White paper: Planning for three phases of retirement
Longer lives are changing the nature of retirement advice. While traditional planning focused on longevity, investment risk and income sustainability, advisers should also be planning for the frailty years - when health, independence and care needs can change significantly.
For decades, retirement planning has focused on the risk of outliving savings. Increasingly however, clients face another risk that receives far less attention - frailty risk. This includes the financial, personal and family consequences that arise when declining health and increasing care needs are not adequately planned for. This is not simply an issue of growing old. It is a consequence of losing independence, becoming a burden on family, navigating a complex aged care system and facing declining health.
Aged Care Steps has published an updated White Paper discussing how retirement advice should evolve to integrate aged care and frailty planning as a core component of retirement strategy, by addressing ‘The Burden Conversation TM.