Demographics and Aged Care | Financial Advisor for Beverly Hills and Sydney
Australia, like most western countries, is beginning to see the retirement of one of the largest demographic cohorts of all time. The Baby Boomers, said to be born between 1945 and 1965, constitute a grand total of 5.5 million Australians. They have driven much of the development of the country since they became adults, and now, they are retiring en masse.
This massive group is raising a number of questions insofar as the state of our aged care system, but aged care goes well beyond that of retirement homes. It extends itself in to financial services, where the requirements of retirees provide new challenges to your financial planner here in Beverly Hills, and throughout Sydney.
In the past, assets like pensions or savings funds tended to serve to fulfil the needs of retirees as they aged. This trend has become less applicable to recent years, and this has created the need for new income streams. Services such as reverse mortgages have become one method by which some people may make use of their assets as an income stream.
Asset protection, rather than asset growth, demands a different form of financial stewardship. The mix and diversification of assets will become different, as the goal becomes more of providing stability through market change, rather than emphasising growth.
Staying on top of our mental state as we age is another thing to consider. Health issues can impact us, and apart from creating issues with our standard of living, can hurt our decision-making abilities. In these cases, finding a financial planner can be absolutely essential to safeguard our wealth.
Here at TLK Partners, our varied knowledge base and devotion to our clients’ well-being has grown our reputation as financial planners throughout Sydney. We are looking forward to providing the same care for you. Contact us today for a no-obligation chat.
This information is of a general nature only and does not take into account your particular objectives, financial situation or needs. Accordingly the information should not be used, relied upon or treated as a substitute for specific financial advice. Whilst all care has been taken in the preparation of this material, no warranty is given in respect of the information provided and accordingly neither TLK Wealth Pty Ltd nor its employees, associated entities or agents shall be liable on any ground whatsoever with respect to decisions or actions taken as a result of you acting upon such information. TLK Wealth Pty Ltd is authorised representative #1007998 of MyPlanner Professional Services Pty Ltd AFSL #425542.