Retirement Villages

Primetime videos

If you want to understand what is in the Primetime system and how to use it, send a request for a link to the Primetime Youtube Channel where you can view each of the separate videos. There are 30 videos all covering how to use the system, each of the different aspects and tools.

For subscribers these are also contained within the support section of your account.

Understanding the long term financial impact of downsizing

Not understanding the longer term impact of downsizing can result in over $400,000 in wealth loss over 10 years according to the analysis performed by Primetime.

Pro active longer term planning over accommodation choices are vital for many people and understanding all the in and outs can be the difference in affording quality health care later in life and having enough funds to comfortably support a couple through their lifetime.

Lifestyle villages can offer security,social stimulation and great facilities which in turn has long term benefits to mental and physical health but the financial costs can be high as well and the devil is in the detail.

See the following case study showing downsizing can cost you big time .

Media release down sizing case study

Start planning for free now

Latest product launched-planning support for families with older parent (s)

Dealing with the sensitive matters of getting more involved with helping parent (s) plan when they are ageing.

Due to overwhelming requests from families who want to help, but are struggling to manage their ageing parents, I am pleased to have built and now launched the Elderplan support package which is now available on subscription. Simply contact us directly.

The package is specifically for families or advisers to be able to effectively support older family members and help them maintain the highest possible quality of life, for the longest possible time.

This planning helps deal with some of the bigger issues faced by the elderly, such as exposure to elder abuse, residential aged care, and loss associated with the incapacity or passing of a loved partner.

The package adopts the holistic “Primetime” approach covering the matters set out below. Planning includes the full suite of Primetime tools and functions such as the personal reports, live online action planner, electronic filing cabinet, tools, checklists and referral service.

The plan works on the key premises of Evaluation > Engagement > Empowerment

Evaluation by family-What are the current circumstances and feelings. Needs, family dynamics, communications, current status, knowledge, exposure and vulnerability.

Engagement- Working on the dialogue to get the ball rolling. The biggest issues can be reluctance from a parent to accept help. The process involves discussion and agreement, between parents and children, across siblings, and with others.

Empowerment-Taking action, determine who does what, coordinating, and covering all bases

Crucial to compare retirement villages and crunch numbers before signing a contract

Check this table out to see how the exit fees range for different retirement village operators. There is also an example of how the calculator measures and calculates a contract.

This is a summary of actual contract terms from 6 different retirement village operators using the same price and time assumptions. There is also a copy of the calculator tool to show how the numbers are arrived at.

Comparison 6 VILLAGES

Primetime exit fee sample 5

The key points are:

Exit fees can cost over $200,000 after 10 years or more.

The difference from the highest to the lowest exit costs can be over $100,000.

As well as this, exit fees typically cost significantly less per year if staying long term so you need to make sure you will be happy and don’t want to exit early on.

Some contracts are capped over a shorter period but take higher percentages early on so estimating the length of stay is important when comparing.

As part of the Primetime planning system I developed a tool that could compare retirement village exit fees for different time frames. This is necessary as the contract terms vary significantly. As part of the testing I took six retirement village contracts and plugged the terms into the tool to make sure the tool could adapt to different terms.

It did work but the thing that was most amazing was the difference in fees that each village operator charged. Not only did they vary significantly but they also varied depending on how long a person stays. For example one village operator had significantly lower exit fees after 5 and 10 years but was the most expensive after 20 years.

As well as the exit fees the other key financial issues to consider are:

What would it cost (transaction costs) to sell my home and enter into a retirement village property?
If I free up cash on moving to a retirement village will this affect my age pension? For example a report indicates that a retirement village typically costs 64% of a home. That means 36% of the value of a home that is surplus will most likely end up in means testing after being invested.
How do the retirement village fees, charges and household costs compare to running my current home? Am I better off or will it cost me more each year?
How much would be left down the track if the retirement unit needed to be sold to fund aged care? What sort of standard of care could I afford?

If these matters are considered early on you are more likely to make the best choices both financially and from a lifestyle perspective.

Here is a great example of how to learn and use new technology

A challenge for Primetime (and many other market place disruptors) is how to engage people in embracing new systems and technologies which involves learning something unfamiliar and doing things differently.

Even when there is a benefit, the fear of change can invoke paralysis.

Here is an example of how the progressive retirement village operator Belswan and Primetime have collaborated to make it work for Belswans’ residents.

Belswan are making the Primetime system available for their residents at no cost.
A number of tech savvy retirees volunteer to be come the superusers. These people typically enjoy new technology and have a real desire to embrace new and improved internet services.
Primetime train up the volunteer superusers so that they become knowledgeable and comfortable they can use the Primetime system and all its components.
The superusers then train up residents who want to use the system and support the residents.
Once the residents themselves become comfortable with the system and a critical mass of people are using the planning system, residents can effectively support each other and it becomes a commonly used planning tool.
Through the act of planning discussion naturally comes up about common planning topics and issues. The retirement village residents can then source assistance and guidance to address these matters. For example this might be through getting specialist advisors or using the network of support group .

Through effective planning as well as the obvious benefits of residents having peace of mind and making better planning decisions, there are the added benefits such as the residents and the operators developing stronger social bonds and support for each other.

Belswan hosted a community event in August where they asked Primetime to provide a detailed presentation on the Primetime planning system. When, during question time, the managing director Kevin Phillips announced to the group that they would provide the system at no cost to the residents, there was instantaneous rousing applause.

Here is the link to the event summary. https://belswan.com.au/news/belswan-hosts-primetime-presentation/