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Superannuation and aged care – meet our aged care specialists

18 Sep 2023 5 min read

Making decisions around aged care can be complex. There can be much to consider, including how accommodation will be paid for, what government subsidies are available and how these choices will impact other assets. Speaking with a financial planner who is specialised in the area can help ensure that the person entering aged care is well set up financially in the best way possible.

In 2022, approximately 407,000 people were using residential aged care, home care or transition care in Australia.[1] The aged care industry is a growth sector. A recent Productivity Commission report into Caring for Older Australians found that over 3.5 million Australians will be using aged care services by 2050.[2]

How to choose the right financial planner

A good financial planner will be able to discuss your best financial options, no matter what your life stage and needs. Aged care financial advice is very specific, and it’s best to connect with a planner who is specialised in the area.

At NGS, we have planners on our team who are accredited in aged care financial planning. If you or a family member need help with aged care advice, ask your planner if they have expertise in this area and how they will be able to help you achieve your goals.

Financial decisions in aged care

Often, the person entering aged care is not the person making the financial decisions. It is often a relative or partner. It’s important that your financial planner is experienced in working with family members and/or partners of the person entering aged care.

Why is making financial decisions in aged care complex?

A move into aged care brings a range of decisions, including which facility, the location, the level of care required and what will happen to existing assets such as a family home.

Common questions for those looking into aged care include:

  • Is the person considering home care or moving into a facility?
  • What are the payment options for accommodation?
  • Does the person qualify for any subsidies, such as being a low-means resident?
  • Is the person on the age pension, and how will this impact payments and cashflow to fund costs?
  • Will other family members be contributing to the costs of the aged care?
  • What other assets does the person have?

A financial planner will assist in making informed decisions and simplify the process.

Meet our financial planners specialised in aged care:

Toby Perkins – Financial Planner

Toby Perkins is a Certified Financial Planner® with over a decade of experience in the industry based in Adelaide. Toby enjoys getting to know members and their own unique circumstances in the process of helping them achieve their lifestyle goals and objectives. Accredited in aged care financial advice, Toby works with clients both in person (in Adelaide) and via video call.

‘My focus is to ensure that the client understands their options to best maximise their financial position. There are always technical components when it comes to finances, and sometimes it’s not always easy to understand. I see my role as someone who can simplify the process and discuss the options with the individuals so they have all the information they need to make the best decisions.’

Toby holds a Bachelor of Commerce (Corporate Finance), a Graduate Diploma in Global Wealth Management and an Advanced Diploma in Financial Planning. Toby is based in Adelaide and specialises in superannuation, retirement planning and wealth accumulation.

 

Jeff Watkins – Financial Planner

Jeff is a Certified Financial Planner® with over 15 years of industry experience and a Master of Applied Finance.

Jeff joined NGS in February 2018. Based in the Sydney office, Jeff specialises in pre-retirement planning, retirement strategies and wealth protection. He enjoys getting to know our members and guiding them to reach their financial goals in order to help them enjoy a worry-free retirement.

‘Retirement shouldn’t be stressful. My aim is to take the hard work out of financial planning and help my clients to organise their finances in a way that best suits their lifestyles and needs. Everyone should experience a worry-free retirement.’

Emerson Scott - Financial Planner

Emerson is a financial planner with over twenty years of experience in the industry. As a retirement planning specialist adviser who understands aged care, he is passionate about helping people learn about their finances and put them in a better position for retirement.

He is a Fellow Charted Financial Planner (FChFP), has a Post Graduate Diploma in Financial Planning, and has met the FASEA ongoing education requirements.

"I believe the key to a successful retirement is education. My approach when working with clients is to share relevant information in a way that is easy to understand. I want to arm individuals with knowledge and empower them to make good financial decisions".

Start your journey with NGS Super

If you feel ready to review your finances, why not connect with one of our NGS Super Specialists?

Whether at the start of your career journey, approaching retirement or anywhere in between, our Super Specialists are here to help. It’s free, and they can answer your questions about superannuation, investments, insurance or transition to retirement. They can also help you decide the next steps — including if meeting with an NGS financial planner is right for you.

Our financial planners can create strategies that aim to maximise your financial position and meet your objectives for the future. Financial advice can also involve protecting your lifestyle and assets through personal insurance and looking at what happens to your super when you die and the impact on your loved ones receiving your super. Seeking advice is a way to plan for your future, mitigate risks and make the most of your saving opportunities. Education is integral to the planning process — it’s important that you feel confident and informed at all times.

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