Before You Commit: Five Key Considerations for Your Retirement Village Choice
Before signing on the dotted line for your new life in a retirement village, what must you do?
1. Choose the Right Contract
With an increasing variety of contract options available, it's crucial to understand which one best aligns with your specific needs. This understanding involves careful analysis to ensure the contract serves your long-term interests.
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2. Understand Your Entitlements
Familiarise yourself with potential benefits such as the Age Pension, health cards, pensioner discounts, and means-tested care fees. These can significantly impact the financial aspects of your life in the village, so ensure you're receiving all you're entitled to.
3. Plan for Care Needs
Given that over half of Retirement Village residents eventually transition to full-time residential aged care, it's important to include this in your planning and prepare for future care needs early on.
4. Maintain Liquidity
Be cautious about locking too much capital into the retirement village, especially for couples who could need funds for unforeseen medical or care expenses. Remember that some contracts will offer more flexible terms for accessing your investment sooner and with more certainty.
5. Utilise Available Data
Leverage the NSW Government's register, which provides vital information on operators, including complaints, village age, and unit sale times. This data is invaluable for making an informed decision.
Seek expert, real-world advice
If you're sorting through forms and contracts, having an expert on your side can make a big difference. With 20 years of experience, the team at Later Life Advice can give you the guidance and peace of mind you need to get on with life.