As people age, they may find that they need more assistance with their day-to-day lives. This is where retirement villages come in. In Australia, there are many different types of retirement villages, and it can be difficult to know how they all work. In this blog post, we will break down the things you need to know about retirement villages! 

 Retirement villages are purpose-built housing developments that cater to the needs of older Australians. There are various types of retirement villages, from small complexes with just a few units to large developments with hundreds of homes. Retirement villages usually have a mix of independent living units, assisted living units, and nursing home beds. 

 Independent living units are self-contained homes that residents can live in independently. These units usually have some basic services included, such as 24-hour security, meals, and cleaning. Assisted living units are designed for residents who need some help with day-to-day tasks, such as cooking and personal care. Nursing home beds are for residents who need 24-hour nursing care. 

 One of the main benefits of living in a retirement village is that residents have access to a range of on-site amenities and services. These can include swimming pools, tennis courts, gyms, libraries, and social clubs. Retirement villages also often have medical centres and aged care facilities on site. This means that residents can age in place without having to move to a different type of accommodation. 

 When you move into a retirement village, you will usually enter into a contract with the village operator. This contract will outline your rights and responsibilities as a resident. It is important to read this contract carefully before signing it. 

 The fees associated with living in a retirement village can vary depending on the type of accommodation and the services that are included. For example, independent living units will usually have lower fees than nursing home beds. Some retirement villages also offer a life-lease option, which allows you to purchase your unit and live in it for as long as you like. 

 If you are thinking about moving into a retirement village, it is important to do your research and visit a few different villages before making a decision. Talk to the staff and residents, and take a tour of the facilities. This will help you to get a better understanding of how the village works and whether it is right for you. 

Author: Shaun Ganguly

Director and Financial Planner at Retirement Village Financial Advice and Aged Care Financial Planning, Shaun Ganguly specialises in complex Aged Care, Retirement Living, and Centrelink matters. He holds a Bachelor of Commerce (Finance & Economics), and is an FPA Accredited Aged Care Professional, Aged Care Guru, and Certified Financial Planner.

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