Tuesday, September 20, 2011

Planning Early for Retirement

By Nia Lawrence


Some people are worried to get old. The first obvious reason is the changes that it entails in a person's appearance. Some people even undergo medical treatments to be able to cover the signs of aging. Nevertheless, no matter how we stop these aging signs, getting old is unavoidable - it's a fact of life. Planning early for aged care investment is essential in securing your future. You cannot work forever; someday you will retire. Have you thought about retirement already? What are your plans after retirement? How will you ensure that your savings are enough to sustain your needs and your family's in the future? Financial security is the most important reason why it is necessary to plan for retirement early on.

As we get older, some of us cannot perform our daily tasks anymore. What used to be ordinary and simple things that we used to do in the past are now difficult to perform. This is worrying for some people. Since they are already using their retirement pensions, some are worried that these would not be enough for them if they hire or avail themselves of aged care help. This is why many are seeking aged care services from the government. For anyone who wants to avail himself of these services, he must undergo an assessment first under an Aged Care Assessment Team or ACAT.

Why is an assessment important? For people who deem themselves as needing special care, they cannot immediately enter any aged care institution. What is the reason behind this? The level of care that they need must be assessed first. This is required for anyone who wants to gain full access of services from a government-subsidized aged care home.

An ACAT assesses your capabilities and how well you are coping with your day-to-day situation. They will examine if you are still capable to live on your own or if you are better off in an aged care institution. If you are worried about your welfare as well as your rights during the assessment period, don't worry too much because the ACAT will ensure that you are in good hands and that every decision to be made is for your approval first. They can also arrange your stay in an aged care facility that will meet your standards and your family's as well.

It would be expensive for one to be old. There are a lot of things to be taken care of - aged care help, medical and personal needs, and so on. If you are worried how you will cope after retirement, it would be better if you ask advice from a financial adviser early on to help you on this matter. They will help you plan your aged care investment to start securing your future retired life. Speak to a financial adviser today to start investing for your future.




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