Retirement village residents reach breaking point
As the cost of living soars to new heights, many retirement village residents are struggling to make ends meet
The rising cost of food, energy, and other essential items has put a severe strain on the finances of many older Australians, including those living in retirement villages.
A recent survey by the National Seniors Australia found that more than half of retirement village residents are now struggling to make ends meet. The survey also found that a growing number of residents are skipping meals or cutting back on essential medications in order to save money.
The situation is particularly difficult for those residents who are on fixed incomes, such as pensions or annuities. With no way to increase their income, they are being forced to make difficult choices about how to spend their limited resources.
Some retirement village residents are being forced to sell their homes to make ends meet
For some retirement village residents, the only way to make ends meet is to sell their homes. However, this can be a difficult decision, as many residents have strong emotional attachments to their homes.
Selling a home can also be a financially risky move. If the market takes a downturn, residents may not be able to get as much for their homes as they had hoped.
The government needs to do more to help retirement village residents
The government needs to do more to help retirement village residents who are struggling to make ends meet.
One way to help would be to increase the amount of financial assistance available to low-income seniors. Another way to help would be to introduce new policies that make it easier for seniors to stay in their homes.
Conclusion
The rising cost of living is having a devastating impact on many retirement village residents. The government needs to do more to help these residents stay in their homes and maintain a decent quality of life.
References
- More than half of retirement village residents struggling to make ends meet
- Retirement village residents selling homes as cost of living bites
