Why should you think about retirement and aged care if you’re still fit and healthy going through various stages of your life? Well, retiring in style won’t work without a plan, which should be contemplated early on rather than later in life.
One of the important factors to consider in retirement planning is the decision to place our seniors in aged care. It is often rushed and the lack of thought behind it can result in the detriment of the person being placed in a residential facility.
Stages of retirement
Having a strategy in place is vital in different stages of retirement, such as carefree stage, quiet stage, and frailty stage. Each of these stages has different income requirements and considerations. Being prepared gives you and your family the opportunity to be educated and gain support to deal with retirement and make confident and informed aged care decisions.
In the carefree stage, or the beginning of retirement, many seniors focus on spending time with family and friends, travelling, and just enjoying life. Usually, this is the stage when retiring in style can happen, in which you are healthy with a good overall wellbeing and adequate retirement income stream.
The quiet stage is when your health may start to decline. With limited ability, your activity and spending may also decline. Most likely you’ll have fewer living expenses during this stage, although your healthcare bill may start to increase.
Frailty stage is when you might experience moderate to severe disability. This can be 17%-25% of your retirement years, where assistance is needed with day-to-day activities and more is spent on your aged care needs.
Be Aged-care ready with the ASAG Reverse Mortgage
With increased life expectancy in Australia, particularly in Queensland, many seniors are concerned about having enough retirement funds if aged care is part of their plan. The key to being aged-care ready is to plan ahead of time what you might need and to get your ducks in a row when it comes to funding.
With the ASAG Reverse Mortgage in Queensland, you can access some wealth in your home to provide you with the funds you need for Aged Care accommodation. Unlike other loans, you don’t have to make ongoing payments with our reverse mortgage, which is paid off when you permanently leave your home. If you choose to make early payments, you may do so without penalty charge.
Reverse mortgages are well regulated with product safeguards including:
- Lifetime Occupancy
- No Negative Equity Guarantee
- No Requirement Regular Repayments
- Equity Protection Option
Our team at ASAG can help you with more details on how the ASAG Reverse Mortgage works. Our lines are open on 1300 002 724 and at firstname.lastname@example.org so you can give us a call or send your enquiries about our equity release facilities.
To get started, you may also use our free tool below to assess the available equity in your home.