We were thrilled to have Rachel Lane in person to present insights on the retirement journey. Rachel is Principal of Aged Care Gurus and co-author with Noel Whittaker of celebrated guides “Aged Care, Who Cares?” and “Downsizing Made Simple.” With over a decade dedicated to aged care within her 15 years in financial services, Rachael has become a beacon of knowledge for older Australians navigating their retirement living options.
Rachel Lane at Blueheath Retirement Village
When we talk about retirement decisions, the topic of cost often dominates the conversation. But let me offer you a new lens: value. It's not about the price tag; it's about what you gain in return for your investment. Understanding what you're receiving for that amount is what truly matters. Before crunching the numbers, ask yourself, "What value does this bring to my life?" Embracing Complexity as a Gift of Choice The realm of downsizing can often feel like a maze, with myriad options to consider. I want to encourage you not to be intimidated by the complexity. In fact, it's a sign that you have a range of choices at your fingertips. Choices tailored to your unique preferences and aspirations. Remember, complexity signifies options, and those options empower you to craft a retirement that aligns with your desires.
Strata Living
Owning property can bring a sense of security, but it's essential to consider the dynamics of your neighbours. Do they play AC/DC at 2 am? Additionally, potential maintenance costs and extra levies if the builder was dodgy are crucial factors.
Granny Flats
The idea of sharing a living space with family members might be heart-warming, but clear contracts are essential to avoid potential conflicts. Open conversations and well-defined expectations are crucial to maintaining family bonds. When asked if I think granny flats are a good idea, my first advice is, "Don't." There are often better options available.
Retirement Communities
Retirement villages and land lease communities offer a spectrum of experiences. Do you envision a busy, active lifestyle or a more maintenance-free environment with care when you need it? Tailor your choice to your desired way of life, and ensure the contract aligns with your long-term vision.
Building Community
One of the most delightful aspects of retirement living is the sense of community it brings. Finding your tribe, connecting with like-minded individuals, and sharing experiences can be immensely enriching. Throughout my travels across Australia to hundreds of villages, I constantly hear, "I wish I would have done this years ago."
Demystifying Exit Fees
Often misunderstood, exit fees play a critical role in the financial landscape of retirement living. It's this aspect that often creates confusion or misperceptions. Exit fees have a straightforward rationale, grounded in two fundamental reasons. Firstly, retirement village operators aim to make the prospect of purchasing a home or apartment within their community affordable. To achieve this, they strive to maintain a lower upfront purchase price, it also accounts for the operator’s responsibility to manage and sustain the homes and the community over the course of the 10 to 15 years or more during which residents reside there.
In essence, the exit fee gives residents peace of mind with a maintenance-free life, with the operator paying to replace costly items such as an oven, dishwasher, and air conditioning when they inevitably break down.
Conclusion: Beyond Cost, Embrace Value
Whatever direction you decide to take, it's not just about the cost; it's about the remarkable value and the vibrant life that awaits you. By considering the value each option brings, you can find a retirement living choice that truly enhances your quality of life, ensuring your golden years are as fulfilling and enjoyable as possible.