E13 Retirement Living - Part 2 - Is a Retirement Village right for me?

09/01/23 • 11 min

When it comes to Retirement living many people like the idea of downsizing from the family home and moving into a Retirement Village

In this episode we talk about some of the key factors to consider when assessing a Retirement Village as a retirement option

A few key points from this episode:

It is essential to fully understand all the fees and charges involved. There are entry fees and exit fees as well as monthly charges.

Buying into a Retirement Village is not the same as regular property investment. You don't ever own the property, you buy the right to live in that property - and that includes using the facilities, you're buying into the community and the access to the activities. People value the safety aspects of being in a Retirement Village.

Retirement Village contracts are not like any other property contract - so you need specialised legal advise AND from a professional who is familiar with that specific state in Australia

Assess the financial viability of the Village operator as a whole and any future development plans they may have. Ask for copies of their Annual Report

A few questions we suggest it is important to consider:

What happens if you are in a Retirement Village as a couple and one partner needs to move to Aged Care due to health conditions?

How do you pay for this next stage of living?

If you are in Retirement Village as a single person and then need to move to Aged Care, how do you pay for that while you wait for the Retirement Village operator to sell your existing property?

This is a information dense episode and we have kept it deliberately short and covering the basic information to get you started thinking about Is Retirement Village the right option for you?

As always we encourage you to please email any questions or comments to [email protected]

If you are enjoying the show please share with another woman who might find it helpful and leave us a review wherever you listen to your podcasts

Financial Disclaimer:

We need to make it super clear though that we will NOT be providing personal financial advice to listeners, but just providing general advice on these topics based on our knowledge and experience.

When it comes to Retirement living many people like the idea of downsizing from the family home and moving into a Retirement Village

In this episode we talk about some of the key factors to consider when assessing a Retirement Village as a retirement option

A few key points from this episode:

It is essential to fully understand all the fees and charges involved. There are entry fees and exit fees as well as monthly charges.

Retirement Village contracts are not like any other property contract - so you need specialised legal advise AND from a professional who is familiar with that specific state in Australia

Assess the financial viability of the Village operator as a whole and any future development plans they may have. Ask for copies of their Annual Report

A few questions we suggest it is important to consider:

What happens if you are in a Retirement Village as a couple and one partner needs to move to Aged Care due to health conditions?

How do you pay for this next stage of living?

If you are in Retirement Village as a single person and then need to move to Aged Care, how do you pay for that while you wait for the Retirement Village operator to sell your existing property?

This is a information dense episode and we have kept it deliberately short and covering the basic information to get you started thinking about Is Retirement Village the right option for you?

As always we encourage you to please email any questions or comments to [email protected]

If you are enjoying the show please share with another woman who might find it helpful and leave us a review wherever you listen to your podcasts

Financial Disclaimer:

We need to make it super clear though that we will NOT be providing personal financial advice to listeners, but just providing general advice on these topics based on our knowledge and experience.

Previous Episode

E12 Retirement Living – Part 1 - Accessing Care at Home

This is the first of a series: Retirement Living

This episode is: Accessing Care at Home

This episode is recorded and contains accurate information as at August 2023

"I want to stay in my own home as long as possible"

We know this to be true for so many people. Yep! Including us!!

In this episode we look at ways you CAN stay in your own home for a long as possible

What are the steps to take to ensure this is possible and where and how to access support and assistance with the daily tasks in your home

Many people start out with a lower level of support, say community-based services such as meals on wheels which is often sufficient initially. This is accessed through Commonwealth Home Support Programme.

A greater level of support at home is available through access to a Home Care Package.

You can find out about these services on the government's age care portal ‘My Aged Care at www.myagedcare.gov.au or by calling 1800 200 422.

The key takeouts from this episode are:

· Start thinking about where you want to live earlier rather than later

· Make sure your home is suitable and safe as you age with low maintenance and access to services and social activities

· Don’t wait to get an ACAT assessment, get a package in place and start to build up a relationship with a good home care provider (make sure they are an Approved Aged Care Provider so you can slowly increase services as you age

· Get respite care added to your assessment for possible future use

· The cost of these services is very reasonable and you can top up your package with privately paid care if needed

As always we encourage you to please email any questions or comments to [email protected]

If you are enjoying the show please share with another woman who might find it helpful and leave us a review wherever you listen to your podcasts

Financial Disclaimer:

We need to make it super clear though that we will NOT be providing personal financial advice to listeners, but just providing general advice on these topics based on our knowledge and experience.

Next Episode

E14 Estate Planning - Part 1: Things to know about Wills

Estate Planning is more than just having a will

We answer some of the following questions about Estate Planning

Why is Estate Planning important ?? and there are many reasons why Estate Planning is important

Almost 70% of women in Australia do not have their Estate Planning in place

What is a Will?

What needs to be included in your Will?

What motivates people to make their Will?

Did you know that 14% of people say "There is nothing that would encourage me to make a Will!"

We talk through what happens if you do not have a Will in place - the impact it has for the family to manage and deal with the assets of the deceased.

The courts will make the decisions about the assets and this can be time consuming - which can be avoided by having a legally documented Will

An important consideration - and probably one that most people don't want to have to think about - is what happens to your children if you die while they are still under legal age

This also applies to any vulnerable dependants that you may have

We love reviews and would appreciate if you were to leave a review and share this episode with friends and family

If you have any questions or suggestions please email us at:

[email protected]

Financial Disclaimer

We need to make it clear that we do NOT provide specific financial advice on this show, it is just general advice and discussion. If you want advice specific to your situation you need to go and see a financial adviser or financial professional.