Lifestyle communities are a great option, allowing you to downsize without sacrificing your quality of life.
A more affordable option, as you avoid the upfront costs associated with purchasing property and can instead invest in your retirement lifestyle.
Social activities, events, and clubs are provided, giving opportunities to make new friends and enjoy an active social life.
Designed to be low maintenance, with garden maintenance, security, and other services typically included in the lease agreement.
While you own your own home, you do not own the land it sits on, meaning you may have limited control over the land and may be subject to rules and regulations imposed by the community owner.
There are ongoing fees for the lease of the land, as well as for any services or amenities provided by the community.
Potential for difficulty selling the home in the lifestyle community, particularly if the community has a limited market or attracts a negative reputation.
Retirees should carefully consider the rules and regulations imposed by the community owner before committing to a lifestyle community. These rules can cover a range of areas, including pets, visitors, and noise restrictions.
It’s important to carefully assess the ongoing fees associated with living in a lifestyle community. These fees can include land lease fees, maintenance fees, and community fees, and can vary significantly depending on the community.
Retirees should consider the location of the lifestyle community and whether it provides access to the amenities and services they require. They should also consider the community’s proximity to family and friends, medical facilities, and public transport.
Residential care facilities provide 24-hour care and support for residents, including assistance with daily tasks, medical care, and social activities.
Aged care facilities provide professional care services, including medical care, nursing care, personal care, and social support.
The facilities provide a safe and secure environment for elderly residents, with staff on hand 24/7 to provide assistance when needed.
Provides residents with opportunities to interact with others and maintain social connections.
Moving into an aged care facility can be a difficult adjustment for many people, as it can feel like you’re giving up your independence and control over your lives.
Can be expensive, with fees for accommodation, meals, and care services. The cost of aged care can vary significantly depending on the level of care required and the facility’s location.
Aged care facilities can be limited in their choice of accommodation.
Retirees should carefully consider their level of care needs before choosing an aged care facility. Some facilities specialise in high-level care for those with complex health care needs, while others provide low-level care for those who require minimal assistance.
Whether the location of the aged care facility is close to family and friends, medical facilities, and other amenities is something else to consider.
Researching the aged care facility is another important consideration, particularly the quality of care on offer. This can include looking at reviews and speaking to current residents and their families.
Choosing the right retirement living option can seem overwhelming, but with careful consideration and research, you can find the perfect fit for you. It’s important to think about your current and future needs, budget, location, and social opportunities when making this decision.
Whether you choose to age in place, move to an active adult community, or opt for assisted living, there are plenty of options available to ensure that you enjoy a fulfilling and comfortable retirement.
Remember, this is your time to relax and enjoy life, so take your time and make the choice that feels right for you.
IMPORTANT LEGAL INFO This article is of a general nature and FYI only, because it doesn’t take into account your financial or legal situation, objectives or needs. That means it’s not financial product or legal advice and shouldn’t be relied upon as if it is. Before making a financial or legal decision, you should work out if the info is appropriate for your situation and get independent, licensed financial services or legal advice.
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