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

Sunday 13 October 2024

The Retirement Village Trap

Exit fees and other hidden costs mean many retirement village residents can’t afford to leave. 

"In the view of one long-time advocate of retirement village residents' rights in Victoria, Charles Adams, these financial arrangements have long benefited village operators at the expense of residents. 
In 2002, Adams and his wife paid $400,000 to live in a unit in a village run by one of Australia's biggest operators. It wasn't a bad lifestyle choice, but in the ensuing years Adams has come to realise thathttps://www.choice.com.au/health-and-body/healthy-ageing/ageing-and-retirement/articles/retirement-village-exit-fees the deal was always lopsided in the village operator's favour."

Read the full story here - Choice Australia
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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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