It can be easy to put off preparing for your twilight years, because it frequently leads to uncomfortable discussions on planning for debilitating illness or passing away. It is for these reasons however, that it is vital to be prepared and well-equipped for these scenarios, as it helps to ensure that you are covered in the case of the unexpected, leaving not only your assets, but also your life choices in the right hands as chosen by you.

When planning for your later years, it’s important to make sure that you have the cashflow necessary to live the way you want, as well as determining what areas you may need to compromise in to ensure the full lifetime of your retirement funds. Through doing this, you will also be able to determine when to retire, based on how much additional super you may need to achieve your goals. The earlier you plan for this, the more time you will have to grow your funds, letting you retire earlier in a better position than you may have otherwise.

As we get older, the more susceptible to become to illnesses, disability and mental health concerns. Because of this, it will be important to ensure you have an effective safety net by nominating a friend or family member that you trust will make the right decisions for you should the worst occur.

Nominating someone to undertake this responsibility is called a Power of Attorney, and it will allow the nominee to take over for you in making Personal and Financial decisions relating to your health and wellbeing, as well as ensuring that you have the funds necessary to live comfortably and receive the care you need. You also have option to nominate individuals as guardians or administrators, should you wish to limit how involved they are in your financial or personal matters respectively.

While we’ve covered off on the writing of your financial will in our article protecting your wealth, you also have the ability to write what is called a “Living will” – a document that determines what you want to happen to you should you fall unable to communicate how you wish to be cared for.

Similar to creating a financial will, it’s generally a good idea to have a professional help you in creating this document, as the finished document may not cover every possibility, or it may introduce uncertainty in certain circumstances which could lead to you not receiving the care you may want.

This document will provide your Power of Attorney with guidance on making their decisions strictly in line with the direction you’d like your care taken, or should you have none, it will serve as primary directions to your family or guardian should you be unable to make these choices in future.

As we grow in years, often it becomes increasingly difficult to effectively care for ourselves day-to-day, which is why it is important to plan for your aged care options.

While the term may bring to mind decrepit retirement homes or clinical aged care facilities, the truth could not be further from that – in fact, aged care planning helps you to avoid these situations and instead allows you to spend your days in a location you truly enjoy, be it in a locale that feels more like a holiday hotel than a retirement home, in a community of like-minded retirees or even allowing you to remain within the comfort of your own home through your later years.