The Baby Boomers need our help. On the cusp of - or amidst- retirement and with the weight of their Millennial and Gen Y children soaking up their life savings this generation are looking at options to downsize, capitalise and vitalise their living options in a very expensive era.
So-called ‘retirement villages’ are an option very popular in Australia and the USA, where people may obtain smaller residences. After looking for a relative this year though, these residences are often priced well-above the prices for suburban homes and come with expensive living inclusions for amenities, security, health care and transportation. Added to this are the legal inclusions that come with provisions for the retirement village corporate provider, placing caveats on family homes and the probability of hidden pricing on critical products for these residents that preclude them from selling-on their retirement villas, units, apartments and other housing types.
I’m interested to know whether there are consumer advocates in place to assist older people with the planning, examination of the legal situations for chosen destinations and the ongoing living costs that might not always be clear from the advertising speil. A rudimentary internet search uncovers stories of people being fleeced of their life’s savings, of health care concerns and families unable to recover the family’s birthright home or freely sell the retirement home they have purchased after that residence isn’t required any more.