Are you, or is someone you know, in need of aged care services but not quite ready to move into residential care? With a range of government programs and technological solutions available, many retirees are now able to get the support they need in the comfort of their own home.
We all like to think our job is secure, but it’s hard to be certain when the employment market is constantly changing. Here’s how to future-proof financial matters so you, or a friend or family member can stay on track if made redundant.
For most Australians, their 60s is the decade that marks retirement. For some this means a graceful slide into a fulfilling life of leisure, enjoying the fruits of a lifetime of hard work. However, for many it means a substantial drop in income and living standards. So how can you make the most of the last few years of work before taking that big step into retirement?
If 50 really is the new 40, then life has just begun. The kids are gaining independence or may have left home, and the mortgage could be a thing of the past. Bliss. But galloping towards you is… retirement!
Typically your forties is a time of established careers, teenage kids and a mortgage that is no longer daunting. There are still plenty of demands on the budget, but by this age there’s a good chance there’s some spare cash that can be put to good use. As you pass the halfway mark of your working life, it’s time to give retirement planning a bit more attention.
If you are in your thirties, chances are life revolves around children and a mortgage. As much as we love our kids, the fact is they cost quite a lot. As for the mortgage, this is the age during which repayments are generally at their highest, relative to income. And on top of that, one parent is often not working, or working only part time. Even if children aren’t a factor, career building is paramount during this decade.
Are you really expected to think about super at a time like this? Well, yes, there are a few things you need to pay attention to.
Superannuation is for the oldies, right? In some ways that’s true, but even in your twenties, there are good reasons to take a bit more interest in your super. The average 25-year-old has around $10,000 in super, but the decisions you make now, even with relatively small sums of money, could earn you hundreds of thousands of extra dollars over your working life.
Do you often avoid talking about money with kids or are you open and upfront about it?
The Money & Life quiz that has been released as part of Financial Planning Week 2018 can help you learn what your style is when it comes to teaching kids about money.
You’ll also get some great tips to help you become a positive influence on your child’s future financial well-being!
If the tax man brings you a present this year, don’t blow it all at once. There are plenty of ways to put this extra cash to good use.
When you’re exploring aged care options for a loved one, the process can seem overwhelming. Here’s how to make it a bit easier.