Which mistakes to avoid while moving to Aged Care?

Which mistakes to avoid while moving to Aged Care?

Are you moving to Aged Care Doncaster? Make sure you don’t make the major mistakes that most people make at this stage.

Explore these mistakes right below:

Selling your personal home without checking the impact on pension

This is the most common mistake that many families make. It’s not a smart move to sell your home without understanding how it will impact your pension.

However, this is the most common way that many seniors find it feasible to pay for their aged care service. You might want to pay the bond amount of the aged care service with the amount you get by selling your home. In reality, you could lose some or all pension if any amount is still available in your bank account after paying for the bond. You can’t undo this mistake. So before you even plan to sell your house, gather all the necessary information about how much pension you will get and how you can avoid deduction from the pension.

Aged Care Glen Waverley

Have no power of attorney

It’s crucial to have a power of attorney as mishappening can happen anytime. Despite so importance, many homeowners leave the POA to the last and regret it later. You must create a sustainable attorney for parents or relatives before they choose Aged Care Bayswater. In old age, people often lose their mental capacity with diseases such as Alzheimer’s or dementia. Hence, they cannot think or behave the way they used to and have no awareness about their wealth and how to secure it for them. Without a POA or applying for one when a person has such a mental condition, it will not be issued. Hence, one cannot be able to support their loved ones financially in aged care.

So if your parents are getting old, suggest them to make a power of attorney so that you can take care of them when they will move to aged care.

No real estate plans

Many people don’t have a will and real estate planning. This is crucial to save your future and make your golden years more pleasant. Some people don’t make a will because of some family crisis. If you know someone or even your parents who are planning on moving to aged care, talk to them about their will freely.

Zero financial guidance

Many people don’t have proper financial guidance for aged care. You must seek advice for the following:

  • pension income
  • shares & investments
  • annuities
  • family homes
  • significant cash holdings
  • secondary properties
  • trusts
  • superannuation income

If you haven’t taken any professional advice for the above, it’s time to start seeking one because you and your spouse’s future would be built on these advices.

Getting everything done before stepping into the golden years of your life is a way of living a stress-free life.

You can find various reliable Aged Care Glen Waverley who might help you with all your financial issues and guide you towards saving your pension.

Find such reliable aged care and ask them if they could guide you properly.

Do it right now!