#retirementvillages can generate financial danger for retirees, although outwardly similar there can be dramatically different financial outcomes for retirees. @adele_ferguson @MichaelWestBiz @amy_bainbridge @albericie @ceovanessa @AlanKohler @markbouris @MichaelPascoe01 pic.twitter.com/MgHBxz7j6f
— Les Scobie (@retvilldotnet) September 3, 2018
Tuesday, 4 September 2018
Varied Outcomes for Retirees From Retirement Villages
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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.
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