Why it is Important to Plan your Retirement in Australia
We all work hard for more than 40 years with the goal of enjoying a secure retirement and the sooner you start planning for your golden years, the better. People tend to assume that they will always have their faculties about them, yet there will come a day when you start to require daily help. Have you ever thought about what would happen if you suffered from dementia? Who would you wish to have the power of attorney to decide on care options? The answers to these and other questions can help you to plan for the future.
Talk to a financial advisor
If you want the very best advice for retirement planning, we recommend talking to a leading Australian financial advisor, a professional who has the know-how and experience to help you identify your goals and create a plan. Perhaps you should check out some of the nursing homes in Toowoomba where they offer a range of aged care packages. It makes complete sense to start thinking about aged care well before it will be required.
Choose a trustworthy person
As you get older, you need to think about who you would trust to manage your affairs, should you ever need someone you trust to make critical care decisions on your behalf. A relative (son or daughter) or perhaps a lifelong friend can act as power of attorney when the time comes. Click here for tips on acquiring life skills that benefit you in many ways.
Writing a will
Sooner or later, you have to start thinking about what will happen to your estate; talk to a family lawyer and create a legally binding Last Will & Testament that contains your final wishes on how you would like your wealth distributed.
Don’t wait for others to decide your future, make plans while you can and when that time comes, you have a plan that will be implemented, which ensures your care. If you have a partner, this is something to discuss, even though it might be a tough topic to introduce; it is better to be practical and talk about the future; who knows what life will be like in 5, 10 or even 20 years from now.
Financial security
This should be a goal for every Australian adult; yes, you have your super, but will that be enough to give you the lifestyle you deserve? People in their thirties are creating wealth generation plans so they can be sure of a comfortable retirement; aim high and plan for retirement at 50; enjoy life while you are still young enough to be active. Real estate investment might be the answer, buy a holiday home that you can eventually retire to; selling your first home should make sure you have no money worries as you age. No one just ends up wealthy; a plan must be created and over time, the right investments will yield good returns.
Don’t wait until you retire, start thinking about your golden years now and make preparations for good quality care when the time comes.
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