Retirement villages and the pension

Video Description

Are you concerned that you may lose your pension if you downsize from the family home to a retirement village home?

In the past, this has been a challenge because of the means testing of the lump sum of cash that you may receive from the sale of the family home when you downsize to move into the lower-priced retirement village home.

Today many retirement village operators offer a choice of entry prices for homes so you can plan your finances.

You may wish to pay more upfront and less when you leave so that your pension is protected.

When you have found the village home you want, ask for options and always get financial advice.

You should also check out the regular village fees for things like maintenance so there are no surprises. Most villages work hard to keep these fees at less than 30% of the pension. It can make a big difference.

The pension is important so planning ahead with your finances will help you to age well.