Are You Thinking Of Living In A Retirement Village?
As part of our broader community wellbeing efforts, we are pleased to host a free community education seminar provided by the Commission for Financial Capability that will discuss, in very frank terms, the personal, legal and financial implications of retirement village living and what people need to consider before becoming a retirement village resident. The seminar will be held at St Chads 38 St Johns Rd Meadowbank on Wednesday 18th September, with tea and coffee on arrival at 7.00pm and the seminar will start at 7.30pm and finish at 9pm. Because seats tend to fill fast once word gets around, pre-registration is essential.
This is not a marketing event.
To register :
- Go to the Retirement Commission link here and register for free on-line; or
- Phone Paul Niccolini at the Commission on 021 565 321; or
- Phone CFFC on 0800 268 269.
The Retirement Commission is also holding a daytime seminar in St Heliers on Tuesday 17th September and another in Remuera on Thursday 19th September – for further details and registration go to the Commission here.
Many people do not fully understand the financial implications of retirement village contracts when they pay for a ‘license to occupy’ a unit, says the National Manager of Retirement Villages at the Commission for Financial Capability (CFFC), Mr Troy Churton.
For example, the occupation right agreements offered by some village companies have little financial sympathy when an occupancy ends, due to the resident passing away or having to move to more intensive rest home care. The company may not pay out the unit’s capital to the family until the unit is relicensed, which can take months in some areas, and they may demand that weekly fees continue to be paid during that time.
“Another fish-hook may be if a married couple buy into an independent-living unit, then the husband or wife needs to move into a care facility, additional costs may apply,” says Churton.
There are 18 retirement villages in the Orakei Ward, each containing 60-100 units, with another three villages in development. Those numbers are expected to increase further to cater for the growing 75+ population, projected to rise 195% in Auckland from about 81,000 today to more than 240,000 in 2043.
Churton is running the free seminar on behalf of the CFFC, an independent government agency that monitors the retirement village industry.
“The CFFC aims to ensure New Zealanders are fully informed objectively of the implications of moving into a retirement village before they do so, and have time to obtain legal advice and discuss their decision with family,” says Churton.
Seminars will also be held in St Heliers on September 17 and in Remuera on September 19 – click here for more information on these other seminars.