Case study:  moving to a retirement community

Discover how Albert made sure his move was the right financial decision.

Since losing his wife, Albert, 70, has been struggling to cope with the family home. Here’s how he made the move to the comfort and security of a retirement community. 

Making life easier

Albert is financially comfortable, but since losing his wife six years ago, finds maintaining the family home has become an increasingly heavy burden. Now 70, he’s decided it’s time to sell the house and move into a retirement community, but he’s not sure about the possible financial implications. 

Gathering information

To make an informed decision, Albert and his daughters carefully researched retirement communities, including: 

  • entry and exit costs
  • ongoing fees
  • ownership structure

After identifying his preferred community, Albert discussed his situation with a licensed financial adviser, who was able to outline the financial implications. Working together, they created a plan that ensured Albert would be able to maintain his lifestyle in the retirement community over the longer term, including: 

  • how to best structure his assets (including the capital from selling his house) to provide income
  • managing his expenses, cash flow and income
  • planning for later ill health or aged care needs, including funeral planning

Three older men sitting together and one of the older men is laughing

A plan for the future

As the sale of his house would change Albert’s financial situation, his adviser explained that it was a good time to plan for the future. By working with an estate planning lawyer and a licensed tax accountant, Albert was able to ensure his will was valid and could structure his finances and assets in a more tax-effective way.   “It’s such a relief to know I can enjoy an active and enjoyable life, while also making the best possible provisions for my daughters,” Albert says.

Making the right move

By carefully researching his options and getting the right advice, Albert has real peace of mind that he’s made the right decision. He feels confident he can enjoy his retirement to the full while doing the best for his family.

Tips for funding a move to a retirement community

If, like Albert, you’re considering selling your house to move to a retirement community, you’ll want to be sure it makes financial sense. Listed below are some of the most important questions you need to consider.

Important information

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