Is retirement on the cards for 2023?

For exiting business owners or farmers to step back or out of working life, they need financial security.

Considering a move into aged care can be a key part of the succession planning process.

“Using statistics around ageing and life expectancy, we can look at current living costs, what those exiting wish to do with their newfound time and the impact on discretionary spending, along with the natural progression of one’s health and associated support costs,” says Carrick Aland Director and Financial Planner Greg Burton.

“It’s not only about considering the weekly groceries and electricity, or even planning holidays but, rather, the cost of providing living arrangements away from the farm or business and the likelihood of some form of supported living or aged care.”

Achieving financial security ensures that the retiring generation has the means to meet their needs for the rest of their lives.

“A sobering fact is that for full fare paying individuals, we’re finding that Refundable Accommodation Deposits or RADs required by local aged care facilities can be in the order of half a million dollars,”

“Although refundable, people exiting a farm or business still need to be secure knowing they have this capital available if needed.”

“Planning in this way quantifies a target amount for a capital sum or an ongoing income stream that we can then look toward providing,” Greg added.

By proactively planning for the handover of your business and assets, contemplating the future needs of family members, borrowings and appropriate entities, prepare for the unexpected and have certainty for the next generation wanting to take up the family business. Read more at carrickaland.com.au/aged-care-planning or call Greg on 1300 466 998.

Carrick Aland Wealth Planning is Millennium3 Practice of the Year 2022. Carrick Aland is Business Advisory Firm of the Year and previously Boutique Firm of the Year (2021), Multiservice Firm of the Year (2020) and SMSF Firm of the Year (2019). Greg Burton is an accredited FPA Aged Care Specialist.