The pros and cons of village life

The basics: what is a retirement village?

The Pros

• Community and socialisation: Retirement villages provide a built-in community of peers, making it easier for seniors to socialise and make new friends. This can be especially beneficial for those who may have lost a spouse or live far from family.
• Low-maintenance living: Many retirement villages offer services such as lawn care, housekeeping, and maintenance, freeing up time for residents to enjoy their hobbies and interests.
• Access to amenities: Retirement villages often have amenities such as fitness centres, pools, community spaces and mens sheds, providing opportunities for residents to stay active and engaged.
• Safety and security: Retirement villages often have security measures in place, such as gated entrances and emergency call systems, providing peace of mind for residents and their families.
• Healthcare services: Some retirement villages offer on-site healthcare services, such as assisted living or memory care, providing a continuum of care for residents as they age.

Some Cons

• Cost: Retirement villages can be expensive, with DMF and weekly fees that may not be feasible for everyone. It's important to carefully consider the financial implications before making a decision. Capital will also need to be freed up to buy your property outright.
• Lack of independence: Some retirement villages have rules and regulations that may limit residents' independence, such as restrictions on pets or visitors. It's important to research and understand the policies of a retirement village before moving in.
• Limited healthcare options: While some retirement villages offer on-site healthcare services, others may not have the same level of care available. This can be a concern for seniors who may need more assistance as they age.
• Potential for isolation: While retirement villages offer a built-in community, some seniors may find it difficult to connect with their peers or may feel isolated if they don't fit in with the community.

Is a retirement village right for you?

• Your budget: Retirement villages can be expensive, so it's important to carefully consider your budget and whether you can afford the DMF and weekly fees plus associated insurances.
• Your desired level of independence: If you value your independence and don't want to be restricted by rules and regulations, a retirement village may not be the best fit for you.
• Your social needs: A retirement village may be a great option for you if you're looking for a built-in community and enjoy socialising with your peers.
• Your future healthcare needs: It's important to consider your potential future healthcare needs and whether the retirement village you're considering can accommodate them.
• Your location preferences: Retirement villages are located in various areas, so it's important to research the location and determine if it's a place you'd like to live.

• Aging in place: Many seniors choose to stay in their own homes and make modifications to accommodate their changing needs. This can be a more affordable option for those on a budget and who can't manage the upheaval of leaving a home they have lived in for an extended time. You could consider employing external help for some tasks which get trickier as you age. Age Concern provides a helpful directory of organisations, groups and services in Canterbury who can support this choice - https://ageconcerncan.org.nz/directory-category/home-care/
• Assisted living facilities: Assisted living facilities offer a higher level of care than retirement villages and may be a better fit for those who need more assistance with daily tasks.
• Continuing care retirement communities (CCRCs): CCRCs offer a continuum of care, from independent living to assisted living and skilled nursing care. This can be a good option for those who want to age in place and have access to different levels of care as needed.

Yay or nay?