Australian Retirement Lifestyle Guide

Welcome To Retirement Living in Australia……..

So where do want to spend life in retirement? Retirement Communities are becoming more and more popular with the old style retirement villages being replaced by lifestyle resorts, sophisticated and stylish service apartments and modern style retirement villages that cater to your every need. But, before putting the building in place to secure your new lifestyle, you need to work out what lifestyle you are trying to build!
Can you see yourself living...
 

• By the beach?
• In the country?
• By the water?
• Resort style?
• In the city?

The choice is yours. That ideal lifestyle may not be as far away as you think!

Retirement operators are now catering to the growing demand of cashed up retirees, providing not only low maintenance living but also living that offers lifestyle choice. Residents of these new villages can combine the ultimate in low maintenance living with the lifestyle of their choice. So should you be in a position to have two of life’s most precious commodities, time and money then welcome to the new world of retirement lifestyle choices not previously on offer to elder generations.

Living Alternatives
 
For many, retirement living is an exciting new chapter of life offering activity, new interests, meeting people and the opportunity for a lifestyle change. Some people like to stay in the same area which they have lived in for many years, while some like a complete change of surroundings. There are numerous living arrangements that can be considered in choosing your new lifestyle, some of which are detailed below.
 
Independent Living Units and Villas are ideal for village residents who enjoy having the freedom to take care of their daily activities, with the advantage of having access to,

• community facilities,
  
• beautiful gardens,
  
• maintenance
• security
  

Independent Living Units are designed to have everything you would normally have in your home, including

• a kitchen
  
• living and dining areas
  
• bathroom
  
• laundry
  
• bedrooms (the number of which will vary)
  

Some units also have 

• an external garden area
  
• courtyard
  
• garage
  
• carport space

 
Assisted retirement living is offered through Serviced Apartments. Residents living in serviced apartments receive assistance with daily living activities such as

•  cleaning
  
• laundry 
  
• preparing meals

Following an assessment to determine the level of assistance required, your specific needs and concerns will be catered for. The level of assistance offered will vary for everyone; residents may be in excellent health or can require some assistance. Apartments usually offer

• a kitchenette
  
• living area
  
• bedrooms
  
• bathroom and sometimes offering hand rails
  
• emergency call units.

Flexi Units are a great combination of the above two living alternatives. These units provide independent living with the option to take up assistance with additional services such as meals, laundry and cleaning. These options are usually carried out on a user-pays basis. Flexi units often include a lounge and dining area, bedrooms, bathroom, kitchenette and laundry.

Extra Care Services are offered in some retirement villages. Village staff put together a tailored Care Plan or Care Package to assist with a variety of needs which may include personal grooming, showering and dressing.

Fees and Charges

There are various fees and charges associated with the different retirement living options. For example under the Strata Title arrangement there may be additional fees set out in your contract that you need to be aware of including body corporate fees (as unit owners are automatically members of the body corporate), GST charges if you are the first owner of the unit, and a possible maintenance charge. Your contract may provide for money to be returned to you after you leave the village. This can be a result of either the ingoing contribution that you may have paid during your time as a resident at the village, or it can be from the next resident of your unit.

Before you enter a retirement village a fee that you may be subject to is a waiting list fee. Some retirement villages have waiting lists, which are available only by paying a joining fee. When looking into this option questions that should be asked of the village owner are:
- what is the fee amount;
- do you get this payment refunded upon entering the village; and
- what is the average waiting period?

A term that you may also hear when looking into certain fees and charges is an ingoing contribution. This is the largest single payment that you will be likely to pay which secures your right to occupy your premises. This upfront payment will be set out in your contract, usually being refundable either in part or in full once you have left the village, it is important to clarify this with the village owner.

Whichever village you choose a recurrent charge or as it is more commonly known, a maintenance fee will be expected to be paid usually fortnightly or monthly. This cost will cover:
* managing the facility, including staff members salaries;
* providing additional services such as an emergency call system; and
* maintaining the facility and common areas such as the gardens and recreational facilities.

A special levy is also something to look at in your contract. This is where the retirement village may require an injection of funds for capital expenditure in addition to ongoing maintenance. This may be required for an unexpected major repair. The Retirement Villages Act 1986 allows the operator to seek this special levy if certain conditions have been met.  

Departure or outgoing fees, sometimes called a deferred fee is usually required when leaving the village. This fee could be part of your purchase price that may have been deferred until the end of your occupancy or it could be a set amount of your ingoing contribution, which may have been outlined as non-refundable in your contract.

Other payments you will need to factor in are living expenses that are separately metered and charged to your unit such as telephone, gas and electricity, as well as insurance for your household contents.

Where do you start ......

There are plenty of alternatives to research, so get online and see what is available. Most of the larger retirement living providers have very comprehensive web sites, listing all the properties and lifestyle alternatives they have on offer. There are also online directories making comparisons of retirement living providers easier, so you can shortlist your preferred locations. Visit www.retirementlivingonline.com.au to get you started, or go into Google and type in “retirement living” or any other preferred key words. Once you have short listed the retirement living properties of interest, contact the owners of the properties and go out for an inspection. Most providers will organise a time to show you the properties available in person.

Good luck and happy retirement.

Ben Hannemann
Director
www.retirementlivingonline.com.au