Retirement villages

[GregM]

Retirement villages (like this one) have become the topic of conversation amongst a few friends and family members lately. We're all reaching that age and discussing whether or not anyone of us will opt for this lifestyle.

I was wondering if there is anyone on here who lives at a retirement village and do you like it? Was it a good decision? What are the costs involved with such a move? Any regrets? Anything you miss?

Thanks in advance!

[rsser]

My folks moved into a retirement village when Dad started to be unable to maintain the house and garden. The place had units and serviced apartments and the 2nd was what they chose. It came with all meals, apartment cleaning & access to basic rec facilities. Along with the inevitable red button for the onsite nurse.

Initially there was an active residents' group who organised outings and social occasions but that faded away as key players moved on. My folks started to get bored. They got bored esp with seating arrangements in the dining room (no changing places by rule) and by the food on offer (mgt had to keep the costs down; the chef had to keep fat, salt and sugar down so the result was the lowest common denominator). In time they came to the conclusion I think that they'd made the move too early and should've looked more closely at what could have enabled a longer stay in their home.

The costs were also something else: apartment purchase, a big bond only a proportion of which was returned when they moved out and substantial monthly fees.

[DavidG]

Check out what you can get overseas before you commit.

[graemet]

I've recently moved into a retirement village for a number of reasons - health, advancing age, security, the assurance of ongoing care when it becomes needed.
There are RVs and RVs. The village we selected has all the facilities and more, that we had in our oversized house. A direct comparison with a similar sized dwelling on its own block doesn't stack up, but we bought a house AND a lifestyle. When adding up the cost of the items covered by the monthly maintenance levy and comparing that to the cost of the same items in our previous house, we are line-ball, with many extra benefits thrown in.
We have made many new friends, while keeping our previous circle, as we are still in the same area.
A common criticism of RVs is the outgoing contribution/levy when leaving. So far, calculations based on the longer term residents experiences show that it is mostly covered by capital gains and that bit that isn't, doesn't matter - you'll be dead anyway. There'll be plenty for the kids to inherit left over.