As you approach those golden years of retirement, one of the most important decisions you might face is where you’d like to call home. It’s a choice that can truly shape your retirement experience, and set yourself up for happiness in your retirement years.
Many people find themselves drawn to retirement villages, and for good reason! These communities offer a wonderful solution for those looking to downsize, find a safer living environment, or simply surround themselves with like-minded people who can understand the joys and challenges of this new chapter in life.
If you’re asking yourself “how much do I need to retire in a Retirement Village?”: We’ve created this guide to help you understand the full picture when it comes to the costs and potential savings of being a TriCare resident, whether you’re moving in, living, leaving, or even wondering how to optimise your retirement pension.
Here at TriCare, we know that retirement planning can feel overwhelming at times, but don’t worry – we believe in being upfront and honest about the costs involved in Retirement Living so that you can budget and achieve your dream retirement lifestyle.
The possibilities are endless when you’re retirement planning in Australia, and TriCare is here to help you retire comfortably, while enjoying your days fully.
What are the upfront costs of moving into a Retirement Village?
One thing that sets TriCare apart is our commitment to transparency and support. We understand that everyone’s financial situation is unique, which is why we offer various options to suit different needs and preferences, including freehold, leasehold, or licence agreements, we’ve got you covered. These options are designed to provide you with flexibility, allowing families to choose an arrangement that feels just right for you and your budget.
Like buying any home, moving into a Retirement Community is an investment, but our Retirement Villages offer you a rewarding retirement lifestyle of convenience, leisure and community. It’s also helpful to know that the purchase price of our units and villas are generally lower than the area’s median price, however please keep in mind that financial information, fee structures and inclusions can vary between Retirement Communities.
For more detailed information, please refer to:
- Your specific Retirement Community’s ‘Prices, fees and charges’ flyer
- The applicable Disclosure Documents
What ongoing costs are there when you live in a Retirement Village?
In a similar way to body corporate fees, there are some monthly fees that help keep everything running smoothly. It’s important to note that we don’t profit from any monthly fees, as your monthly fees help cover the essential services and utilities. These services can include everything from council and water rates, cleaning and waste services, staffing and administration, repairs, maintenance and insurance, and more.
The exact amount of monthly fees can vary depending on which village you choose and the type of unit you live in. But don’t worry – you won’t be left guessing. Upon your request, TriCare can work together with you to determine a yearly General Service and Maintenance Charge budget as necessary.
This way, you’ll know exactly how much you need to plan ahead and avoid any surprises down the road, providing you extra assistance in managing your monthly budgets to stay on track for the future.
Please keep in mind you’ll still be responsible for some personal living costs within your villa or unit. Things like your telephone, electricity, gas and contents insurance. In some of our Retirement Communities, interior repairs or maintenance might be included in your monthly fee, but it’s always good to check the specifics for the community you’re interested in.
How does living in a Retirement Village save money?
We know that saving and budgeting your money can be a fundamental part of retirement planning in Australia. That’s why one of the biggest perks of living in a TriCare Retirement Community is the long list of services, amenities and activities right at your fingertips, and what that means for your lifestyle and quality of life as a retiree. You’ll love having more time to spend with family or doing things you love, with less time spent worrying about excessive fees or unexpected maintenance costs.
For example, if you stay in your current home or downsize to a smaller real estate, maintenance costs can pop up when you least expect them. But when you live in a retirement village, the cost of maintaining communal areas and facilities is streamlined into a predictable monthly fee.
This means you don’t have to worry about unexpected repair bills or weekends spent mowing the lawn – TriCare handles all outdoor maintenance to keep your garden looking beautiful, entertainment areas tidy, and the outdoor environment safe. But if you love to garden and prefer to handle some of the outdoor maintenance yourself, you are more than welcome to do so. The important thing is that the choice is always yours when living with TriCare.
If you buy one of TriCare’s retirement homes, you won’t have to pay stamp duty fees as each of our Retirement Communities operate under either a lease or licence agreement. This could save you a substantial amount of money when compared to buying a traditional home – allowing you to dedicate more of your savings to your future.
