Retirement villages are a complex of residences or a number of separate complexes of residences on common land. The residences are intended for residential use under what is known as a ‘retirement village scheme’. They may be either privately owned or owned and run by not-for-profit organisations. Retirement villages do not receive government funding. They are regulated by the (South Australian) Retirement Villages Act 1987. The Act defines a ‘retirement village scheme’ as one that is established (predominantly), for ‘retired persons’ and ‘retired persons and their spouses’. A ‘retired person’ is defined as being aged over 55 years and no longer in full time employment.
Retirement villages are different to aged care facilities (formerly known as nursing homes and hostels). Aged care facilities provide various levels of supportive care and are administered and operated under the Aged Care Act 1997. An aged care assessment is required to gain entry to these facilities. All aged care facilities undergo an accreditation process to ensure quality of care and accommodation.
Retirement villages are also not Supported Residential Facilities (SRFs) (which were formerly known as rest homes). These provide housing and some personal care to older people and people with disabilities. SRFs provide special services (for example meals, linen, cleaning, assistance with medication, and other domestic care) for a contracted weekly payment. SRFs are regulated by the Supported Residential Facilities Act 1992. They are privately operated and do not receive government funding. Some serviced apartments in retirement villages may also operate under this Act.
Are you considering making a move to a retirement village or aged care facility? If you are, and you have already begun the search, then it is likely that you are finding the task somewhat challenging. No wonder! There are so many factors that need to be taken into account before you make the move.
You need to think carefully about what your motives are for making a move into a retirement village. Make sure that the move has answers to at least 80% of the problems that you are presently experiencing – or expect to experience in the future. Think carefully about your options, as the lifestyle may be quite different to what you have been used to.
Before you make the decision to move into a retirement village, shop around to see which ones meet your needs. Don't rush the selection process! Inspect a number of retirement villages in the area in which you wish to live. Take full advantage of each inspection, and make sure you ask for all available information brochures. Ask a lot of questions and talk to some of the residents in the village if you can. Then consider talking to us at Retirement Living Solutions.
Some of the questions that you should consider asking yourself include:-
The housing options available to you as a resident of a retirement village are diverse. Examples include:-
Each of these options have their own, often complex financial arrangements that you will need to carefully consider.
The legal structures for retirement accommodation are also characterised by considerable diversity. The contract may be in any of the following forms:-
The type of contract you enter into will make a difference to your rights as a resident. It is important that you fully understand the legal and financial implications of the contract and are aware of all the rules and restrictions that will govern your residency.
The costs associated with your choice of retirement accommodation can vary significantly. You may find that a unit which appears at first to be a bargain could be quite expensive when all the associated expenses are taken into account. You will need to carefully consider such financial issues as:-
Prospective residents should have a full understanding of the way all of these charges are calculated.
At Retirement Living Solutions we can help you understand the implications of moving into a retirement village, giving you peace of mind that you have made the right lifestyle choice.
Retirement villages place a great deal of importance on the safety and security of their residents. Many villages have Emergency Call buttons (24 hour Emergency Call System) and telephone systems that allow you to call other residents and the main reception area of the village. Staff are available at all times if you require assistance – all you need to do is pick up the telephone or push the HELP button.
In many retirement villages, access passes can be issued to family or friends that allow them privileged access to secure visitor car parks and buildings. Generally all building exits are locked, but residents can still open any door from the inside to leave the building.
It is common for retirement villages to engage professional security firms to provide a regular surveillance service. There is also the added security of belonging to a small village community which has its own Neighbourhood Watch program.
The risk to your well being in the unlikely event of a fire is greatly reduced by the presence of smoke detectors which are a feature of all retirement villages, along with fire sprinklers in all buildings.
A village may ease the burden of routine home and garden maintenance as your surroundings are designed for comfort and convenience – whether you attend to them yourself or use available services.
Companionship may be much more easily accessible in a retirement village. You have facilities and a variety of activities and functions, which are easy to reach and shared by like-minded people. It becomes easy to select those activities or functions that suit your individual preference.
Because you have your own private unit at the retirement village, you can enjoy as much privacy as you desire and continue to welcome the company of family and friends in your home. You continue to control what you choose to incorporate into your lifestyle.
You may be better off financially by gaining a substantial capital fund after selling your home and purchasing less expensive accommodation in a retirement village. Furthermore, the ongoing service fees of retirement villages may be significantly lower than maintaining a home and paying costly rates and land taxes.
The economy of sharing costs and the ability to budget fixed outgoings for the year in advance will take much uncertainty out of financial planning, while giving you more choices and better quality of life for your money.
However, the value of “doing your homework” before you enter into a contract cannot be overemphasised. It is very important that you fully understand what you are agreeing to and what the financial (and legal) implications are for entering, remaining in and leaving the village. You also need to consider the implications for any spouse or partner.
Retirement villages are designed to meet the accommodation, social and recreational needs of people who are either approaching retirement or who have retired. Quite often, those who left the move until much later in life say they wished they had moved to their village of choice years ago.
Physical and financial security now and in the future has become a real issue to all, regardless of age. The reward for planning for retirement and carrying through those decisions is a sense of relief, which heralds the start of a new phase. Village residents frequently report a revival of energy as they discover new possibilities, and more time to do the thing that they want to do, without worrying about all of the time consuming tasks that they previously had.
“Moving early from a bigger place is a good idea; as I said after moving out, if I’d been Davison et al. 1993, “It’s our place – Older People Talk about Their Homes”, Canberra: AGPS |