Saturday, 5 February 2022

Michael West Retiree Capital Destruction

Well respected independent media Michael West Media have published a strong article as to how occupancy in a loan/lease retirement village destroys retiree capital over the period of their occupancy, as opposed to staying in the family home.

Take the link to read the article - https://www.michaelwest.com.au/retirement-villages-the-destruction-of-retiree-capital/

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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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