Cost of Retirement

The government provides funding to aged care providers, but expects those who can afford it to contribute to the costs. Retirement homes offer considerable flexibility. In many arrangements, retirement homes offer packages that include accommodation and services -- say, is phone service part of the package?

Retirement home cost refers to purchase price, the moving costs to include stamp duty, removal costs and legal fees, and the on-going costs, such as service charges, daily care fees, accommodation charges or an accommodation bond.

Here is a simple Cost Guide: daily/monthly rate; charges for additional services; type of notice period required should you need, or decide to move; average annual rate of increase over the last few years; and, ask these questions: How often are rates for accommodation and/or services increased?, Is there a resident petty cash account with separate accounting?

When at point perplexed, it is a good idea to seek financial advice about the types of fees you will be charged.

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