Take Your Next Step With Confidence
When it comes to considering your retirement options and how to transition into the next stage of your life, it can be challenging and confusing. From navigating contracts to tackling the property market, it can be a difficult, and at times overwhelming, experience.
To help you navigate the next step of your life with confidence, Lendlease Retirement Living hosted a series of masterclasses across the country to help access expert knowledge across a range of topics. Whether it was understanding the art of downsizing or discovering how retirement villages operate, these masterclass sessions were designed to give you the information you need to know when considering whether retirement living is right for you.
Here are the top tips from Rachel Lane, Principal of Aged Care Gurus and one of a number of specialists who made an appearance at the masterclasses.
“There's a lot of confusion around the deferred management fee (DMF); people often view this as an unnecessary expense, which it isn't. The DMF is the fee residents pay upon moving out of the village, which essentially covers the cost of running the village”, said Ms Lane.
“It's also important to remember that people buy into a retirement village at a reduced cost; it can be significantly cheaper than buying a similar property elsewhere in the suburb."
Pension entitlements were another hot topic, with Ms Lane noting that there are a lot of incorrect assumptions in this area.
“A lot of people are concerned that if they free up their equity, such as selling their house, they will lose their entire pension. In many cases, this isn’t true,” said Ms Lane.
When asked for her top piece of advice for people considering retirement living, Ms Lane said not to delay the move. Moving into retirement living sooner has financial and health benefits.
“The most common thing I hear from residents is that they wish they’d moved into the village years earlier. The longer you’re in a retirement village, the more time you’ve got for your home’s value to increase, which can help offset (even partially) the DMF upon leaving,” she said.
“For many people, their lives improve upon moving into a retirement village. A whole new social world opens up; there are events, excursions and activities – new residents are often amazed at how jam packed their calendars become!”
Lendlease Retirement’s Discovery Series is expected to return in 2018; however villages host similar educational events throughout the year.
To find out more or to register your interest for the 2018 series of events click here