A Financial Health Check for Retirement Village Living

Life in a retirement village comes with its own financial structure, and it's one that's easy to lose track of over time. Village fees, departure entitlements, and contract terms can all shift, and what applied when you first moved in isn't necessarily what applies today.

Here are the areas we recommend revisiting periodically.

A note on annual reviews: If you already have a Financial Plan with us, all of this is covered as part of your annual review. However, if anything has changed since your last review - your health situation, your family circumstances, or the terms of your village contract - it's worth having a conversation sooner rather than later.

Your village fees and budget

Most villages adjust their ongoing fees periodically. It's worth confirming the current fee schedule and checking that your household budget still accounts for the full cost - including any optional services or maintenance levies that may have changed since you last checked.

Your departure entitlement

Retirement village contracts vary considerably in how they calculate what you receive when you leave - including deferred management fees and the treatment of any capital gain or loss. If you haven't recently revisited what your departure entitlement looks like under your current contract, it's worth understanding, particularly if your health situation is changing.

Planning for the next stage

For many village residents, residential aged care is a likely eventual destination. The financial transition from a village to residential care involves the proceeds of your departure entitlement, your Centrelink assessment, and the accommodation payment options available to you.

Having a general picture of what that transition might look like - even if it's some years away - helps avoid decisions being made in a rush.

Has something changed since your last review?

If something significant has changed - your health, your family circumstances, or the terms of your village contract - it's worth having a conversation.

The aged care system is sensitive to changes in your financial circumstances. Financial Adivice allows you to be prepared no matter what those changes are, rather than responding to them after the fact.

How we can help: If you'd like to review your current position as a village resident, we're happy to run through what that looks like for your circumstances - including how a future move to residential care might work financially. There's no obligation and no pressure. Just clarity.

Call our team today on 1300 924 644 to arrange a time to discuss your situation.