Retirement Village Home Truths

In a slap in the face for retirees, the new Victorian Labor Retirement Villages Act 2024 brings no change to these two home truths when it comes to retirement villages.

In a recent ABC news report the following quotes were published - "The industry, which has minimal regulatory oversight, has been described by retired actuary and academic Tim Kyng as peddling "cunningly designed rip-offs" and by crossbench federal MP Rebekha Sharkie as engaging in a form of "corporatised elder abuse"."

See full article here - 'Corporatised Elder Abuse'.

Retirement Villages and claims of Corporatised Elder Abuse

The Victorian Labor government has again turned its back on retirement village residents, once again failing to establish an industry Ombudsman.

Recently in an ABC report Professor Tym King described the industry as peddling "cunningly designed rip-offs" whilst federal MP Rebekha Sharkie described the industry as engaging in a form of "corporatised elder abuse".

@VictorianLabor government again turns its back on retirement village residents, failing to establish an industry Ombudsman. @samantharatnam @AivGoesGreen @KatCopseyGreens @mansfieldmp #springst @NStaikos pic.twitter.com/dAbtujQQKK

— Les Scobie (@retvilldotnet) December 29, 2024

12 Months Refund Wait for Vic Retirement Village Residents

New Victorian Retirement Villages Act 2024 written for the benefit of the operators not the residents. Residents now have to wait 12 months after leaving the village to get money back they lent to the operator when they moved in.

Retirement Village Residents Ignored

Labor Sate Government seduced by glossy presentations from the retirement village industry as opposed to the actual 'lived experience' of the village residents. Retirement Village residents know what is wrong because they suffer the impacts each day.

Retirement Villages Equal Destruction of Retiree Capital

"New research from a retirement village analyst shows the dominant financial model for retirement villages, the loan/lease model, is causing a significant transfer of capital from retirees to retirement village operators." Click here for the full article - Destruction of Retiree Capital

"New research from a retirement village analyst shows the dominant financial model for retirement villages, the loan/lease model, is causing a significant transfer of capital from retirees to retirement village operators" https://t.co/4zW6TvuCXF @BradBattinMP @NStaikos #springst

— Les Scobie (@retvilldotnet) December 27, 2024

 

Getting stuck in the retirement village trap

Exit fees and other hidden costs mean many residents can’t really afford to leave." - Choice

Click here for the full article - Getting stuck in the retirement village trap

"Getting stuck in the retirement village trap -
Exit fees and other hidden costs mean many residents can’t really afford to leave." - Choice https://t.co/r6DlSguHWC 

— Les Scobie (@retvilldotnet) December 27, 2024

Vic Retirement Villages Act Anti Retiree

The new Victorian Retirement Villages Act 2024 is a real stinker for village residents. Pro operator. Anti retiree.

The new Victorian Retirement Villages Act 2024 is a real stinker for village residents. Pro operator. Anti retiree. @jbourmanmp @ademsomyurek @_davidlimbrick @georgievpurcell @rachelpaynemp @dettershankMP @BradBattinMP @NStaikos #springst pic.twitter.com/21A0vLD9wY

— Les Scobie (@retvilldotnet) December 27, 2024

Pain Comes with Downsizing to Retirement Village

The Victorian Labor Government is still writing laws that punish the retiree if they do make the decision to downsize into a retirement village. This is on top of the financial punishment they receive from that decision.

Vic Labor Govt still writing laws that punish the retiree when they do make the decision to downsize into a retirement village. This on top of the financial punishment they receive as can be seen below. #springt @VictorianLabor pic.twitter.com/T4l1FIvxtX

— Les Scobie (@retvilldotnet) December 26, 2024

Retirement Villages Equal Capital Destruction

The new Victorian Retirement Villages Act 2024 does nothing to change the imbalance between the financial outcome from entering a retirement village as opposed to staying in the family home.

The new Victorian Retirement Villages Act 2024 does nothing to change the imbalance between the financial outcome from entering a retirement village as opposed to staying in the family home. #springst pic.twitter.com/rJV2pV8e54

— Les Scobie (@retvilldotnet) December 25, 2024

Systemic Overcharging in Victorian Retirement Villages

The new Vic Retirement Villages Act does nothing to stop systemic overcharging. Operators ignore s38aa, flout s38.2, ignore s38.4 and levy higher fees without statutory authority. Government aware of it but chooses to do nothing about it.

The new Vic Retirement Villages Act does nothing to stop systemic overcharging. Operators ignore s38aa, flout s38.2, ignore s38.4 and levy higher fees without statutory authority. Government aware of it but chooses to do nothing about it. @JacintaAllanMP @consumervic #springst pic.twitter.com/ovRX28tqFJ

— Les Scobie (@retvilldotnet) December 23, 2024

Devil in the Detail for RV Residents

Victorian retirement village operators are full of Christmas cheer after Santa (Labor) delivered the goods to them in the proposed Retirement Villages Act 2024 version. The devil is in the detail for residents.

