retvilldotnet: life savings

Showing posts with label life savings. Show all posts

Wednesday, 25 December 2019

Destruction Of Retiree Life Savings

Retirement Village - Pay a 'buy' price to enter. No ownership only occupancy, Only get 60% back on exit - Pay maintenance, Refurbishment, Selling costs, all on property you do not own. Your financial destiny is? #vicpol @MarleneKairouz @consumervic #springst @GayleTierney #auspol pic.twitter.com/nVoBFSiant
— Les Scobie (@retvilldotnet) December 24, 2019

Tuesday, 30 July 2019

Retiree Life Savings Impacted By Housing Choices

Why the life savings of retirees move downwards after entering a loan/lease #retirement village. Retirees now more rather than less likely to require taxpayer assistance for Aged Care funding. @Kevinandersonmp @GladysB @mckay_jodi @NSW_FairTrading #nswpol #agedcare #agedcarerc pic.twitter.com/P0BUdKM81O
— Les Scobie (@retvilldotnet) July 28, 2019

Saturday, 4 May 2019

Dilemma for Cashed Up Retirees

Dilemma for cashed up retirees. Downsize to a Retirement Village, take a Residential Tenancy and invest the capital or stay in the Family home with a home care package. The $$$ financial answer is in the chart below. @sdanck @acccgovau @abc730 @Bowenchris @ScottMorrisonMP #auspol pic.twitter.com/EqxXxifW82
— Les Scobie (@retvilldotnet) May 1, 2019

Decimation of Retiree Capital

A Loan-Lease Retirement Village can decimate retiree capital over a short period. From an ingoing amount of $800,000, not for ownership just a right to occupancy, to $293,948 on departure in just 7 years. @MarleneKairouz @michaelobrienmp #vicpol @sdanck @acccgovau @abc730 pic.twitter.com/YKo2AkOA1c
— Les Scobie (@retvilldotnet) April 29, 2019

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.