Retirement

Wanting to retire?

Everyone wishes for their retirement years to be comfortable and to be able to easily afford the things they love to do.   We can help you to decide when you can afford to retire, ensure your investments are set up appropriately for this important new stage of life and assist you to keep things on track over time.

Considering a move to a Retirement or a Lifestyle village?

Retirement and Lifestyle Villages can a fabulous way to downsize, moving to an easy-to-manage home and joining a social and vibrant community.   However, such a move can have very significant financial implications.

If you sell your home to fund the move and have significant funds left over, these can reduce your age pension and so cause cash flow issues.   The pricing structure at villages can vary very significantly and many now offer you several options – sometimes you can pay more going in to reduce the fees when you leave, for example.

It can be hard to understand what is best for you.

AgeWise Financial Planning will help you to understand your options, work out what you can afford, help you to understand the financial implications of each option and provide you advice on how to best proceed with this exciting move.

Here is how we can assist:

    1. Financial Assessment: We will conduct a comprehensive assessment of your current financial situation. This assessment will include evaluating your income, assets, expenses, debts, investments, and any existing retirement plans.

    2. Retirement/Lifestyle Village Costs: Retirement/Lifestyle village living involves various costs, such as an entry or departure fee, ongoing fees (e.g., maintenance fees), and potentially other charges for additional services. Many villages also now offer a range of contract options and we can help you work out which will be best for you and incorporate the costs into your overall financial plan.

    3. Budgeting and Affordability: Based on the financial assessment and the village costs, we will help you to understand the affordability of the move for you, both over the short and long term.

    4. Funding the Move: If you need to sell your current home or access other sources of funds to finance the move to the village, we can provide guidance on the most efficient and tax-effective strategies.

    5. Government Support and Benefits: We can analyse the impact of your move upon any Government support and benefits, and help you to optimise these.

    6. Investment and Income Planning: We can review your current investment portfolio and develop strategies to generate a reliable income stream to support their lifestyle in the retirement village. If you sell your current home, we can also help you to invest any surplus funds so they are working hard for you.

    7. Aged Care Planning: We can discuss potential future aged care planning with you, as we are also expert in this area, addressing potential future needs and the financial implications associated with aged care services.

    8. Legal and Estate Planning: In conjunction with your solicitor, we can help to review your estate plans, including your wills, powers of attorney, and advanced healthcare directives, to ensure they are up-to-date and aligned with your retirement goals.

    9. Assessing Contractual Obligations: Retirement and Lifestyle village contracts can be complex, with various terms and conditions. A financial planner can help clients review these contracts, ensuring they understand their obligations and any potential financial risks.  However, you should also engage a solicitor for a full legal review.

    10. Continual Monitoring: A move to a Retirement/Lifestyle village is a significant life event, and we may need to continue to monitor your financial situation and provide ongoing advice and adjustments as needed.

By engaging a specialised Retirement and Lifestyle village financial planner during the process of planning a move to a village, you can make well-informed decisions, ease financial concerns, and feel more confident about your financial future in their new living arrangement.

 

Free booklet

If you would like us to post you a free copy of our “Moving to a retirement Communitybooklet, please contact us, or you can download a copy below.

Click to download