Aged care costs are largely government subsidised, but the current levels aren’t sustainable long term. The Productivity Commission’s final report, “Caring for Older Australians” (released on 8 August 2011), recommends an integrated reform package. If implemented, these would impact advice in structuring a care recipient’s finances. We still need to wait to see what reforms the government will implement — and when — but in the meantime, here is a run down. (more…)
Summerhill subscribes to multiple sources independent investment research, and the main theme for one of the subscriptions for this quarter is the long term outlook for residential property.
Given the interest in this topic generally, attached is the executive summary of the subscription which you may find of interest.
If you would like a copy of the full article, let us know and we will email a copy to you on request.
How much income level a person needs in retirement is one of the most important questions to consider when planning for retirement, but it can be difficult to accurately project. Most people don’t have a good idea of what expenses they will incur in retirement until they actually get there, so using a standardised measurement, such as the ASFA Retirement Standard, as a guide can help plan properly. (more…)
If you live a comfortable life now, will you still live a comfortable life in retirement? Or will yours be a ‘modest’ lifestyle? And what is a ‘comfortable’ life anyway? And how much does it cost?
Whether you live a “comfortable” or “modest” lifestyle in retirement depends entirely on how much money you have. (more…)
Australians have a strong donating ethic. Many donations are in times of crisis, but people are increasingly interested in something more structured. There are 2 main ways to establish legacies that are also tax‑effective for the donor.
Donating regularly is not a new concept. Well-known motivational speakers Anthony Robbins and Mark Victor Hansen both write about habitual donations as an essential ingredient in creating wealth.
Whether or not you hold that belief, most people who donate do so because of an affinity with the cause, or wanting to “make a difference”. (more…)
Dr. Lynn Scoles, Medical Practitioner, gave the following presentation to the AIPM in February this year. Dr Scoles presents many important ideas for us all to consider. For further information she can be contacted directly at the following email address: lynn.scoles@optusnet.com.au
In the words of Mark Twain, everyone should take an interest in their future — since they have to live with it for the rest of their life. If someone was to ask you “are you fit for business?”, you may take it they’re interested in your qualifications or management experience. (more…)
Whether it’s 5 years or 15 years away, for you or your parents, planning now for how you and your family will approach aged care will have a lot to do with how legislation affects you, the impact on your finances and the type of care you can afford. There are several strategies you need to consider, and it’s important to understand that after someone has entered aged care, it may be too late to undo any financial decisions they — or someone on their behalf — made before they went in. (more…)
An article in the Financial Planning Association’s magazine, ‘Financial Planning’ in November lists the first graduates of the Life Risk Specialist accreditation program and outlines the benefits of the program. Summerhill’s Caroline Bell was quoted.
Couples contemplating or moving in together or marriage should consider entering into a pre-nuptial agreement, now more properly known as a ‘Binding Financial Agreement’. But how do they work? (more…)
