When planning your finances for aged care, there are numerous factors to take into account, including pensions, superannuation, and retirement planning.
Therefore, it is advantageous to seek independent financial advice prior to making decisions regarding the payment for your aged care.
Determining where to begin can be perplexing; however, assistance is available. Various organisations, services, and tools are available to provide guidance and support.
Organisations that can assist
Several organisations offer complimentary services that can educate you on topics such as building savings, preparing for retirement, and understanding your pension options.
Services Australia
Services Australia’s Aged Care Specialist Officer (ACSOs) and Financial Information Service (FIS) provide free services designed to help you make well-informed decisions concerning investment and financial matters for both your present and future requirements. ACSOs can also assist you with information related to aged care.
It is important to note that Services Australia’s ACSOs and FIS officers are not financial planners and do not provide or sell advice or investment products.
MoneySmart
The Moneysmart website, managed by the Australian Securities and Investments Commission, offers a wealth of information, tips, and tools designed to assist you in managing your finances. It serves as a comprehensive resource for quick solutions to your financial inquiries. In addition to providing information and hosting seminars, it features financial calculators and resources that can aid you in:
- devising budgets and savings strategies
- determining the amount of superannuation you may accumulate by the time you retire
- comprehending your income sources for retirement.
National Debt Helpline
The National Debt Helpline is a non-profit organization dedicated to assisting individuals in Australia with their debt challenges. Their complimentary financial counselors are available to help you regain control of your financial situation.
Professional services that can help
The MoneySmart website contains numerous valuable resources for managing your finances and can also connect you with professional services, including financial advisors, counselors, and legal assistance.
Financial advisers
Financial advisers assist with retirement planning, wealth management, savings strategies, superannuation, and portfolio management. They also provide guidance on managed funds and various financial products.
It is crucial to select the appropriate financial adviser for your circumstances. The MoneySmart website offers resources on how to find the most suitable financial adviser for your requirements.
Financial counsellors
If you are experiencing financial difficulties, you can seek assistance from a free and confidential financial counsellor. A financial counsellor can support you in:
- negotiating with your creditors if you are in debt
- organizing your finances, and
- developing a budget.
Community organizations receive funding to deliver these services throughout Australia. Locate a financial counsellor in your vicinity by visiting the MoneySmart website.
Free legal counsel
If you are experiencing financial difficulties and facing legal issues, hiring a private solicitor may be beyond your means. Nevertheless, community legal centers and Legal Aid organizations provide complimentary legal counsel. To learn more about free legal advice, please visit the MoneySmart website.
Tools and information
There are many tools available to help you with different aspects of your finances, such as:
- Budgeting and saving
- How to do a budget – Find out why and how to do a budget.
- Budget planner – Find out where your money is going.
- How to build savings – Find out how to build your savings.
- Savings goals calculator –– Find out how long it will take to reach your savings goals.
- Superannuation and retirement planning
- Superannuation calculator – Find out how much super you’ll have when you retire.
- Retirement planner – Find out what income you are likely to have from super and the age pension when you retire.
- Retirement income sources – Find out about the different sources of income in retirement.
- Unclaimed money
- Find lost super – Find out if you have lost superannuation that you can consolidate.
- Find unclaimed money – Find out if you have unclaimed money in lost shares, bank accounts, or life insurance.
- Borrowing and credit
- Reverse mortgage calculator – Discover how your debt may grow over time if you opt for a reverse mortgage.
- Home Equity Access Scheme – The Home Equity Access Scheme is a voluntary reverse equity mortgage provided by Services Australia, designed to offer older individuals a fortnightly income stream to enhance their retirement income. Payments can be made:
- for a brief duration while your income and assets are being reorganized,
- or for an unlimited duration.
- Payment and service eligibility
- Payment and Service Finder – Determine which payments and services you might qualify for.
- International Services – If you receive the age pension and have previously resided outside Australia, you may be eligible to claim a pension from another nation. Services Australia’s International Services can assist you in obtaining Australian social security payments while abroad and help you apply for a foreign pension.
- Bill payment and debt management
- Centrepay – A complimentary and voluntary service that allows you to pay bills and expenses through regular deductions from your Centrelink payments.
- Rent Deduction Scheme – A service available for paying your public housing rent directly from your Centrelink payments.
Identifying and reporting scams
It is crucial to exercise caution regarding scams. Certain scammers may target elderly individuals by impersonating aged care providers, government services, banks, or credit card companies that you trust.
Identify and avoid scams
There are several measures you can take to safeguard yourself against scams:
Be aware of what to look for. Always pause and verify before:
- clicking on links or attachments in emails and text messages
- sharing personal information
- transferring funds.
Access information from reliable sources
If you are uncertain, contact the organization using details you have sourced independently, such as from official websites. Prior to transferring money, ensure that you have verified the correct account information directly, preferably via a phone call.
Verify the information provided by the official source
Most aged care providers, government agencies, and companies will inform you about what they will and will not request from you online or via telephone.
More information:
- Be Connected – Be Connected offers free online education to enhance digital skills, confidence, and safety in the online environment.
- eSafety – eSafety is a governmental organization dedicated to enhancing online safety. The eSafety website features a variety of resources aimed at promoting safe online practices.
- Scamwatch – The National Anti-Scam Centre guides various types of scams and provides assistance in identifying and avoiding them.
Report a scam
If you have recognized a scam, it is advisable to report it on the Scamwatch website. ScamWatch gathers information regarding scams to help alert others and to take measures to prevent them.
Additionally, it is prudent to file a report on the Australian Cyber Security Centre website.
What to do if you have been a victim of a scam
If you suspect that you have been scammed, it is crucial to take immediate action to minimize the damage and safeguard yourself from additional losses.
It is essential to respond swiftly if something seems amiss:
- Dial 000 if you are in immediate peril.
- Reach out to your bank or credit card issuer to halt the transaction.
- Notify your local police, ScamWatch, and the Australian Cyber Security Centre about the scam.
Further information:
- ScamWatch – The ScamWatch website provides a detailed guide on the steps to take if you have fallen victim to a scam.
- Australian Cyber Security Centre – If you have been scammed, you can report it to the Australian Cyber Security Centre. Their hotline is available at 1300 292 371.
- IDCARE – IDCARE offers a complimentary service to assist you in recovering from a scam. They can help you devise a strategy to mitigate the impact on your cybersecurity and identity risk. You can contact them at 1800 595 160 or visit the IDCARE website.
- Australian Financial Complaints Authority – If you are dissatisfied with your bank’s response to your issue, you have the option to file a complaint. You can call 1800 931 678 or access the Australian Financial Complaints Authority website