"Living in a retirement village has the capacity to be a great lifestyle decision, sadly it also has the capacity to be your very worst financial decision." - RETVILLDOTNET.
An example for a village with the Deferred Management Fee calculated on the ingoing $$$.

"My father must have been one of the few people who lost money when he sold his home in a booming Melbourne property market. This huge loss on his home, in a popular suburb not far from the CBD, was despite it selling for more than he paid for it. The problem? He bought into a retirement village." - Diana Thorp. Sunday Herald Sun. 22/08/21
An example for a village with the Deferred Management Fee calculated on the outgoing $$$.

Monday 11 May 2020

Retirement Villages Have Had Their Day

Retirement villages — walled, gated and separate seniors' enclaves — have had their day according to this article at ABC News - https://www.abc.net.au/news/2020-05-11/retire-the-retirement-village/12229702

"The word "retirement" is redundant and engagement between people of all ages is high. That's how participants in the Longevity By Design Challenge envisage life in Australia in 2050.

Their challenge was to identify ways to prepare and adapt Australian cities to capitalise on older Australians living longer, healthier and more productive lives. Their vision, outlined in this article, offers a positive contrast to much of the commentary on "ageing Australia"."

Read the full article at this link - Retirement villages have had their day

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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