In 2020 we have all had a taste of what it is like to lose some independence and be confined at home. Not able to get out. And not easy to see the doctor or do the groceries without some planning ahead.
But what if the reason was not an international pandemic and was not affecting everyone in your street, just you? What if it was due to your own frailty?
With the potential for frailty (on average) to span 20% of our retirement years, we need a plan. We need to think ahead. Decide what is important. Identify the trigger points. Socialise the plan with our family.
While this may sound grim, it is not all bad. Having a plan can set you up to have choices and more control so you can maintain as much independence as possible. If frailty creeps up and you have not planned ahead, you might find yourself herded down a path based on the bias and the goals (no matter how well-intentioned) of the person who first says “I can help”.
A plan gives you time to consider your preferred choices and be prepared. This may allow you to:
- Ensure your home is modified and ready to continue living there.
- Have your support teams in place.
- Take away some of the stress and uncertainty from your family.
- And most importantly, have the finances ready to pay for the support you need to ensure not only quality of care, but also quality of lifestyle.
But not everything always goes our way or how we planned. This is why planning is important. You can add contingency measures and decision pathways into your plan.
So how do you get started?
Don’t do it alone. It is too hard to be objective. Ask your financial planner for help. This is what they are good at … planning. But make sure the planner knows their limitations and if aged care and frailty planning is not a key strength, ask them to bring someone else into the team who is.
In our business we believe in helping clients throughout retirement and continually review and modify plans so that the changes needed at life’s transition points can be implemented smoothly and effectively. We can also help with your family discussions. We have advisers who are Accredited Aged Care Professionals TM who are ready to help.
Talk to me today
We can take away a lot of the stress and complexity of the aged care process.