Retirement village residents need tailored advice
Retirement village residents could have an estimated $1,410,189 after 10 years if tailored advice solutions are used, according to Aged Care Specialists.
Aged Care Specialists said there was not a one size fits all model for retirement village residents as there were poorer, average, and wealthy clients, one who had excellent incomes, and those who were in the asset rich income poor sector.
The firm has created investment solutions for retirement village residents to provide the best possible results for these clients with their income, tax, wealth creation, risk management, estate planning, Centrelink, and fee optimisation situations.
Aged Care Specialists director, Greg Roberts said: “And our extensive modelling, which takes long term retirement and residential care fees into account, still show a solid return for retirement village residents, especially those using upfront management fees, and other enhanced modelling strategies”.
Their modelling found that, assuming a five per cent annual property growth less maintenance costs, a retired client who owned their home had an estimated wealth after 10 years of $1,499,857. For one that sold their home and bought a low-cost unit had an estimated $991,026.
For retirement village residents, depending on the options they could have an estimated wealth of either $866,833, $1,212,211, or $1,410,189.
Mentor Education and Aged Care Specialists have launched an aged care training solution to accountants, lawyers, and financial planners, as compulsory units in the new Bachelor and Masters of Financial Planning degrees at Notre Dame University.
Recommended for you
Results are out for the latest sitting of the ASIC financial advice exam, with the pass rate falling for the second consecutive sitting.
Adviser losses for the end of June have come in 143 per cent higher than the same period last year, and bring the total June loss to over 350.
ASIC’s enforcement action is having an active start to the new financial year, banning a former Queensland financial adviser for 10 years in relation to fees for no service conduct.
ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay.
