Frequently Asked Questions About Retirement Villages
Talks about retirement villages are on the rise in Australia and New Zealand as they’re becoming the go-to choice for many people to spend their retirement years. According to the Property Council of Australia, around 184,000 Australians above the age of 65 lived in retirement villages as far back as 2014. It’s estimated that this figure will increase by 7.5% in 2025, meaning roughly 382,000 Australians (double that of what was counted in 2014) are projected to call retirement villages their home.
But what exactly is a retirement village? Read the article to know more about these communities and how you can choose the right one for you.
In this article:
What are retirement villages?
What are the different types of retirement villages?
Who can live in retirement villages?
What do retirement villages provide?
How much does it cost to live in a retirement village?
How do I know if a retirement village is right for me?
What are retirement villages?
Retirement villages are communities complete with private residences and shared amenities designed for people who want to live independently well into their old age.
You can choose from a variety of accommodations to call home based on what best suits your personal needs and finances; some offer ground-level villas that come with a garden area and a carpark; other private residences available in many retirement villages include apartments ranging from studio- or penthouse-type layouts.
Common shared amenities you can find in most retirement homes include swimming pools, recreational centres, and even golf ranges. These amenities often allow residents to socialise with other members of the community.
What are the different types of retirement villages?
In Australia and New Zealand, you can often find these two types of retirement villages:
Privately-funded: These are the ones owned and managed by private companies to turn a profit. If you want to live in a privately-run retirement village, you’re expected to purchase your accommodation and contribute regular fees to help cover maintenance fees.
Donor-funded: This kind of retirement village is generally run by a not-for-profit organisation. These villages often rely in part on funding and subsidies to maintain the upkeep of accommodations and facilities. Organisers also often prioritise those who are in need or are less financially capable.
Who can live in retirement villages?
Usually, organisers allow anyone who’s at least 55 years old and above to find a home in a retirement village. And to debunk a common misconception – you don’t have to be fully retired to live in a retirement village.
For government-funded retirement villages, entry is subject to government screening based on many factors such as age, financial capability, and care needs.
What do retirement villages provide?
1. Accommodations
When you move into a retirement village, you’ll have access to a personal residence in a neighbourhood alongside others who are in the same age group as you.
Here are the different residences you’ll often see in retirement villages:
Villas or Independent Living Units (ILUs): Think of these as your very own home. They’re designed for those who don’t need as much daily assistance.
Serviced apartments or accommodations: These are studio- or penthouse-type accommodations that support those who need round-the-clock support and assistance.
2. Home and Aged Care Services
Some retirement villages also offer home care services to their residents. These can range from sending someone to your home to help with everyday chores. Some villages can even provide transportation services to bring you to and from work or other appointments.
3. Shared Facilities and Social Events
Like many communities, retirement villages also offer a variety of recreational facilities you’re welcome to visit.
Many offer swimming pools, gyms, and courts where you can exercise together with other members of the community. Some even boast hectares of golfing grounds if you’re interested in the sport.
More exciting is that most retirement villages make it a point to keep the spirit of community alive through organised social events. For example, neighbourhood barbecues or parties can help everyone in the community get to know each other and stay connected.
How much does it cost to live in a retirement village?
The cost of living in retirement villages varies depending on a couple of factors.
Upfront Fees
These fees, known as entry payments or contributions, are often the initial payments you make to move in and live in your accommodation within the retirement village. It’s best to check your contract to determine exactly how much these fees cost.
Service and Management Fees
Service fees are often recurring payments you make to maintain the upkeep of the retirement village. These fees typically cover:
Day-to-day facility maintenance and repairs
Payments to retirement village staff and support teams
Funds for holding community gatherings and social events
Other village-related expenses
How do I know if a retirement village is right for me?
There are four key things you need to look out for when choosing a retirement village to call home when you choose to retire:
1. Provides for your home and care needs
Your retirement village should be able to help you meet your needs—whether it be your household or care needs. This can vary from one person to another. For example, if you find that you need help accomplishing household chores, find a community that offers these services.
2. Fosters a sense of community
Retirement isn’t all about being financially able to take care of yourself well into your old age. To have a happy retirement, you also need to make sure that your social needs are fulfilled.
When you live among people you’re truly connected with, you’ll end up feeling more fulfilled, happier, and safer.
3. Allows family and friends to visit
Staying in touch with family and friends is a key part of a healthy retirement. The retirement village you choose should help you keep these connections alive. In fact, one of the best indicators of a good retirement village is if the organisers help you maintain close ties with your loved ones, wherever in the world they are.
Tunstall Healthcare: Securing Retirement Villages in Australia and New Zealand
At Tunstall Healthcare, we’re committed to making retirement villages across Australia and New Zealand a safer and lively place for the elderly to live out the rest of their retirement. Our Connected Health and Connected Care services allow us to provide 24-hour monitoring, offering peace of mind wherever you are.
A lot of thought goes into choosing a retirement village to call home. If you’re planning to spend your golden years in similar accommodations, choose one that’s equipped to monitor your wellbeing and safety as we do at Tunstall Healthcare with many retirement villages.
Contact our team today to know more about how our Connected Care services can help you live worry-free in retirement villages today!
