If you are only as old as you feel, then staying active and healthy in retirement can help you stay younger longer. However it’s also best to be prepared for the future.
If you’ve just retired, hopefully you’re too busy having a great time to consider any tips on staying active.
However, some people find the adjustment hard to make. Particularly if work had played a major part in their life and defined much of their personality.
If you’re wondering what to do with your new found time, these tips may help:
In short, make sure you do something for yourself everyday.
|Aged and health care|
For many people there may come a time when their health care becomes an issue. There’s assistance available, including a number of benefits for which you may qualify.
Your GP will also be able to let you know about free and discounted medical services that may be available to you, which could include:
Private health insurance - If you have private health insurance make sure it’s competitive and you only take the cover you need. You can compare funds at www.privatehealth.gov.au.
If things get too hard
If you, or a loved one, begin to have difficulty with everyday issues around the home (it could be cleaning, preparing meals, bathing) then there are levels of subsidised aged care, which may be available.
Depending on your circumstances this could lead to the following subsidised assistance:
For an assessment speak with your GP or contact Aged Care Australia on 1800 500 853.
According to the government nearly half of all Australians die without a Will. As you are considering the future, now is a good time to sit down and work through a number of areas to ensure you’re prepared.
Estate planning - if you die without a Will, you’re said to have died intestate, and your estate will be distributed according to the laws, that vary from State to State. So if you don’t have a Will you should consider seeking professional advice to prepare one.
If you don’t have a Will - You can buy Will kits of varying quality, ask a private trustee or a solicitor to prepare your Will, or you can contact the public trustee in your state or territory who will do so without charge.
If you do have a Will - ask yourself whether it needs to be updated. Triggers that could lead you to up-date your will include:
Charities – You may decide to make donations or perhaps a bequest though your Will. An alternative is establishing a charitable trust. Money is invested by the trust (in most cases donations are tax deductible) and the investment earnings are distributed to the charitable organisations the trust supports.
Powers of Attorney - this can be a very useful tool to help organise your affairs. Put simply, a Power of Attorney is a legal document by which you appoint another person to make decisions on your behalf. There are various types of Powers of Attorney and you should seek advice from a qualified professional to establish what’s right for you but the following is a guide:
Many people decide to pay for their own funeral costs in advance. This way you can make a certain decision about how the service may run and also relieve your loved ones of the financial burden at a time when they’ll be grieving.
ANZ can assist in this area with ANZ 50+ Life Cover1
|How we can help|
Money isn’t everything but maximising your retirement income may help you stay healthy and active longer. We can also help you plan for the future.
1ANZ 50+ Life Cover is issued by OnePath Life Limited (OnePath Life) (ABN 33 009 657, 176 AFSL 238341). OnePath Life is a wholly owned subsidiary of Australia and New Zealand Banking Group Limited (ANZ) (ABN 11 005 357 522, AFSL 234527) an authorised deposit taking institution (Bank) under the Banking Act 1959 (Cth). OnePath Life is the issuer of the product but it is not a Bank. Except as set out in the issuer’s contract terms (including the PDS), this product is not a deposit or other liability of ANZ or its related group companies. None of them stands behind or guarantees the issuer. The information provided is of a general nature and does not take into account your personal needs and financial circumstances. You should consider the appropriateness of the information, having regard to your objectives, financial situation and needs. You should read the ANZ 50+ Life Cover Product Disclosure Statement (PDS) (PDF 228kB) and consider whether this product is right for you. ANZ will not receive a commission for this product. All ANZ Group staff members receive a salary, and will receive monetary benefits based on the number of ANZ 50+ Life Cover sales achieved.
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