home, reducing maintenance, declining health, loss of a partner, access to support and/or companionship. Before you make this decision, talk to us about the financial impacts of the fees ( entry, ongoing and exit) an also the short and long term impacts of this decision on your financial journey.
The areas to consider when looking at village life include:
- The ownership structures and fees
- Type of village and facilities offered
- Your personal, health and social requirements
- The time frame of suitability
Aged Care – planning can ease the stress.
The transition from a family home into an aged care facility can be a stressful, emotional and confusing time. While the aim is to find the most suitable aged care facility, it is equally as important to consider the financial aspects to ensure that the right financial choices can be made. Financial impacts can cover aged care fees, age pension considerations, impact of financial situation on fees, decisions whether to keep or sell family homes and estate planning.
Like any financial decision, it is important to understand the options that are available, and the rules and regulations that apply, so that you can make the right decision for you or your loved one.
The areas to consider when looking at aged care include:
- Level of care – based on the physical and mental ability of the individual.
- Type of facility – different facilities provide different levels of care.
- Financial situation – the costs of aged care and the best ways to pay.
The decision to move you or a loved one into an aged care facility is a difficult choice. Let us help guide you with the financial side to ease the stress of this decision making.