When you think of financial planning, things like investment growth and retirement spending might come to mind. But, you should also be thinking about plans for elderly care. As you age, it becomes more important for you to plan for your elder years. That's especially true if you want to make sure your needs are met once you're no longer able to work. That's where financial planning comes into the picture.
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As your family members grow older, their health may be something you have to face. Declines in health can cause lifestyle changes and choices you may be unfamiliar with. Aged care is one group of choices that your loved one's doctor may suggest. There are several types of care available. Here are those types and what you need to consider about each one.
In-Home Health Care
In-home health care options are available to family members who would like to age at home.
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One of the problems that seniors experience as they approach their retirement is that it becomes incredibly difficult to decide where they will spend their retirement years. In most cases, they are bombarded by different retirement living options, including retirement villages, independent living homes, ageing in place, nursing homes, land lease communities and assisted living facilities. This extract details the considerations one should make when choosing a retirement living option. Ultimately, it will make it easy for seniors to decide on a suitable living arrangement once they retire.
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There can come a point when the power balance between parent and child can shift, with an adult child starting to think about what's in their elderly parent's best interests. When a loved one reaches a certain age, you might begin to believe that moving into an aged care facility will clearly be in their best interests. However, your reasoning can be met with some considerable resistance from your loved one.
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Most retirement villages and communities sell their homes to residents; however, some also rent out properties. If you're considering moving to a retirement village that offers rentals, then this can be a good option.
What are the benefits of renting a retirement village home rather than buying one?
1. Renting Is More Affordable
If you don't have a lot of savings, then you may not be able to afford to buy a retirement village home outright.
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