Victorian retirement village operators are full of Christmas cheer after Santa (Labor) delivered the goods to them in the proposed Retirement Villages Act 2024 version. The devil is in the detail for residents. @samantharatnam @AivGoesGreen @KatCopseyGreens @mansfieldmp pic.twitter.com/sReZ0uM7hn

— Les Scobie (@retvilldotnet) December 22, 2024

Worst Outcome For Retirees

Fed government wants retirees to downsize from family home (green), to retirement village 1 (orange). Vic government mandates if to a retirement village it's to be village 2 (pink). Go figure! @NStaikos @WendyLovellmp @georgievpurcell @JaclynSymes @HAAGHomeAtLast @jacintaallanmp pic.twitter.com/8ETFzt7Ukg

— Les Scobie (@retvilldotnet) December 21, 2024

New Retirement villages Act bad for Residents

Vic village operators full of Christmas cheer after Santa delivered the goods to them in the new Retirement Villages Act. Residents lament 7 years of effort and hope lost. @georgiecrozier @daviddavismlc @BevMcArthurMP @MoiraDeemingMP @melinabathmp @WendyLovellmp @adele_ferguson

— Les Scobie (@retvilldotnet) December 20, 2024

Vic Retirement Villages Act a Shocker for Residents

The new Victorian Retirement Villages Act 2024 is a shocker for residents. The newly appointed Minister for Consumer Affairs @NStaikos will cop the blame for all the bungling since 2017. @jbourmanmp @ademsomyurek @_davidlimbrick @georgievpurcell @rachelpaynemp @dettershankmp pic.twitter.com/1YtvPzi5Yr

— Les Scobie (@retvilldotnet) December 19, 2024

What are Retirement Villages

What are retirement villages? - Residential accommodation, more expensive than a residential tenancy, destroys a retiree's capital base after a life of hard work. Home ownership is still the better path.

What is a retirement village? - Residential accommodation, more expensive than a residential tenancy, destroys a retiree's capital base after a life of hard work. Home ownership is still the better path. @georgiecrozier @daviddavismlc @BevMcArthurMP @MoiraDeemingMP @melinabathmp pic.twitter.com/2ShzOF3S1U

— Les Scobie (@retvilldotnet) December 18, 2024

Vic Retirement Villages Act written for operators not residents

New Vic Retirement Villages Act does nothing to stop systemic overcharging. Operators ignore s38aa, misuse s38.2, levy higher fees without s38.4 authority. Government aware of it but choose to do nothing. @samantharatnam @AivGoesGreen @KatCopseyGreens @mansfieldmp @abc730 pic.twitter.com/MVJN9hYopp

— Les Scobie (@retvilldotnet) December 17, 2024

Retiree Capital Destroyed by Retirement Villages

The @jacintaallanmp Labor government fails to recognise destructive nature of retirement villages, sending retirees on a journey that destroys their capital base. @WendyLovellmp @georgievpurcell @JaclynSymes @HAAGHomeAtLast @Chris_Gillett_ @adele_ferguson @ABCGoulburnMurray pic.twitter.com/oEJvIphmZp

— Les Scobie (@retvilldotnet) December 16, 2024

Vic Government Ignores Retirement Village Problem

Vic @jacintaallanmp government refuses to repeal/amend Section 38.5 in the new proposed RV act, this despite being aware of the problem. Another 'free kick' to retirement village operators. THE FOX IS IN THE HENHOUSE. @WendyLovellmp @georgievpurcell @JaclynSymes @HAAGHomeAtLast pic.twitter.com/OSs6RZauGf

— Les Scobie (@retvilldotnet) December 15, 2024

Vic Labor government fails to understand cash flow management

Vic Labor government fails to understand cash flow management by allowing retirement village operators to wait 12 months before paying retirees their refundable $$. The operator has had it since day 1. @WendyLovellmp @georgievpurcell @JaclynSymes @HAAGHomeAtLast @jacintaallanmp pic.twitter.com/lLcfB6n086

— Les Scobie (@retvilldotnet) December 12, 2024

New Vic Retirement Villages Act does nothing to stop systemic overcharging. Operators ignore s38aa, misuse s38.2, levy higher fees without the authority. Government aware of it but chose to do nothing. @WendyLovellmp @georgievpurcell @JaclynSymes @HAAGHomeAtLast @consumervic pic.twitter.com/KvnROl3vpi

— Les Scobie (@retvilldotnet) December 11, 2024