Ridgway Financial Services

Quick summary The official cash rate dropped to 1.25 as: ·          Consumer price inflation hovers around 1.2%; ·          The Australian dollar fell to 69.12c; ·          Unemployment increased to 5.2%; ·          Housing price declines stabilise; and ·          Home lending continues to cool. Unemployment Rise Forces Rate Drop The Coalition winning the Australian federal election not only came as a surprise, but it also meant that Australian’s dodged unwanted negative gearing changes. A move that many financial and property experts have said would have a profound impact on housing investment. Given this unexpected result, consumer confidence has improved. But despite this unemployment rates rose, forcing the Reserve Bank to drop...

When you’re exploring aged care options for a loved one, the process can seem overwhelming. Here’s how to make it a bit easier. Choosing when to place an elderly relative into a retirement home may be one of the toughest decisions you have to make. And while you want your loved one to be as comfortable as possible in their final years, it’s also important to be financially prepared. With so many choices available and so many decisions to make, it helps to break down the process into a series of steps. And remember, when the time comes to begin your own aged care journey, you’ll want to be ready – so the sooner you start planning, the better. Step 1. Finding the right place The first step is to have your loved one’s needs assessed to determine the right level of care – from semi-independent living to round-the-clock nursing. Free assessments are conducted by community- or hospital-based Aged Care Assessment Teams. You should also consider any additional services your relat...

When it comes to choosing whether to hold personal insurance inside or outside super, both options have pros and cons. Which one is right for you? Benefits of each Insurance inside super §   Premium payments can be tax effective (although benefits may be taxable) §   Premiums may be cheaper §   Often require no medical checks to get automatic cover §   Can help you stay covered during periods of low cash flow. Insurance outside super §   Can offer more cover options §   Policies are typically more flexible and customisable §   Can offer higher levels of cover §   Premiums don’t eat away at your final super balance. Types of insurance Many super funds offer three basic forms of personal insurance. These are life, Total and Permanent Disability (TPD) and income protection. Other types of insurance like trauma cover generally can’t be held within super. Outside super, you can mix and match types of cover. Policies c...

Successfully transitioning between in-home care services, retirement villages and full-care accommodation is all about making timely, well-informed decisions. Buying, selling and moving house are among the most stressful times in life. Even more so when you are retired and your health begins to decline, along with your financial assets. The earlier you can start planning and put money aside before you retire, the easier it is in the long run. The difficulty is that no-one knows how long they will live or what their future healthcare and accommodation needs will be. To make the most of your retirement assets, it’s important to understand your aged care options and what each will cost. Making a false move at this stage of life can be costly. Retirement villages Retirement villages are a lifestyle choice for retirees who want to downsize from their family home to a more manageable unit, but continue to live independently. Most villages offer opportunities for social acti...