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Seeking independent advice
If you’re at a stage where you’re looking to understand the contracts associated with retirement living, you should consider turning to advisers you can trust.
Seeking independent advice from registered and experienced financial and legal experts can help. It’s a good idea to find an expert who’s experienced with retirement village costs and contracts to help you navigate your options. Any new contracts and costs can feel complicated, and their guidance can help you decide the best course of action for you.
You may already have a trusted team of experts on hand to assist you. If not, you may wish to ask family and friends for reliable referrals. This will give you a shortlist of advisors to reach out to.
Always search online to ensure any practitioner you approach holds appropriate credentials and licences and has relevant expertise.
Independent lawyer
A lawyer can assist with navigating the various contracts available, offer you practical information, and help explain the legal obligations of both a resident and a village operator.
Lawyers can review any documents, including contracts, disclosure and village information documents, and sales material thoroughly. They can provide advice regarding the village rules, and ensure you are aware of your rights and obligations.
You could also take this opportunity to review your estate plan and ensure that the impact of ongoing village fees or selling your home can be accounted for.
Accountants and financial advisors
A financial advisor or accountant can help you understand the moving in, living in and leaving costs involved with any retirement living option and can help you anticipate the potential impact of downsizing on your income, superannuation and your tax requirements. You can also find out about any impacts to any pension or other entitlements.
Services Australia
If you receive or may one day receive a pension, you should speak with Services Australia about the potential impact that selling your home and/or other assets and a shift into retirement living may have.
Services Australia also provides Aged Care Specialist Officers (ACSOs) and a Financial Information Service (FIS), free to retirees to help you make informed decisions about investment and financial issues for your current and future needs.
Real estate agent
If you’re considering selling your home to make a move in retirement, seek insights from a few different local real estate agents before you list your home. They can offer important insights such as market trends, pricing, and timing, and help you feel comfortable that you’re making the right decision and can transition smoothly into a downsized home.
You’ll also get a wider understanding of fees if you approach a few different agents.