Tuesday, 5 June 2018

Family Home or Retirement Village

A big decision for Australian retirees. Federal governments are increasingly encouraging retirees to stay longer in their place of residence which may not necessarily be the original family home.

Contradictory encouragement comes with incentives for older retirees to sell the family home and downsize into a unit, flat or into some form of retirement community living.

In the example below the table examines the potential financial impact on a retiree between retaining the family home or moving into a retirement village.

It must be noted that such a move can be a complex decision and requires sound, independent, professional advice whenever possible, it can be more than just a dollars and cents decision.


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Function of Government

The role of government is to create an environment for commerce to function whilst at the same time protecting retirees and particularly vulnerable retirees from both financial and emotional harm emanating from that function.

The Victorian Retirement Villages Act 1986 provides the environment for commerce to function but fails to fully protect retirees from financial and emotional harm as a result of it.

The Victorian legislative definition of a retirement village in demanding the payment of an 'in-going' amount without the transfer of property ownership is a major contributor to that financial and emotional harm suffered by retirees.


retvill.net

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