The potential savings don’t stop there, either. Many of our residents find that their overall cost of living decreases after moving out of their home and into one of our Retirement Villages. With no need for expensive home insurance rates and having most utilities included in your fees, you won’t have to keep on top of paying and administrating lots of different bills. You’ll also have access to an abundance of entertainment amenities just next door, replacing the need for gym or club memberships, entry fees or excessive travel costs. When you’re a TriCare resident, your ongoing costs are streamlined into a predictable fee that makes it even easier to budget and spend less.
If you’re retirement planning in Australia, you may also entitled to receive an Age Pension (or retirement pension) that can help supplement your cost of living expenses. The exact amount of how much your age pension is in Australia can vary, depending on your income, assets, and if you’re single or have a partner. But you can be rest assured that you can now sell your home and downsize to a TriCare Retirement Village without the proceeds affecting your retirement pension.
If you receive the age pension in Australia, The Social Services and Other Legislation Amendment (Incentivising Pensioners to Downsize) Act 2022 (also referred to as the seniors downsizing grant) protects your weekly retirement pension from being reduced as a result of selling your home. But keep in mind the seniors downsizing grant only applies as long as you downsize and buy another within two years of the sale.
What is included in Retirement Village costs?
When you choose to live in a TriCare retirement community, you’re not just paying for a place to live – you’re investing in a lifestyle. Each of our villages offers its own unique blend of amenities designed to keep you active, engaged, and connected. The costs associated with living in a retirement village covers a wide range of amenities, services and activities for you to enjoy alone or with friends and family. Each TriCare retirement communities offer their own unique range of amenities available everyday to residents, including swimming pools, gyms, tennis courts, bowling greens, community centres, gardens, a library, and much more. These amenities are designed to enhance the quality of retirement life by bringing each community together with social connection, exercise or shared hobbies and interests.
Perfect for those of you who love to travel or simply just appreciate being secure at home, our TriCare Retirement Communities feature an emergency call service, providing you with 24/7 security and peace of mind. Our residents love being able to leave their home without having to worry about security while they’re away. It’s like having a safety net, it’s there when you need it most.
If you choose to live in one of our Serviced Apartments, you’ll enjoy a range of extra services for additional fees. Depending on the village, you might enjoy services like daily meals, laundry for your bed and bath linens, and regular housekeeping. It’s like having a team of helpers dedicated to your comfort and well-being, allowing you to live independently for longer.
But living in a Retirement Village isn’t just about the physical amenities and services. Living in a TriCare Retirement Community means joining a happy community where you can build meaningful connections with your neighbours. When feelings of isolation and depression are so common among seniors, being surrounded by like-minded people can be priceless. Whether you’re joining a club, participating in organised activities, or simply chatting with neighbours, TriCare has designed each of our Retirement Communities to ensure you’ll find plenty of opportunities to form lasting friendships.
What does it cost to move out of a Retirement Village?
Moving out may not be on your radar right now, but it’s always good to have all the information upfront. When the time comes to move out of your home in one of our retirement communities, there are some costs to consider when retirement planning in Australia.
The main cost is the Deferred Management Fee (DMF), also known as the Exit Fee or Departure Fee. But please be assured that this fee is typically capped and is taken from the sale price of the unit when you leave the village. The best part about the DMF is that it’s not just more money for TriCare, the DMF is reinvested right back into the village, helping to maintain and improve the village facilities. This reinvestment helps maintain the high standards of living and care that TriCare communities are known for, ensuring that the community remains in excellent condition for current and future residents.
Understanding these costs and how they are applied allows you to gain a better understanding of how much you need to retire and live in a retirement village. You can visit our Costs and Contracts page if you’d like a more detailed breakdown of the costs of life in a TriCare Retirement Village. TriCare’s commitment to transparency and support ensures that you can focus on living your best life in a comfortable and secure retirement, one that is free of unexpected costs and where you are surrounded by friends and supported by a community that cares.
Are you feeling excited about the possibilities? We’d love to show you around! Click below to book a tour of your nearest TriCare Independent Living Retirement Community.
