Retirement village Entry

 A typical entrant is aged at least 55 and looking to fund entry into a retirement village, the lump sum requirement being assumed to be $300,000 in this instance. The bank has refused to fund this amount and your question is how to fund the full or some lesser amount.

What you do know/can determine

• Value of existing residence to be sold (net of sale costs)
• Value of superannuation and non superannuation holdings.
• Details of income – e.g superannuation , annuity income, dividends etc.
• The extent to which current investments can fund the above entry amount.
• Current living costs.

What you may not necessarily know

• Center link impact of paying an entry fee Click for more
• Options available to fund the shortfall between available assets and contribution  amount  indicated.-
• Level of  interest payable on any unpaid contribution /entry amount.
• The legal impact of the contract you are about to sign.
• What is the balance of funds available to meet living costs?
• Will these reduced funds be enough in retirement to last until normal life expectancy?
• If not, how can this time frame be lengthened.
• How the balance of funds on hand should  be invested to meet the anticipated living costs going forward. Refer to Superannuation , Investment – Non superannuation funds, Retirement  and  Estate Planning tabs to make sure all issues are addressed and resolved together.
• How strategic asset re- arrangement now can beneficially impact on Age Pension entitlements later in life.
• Are car and health insurances  appropriate to you current needs.

Action Required

• Enter your postcode above for an initial contact with an appropriately qualified and experienced advisor
• Ensure that all issues about which you are uncertain are canvassed and resolved.
• Review overall financial position at the same time.

Remember – history suggests that the longer you have a beneficial strategy in place the greater the likelihood of a more advantageous result.