By Lesa Macpherson
INGOING, ONGOING AND OUTGOING COSTS OF RETIREMENT LIVING
Here’s what you need to consider:
Downsizing is an often overused term nowadays and does not necessarily reflect all the Retirement Living options available.
Also, in so many cases, it can open up all kinds of worries and concerns.
Often, sadly, the very people who are lonely and isolated can be those most likely to benefit from a Lifestyle “upgrade” and a home maintenance or financial pressure “downgrade”.
“Rightsizing” (a term coined by Rachel Lane) can be the result – a home that suits your lifestyle best. There are so many options available.
Consider the costs of moving, possible renovations, and whether stamp duty is applicable or not. Weigh these against the many modifications to your home you would need to have to make as you age. Then compare that to the purchase of a Retirement Village unit styled to your needs. If possible, consider a Retirement Village with co-located Aged Care. It can literally be a life-saver.
As children of “rightsized” parents who have moved to Retirement Living we have found the extra funds freed up by “downsizing” provided an added security for our parents, and a well-deserved outcome for their later years, as well as help towards providing for adequate Aged Care. It allowed for travel, and allowed them to stay independent and socially engaged for longer.
Weigh up whether staying at home is the right lifestyle investment for you. If you decide it isn’t ensure your move to a Retirement Village includes Legal and Financial Advice about Ingoing Costs (purchase), then ongoing costs ( Management fees, General services charges) as well as outgoing costs (exit fees, renovation costs etc.).
Be sure to get specialised advice about these costs provided by an Elder Law Expert, not a generalist lawyer.
Sunshine Coast Elder Law are experts in relation to Retirement Living options and the legal consequences. Call them on 1800328952 or visit www.sunshinecoastelderlaw.com.au
