Aged care financial advice

Aged care money smart
Aged care money smart - lady holding money

Introduction

As people age, aged care financial advice needs to become a priority. The emphasis changes from the needs of the children to the needs of the individual. Ideally, steps should have been implemented whenever a person entered the workforce. However, this is not always a priority in a family situation. Nonetheless, any time is appropriate to begin addressing these important issues.

Where to begin

Now is always a good time to begin planning your finances. Furthermore, as we age it’s important to plan ahead as well. Retirement comes as something of a surprise to some people. Especially if they have been working very hard and putting other people first. A good place to start would be information from government sources. It is crucial to do your own research. Educating yourself will ensure you are not the target of some unscrupulous financial adviser.

Financial information services

The Department of Human Services offers basic, free financial information.  Importantly, the service is confidential. Furthermore the advice will be current. Additionally it will address your future needs. Moreover this service is not run by financial planners. Not only do they not have a vested interest, they will not try to influence or sway you. They also do not sell advice or investment products. That means you can learn and read without any pressure. You can find more information via the Australian Government’s financial information service.

Private financial advisors

Begin by creating a shortlist from the research you do on private financial advisors. It is important to choose people who are reliable. Furthermore, you must ascertain if they are licensed. Otherwise, if something should go wrong you might not have an avenue of redress. Their situation, experience and qualifications should be on the Australian Government’s Money Smart Financial Advisors Register.

The type of financial advice you can receive from the above is varied. It usually covers wealth management and savings planning. Also, retirement planning and portfolio administration. Individual firms will introduce you to varied financial products.

The Australian Securities and Investments Commission

ASIC’S MoneySmart website will provide you with vital information. Once again you will come across information you may not be aware of. Such as reverse mortgages, budgeting tools and credit card calculators. Furthermore, it is age specific, and practical. It will teach you how to do a budget if you don’t already know this.

Free and confidential financial counselling

On the MoneySmart website you can access free and confidential financial counselling. Especially if you are experiencing financial difficulties. Don’t let this be a hindrance to you. If your problem is to do with creditors or debt, there are people who can assist you. Community organisations receive government funds to provide these services. The link for this service is: https://www.moneysmart.gov.au/managing-your-money/managing-debts/financial-counselling/find-a-financial-counsellor.

Recommended reading and links

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