Money

What is Aged Care? Why it’s Important to Plan Out Your Retirement

Retirement is an exciting prospect for almost all individuals, with the time, comfort and leisure beckoning us from our busy and overworked lifestyles. After all, this is where passions are rediscovered, travel memories are made and life takes a more meaningful turn. Aged care is a component that makes up most of our retirement plans, although it doesn’t have to be as far down the road as you think. If you are starting to spend more time weighing up your retirement options, and are looking for more information about where aged care intersects with those plans, read on.

Firstly, what is aged care?

If you are wondering “what is aged care?” and “how will it play a role in my retirement?”, let’s familiarise ourselves with the offering of retirement villages as they exist today. Retirement villages are probably one of the most diverse offerings when it comes to aged care, with the villages located in all different areas and varying in size, amenities and luxury. Some retirement villages offer a full suite of services (home cleaning, landscaping, transport to doctors, salon services), whereas others are simply located close to other aged care centres with the option of call outs if required.

The variability of retirement villages caters to all kinds of lifestyles, so it’s no wonder why this appeals to the masses and plays a key part in most retirement plans. You can easily balance an independent social life, without having to worry about the pesky chores if you so wish. If this is to be part of your retirement plan, be sure to choose your location carefully so that you are close to family and friends, as well as those dining and recreational spaces that are part of your lifestyle.

Why is it important to plan out your retirement?

Knowing how busy life can get, nothing but positive outcomes will arise from planning your retirement. It will mentally prepare you from the lifestyle shift, and it’s often a good opportunity to review your finances and project how your plans will fare based on those figures. These plans won’t materialise over one day, or even one year, but rather you will add to them like a tapestry and tweak here and there based on your family and the needs you identify as important.

A high level of planning will mean that you can account for things that are a little more long-tailed, like finding an investment property, a travel van, or even securing a spot at the retirement village that you have seen and loved. You should also feel confident in sharing these plans with your friends and family, as they have your best interests at heart and will help you fine-tune your intentions.

Circumstances, legislation and technology is changing

As an aging population, you can count on the fact that your retirement is being looked at by many eyes, and so what is the custom now might not be what we strive for in the future. If you have a specific plan with measurable timelines against those plans, when new legislation of technology rolls out, you can be one of the first to take advantage of these government benefits and pensions.

Similarly, on a personal level, you will feel more empowered about saying yes to a cruise trip with friends if you can identify where that goes on your plan and account for it. Without a plan in place, you can expect to miss out on opportunities, if you find out about them at all, as you won’t have that line of sight. Set yourself the responsibility of spending time on your retirement plan, and to keep a lookout on what is happening in your society so that you can capitalise on it.

Like most things in life, your retirement is what you want it to be. Start committing to an exciting and bright future by having discussions today that will set you up for tomorrow. Without keeping your finger on the pulse and aware of what you are entitled to, you might end up somewhere you don’t want to be.

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