Authors: Troy Churton, Nigel Matthews
Published: 12 October 2022
Pages: 33

Introduction

Over 48,000 residents in 450+ retirement or lifestyle villages around New Zealand call their village “Home”. 14% of all 75+ year olds reside in a retirement village and by 2035 that demographic is expected to double, and retirement village operators are rapidly expanding in an effort to meet that future demand.

Even with the pending legislative review of the Retirement Villages Act, we believe more law firms working in this sector will need to enhance the way they deliver trusted, helpful, relationship-focused advice with their older clients.

Aged Advisor New Zealand has dedicated the last seven years specifically to helping thousands of prospective and existing residents navigate village life in Aotearoa, and now we would like to share insights with lawyers and offer a broader lens on the industry. We gratefully acknowledge the voluntary work of the Retirement Village Residents Association of New Zealand for many of the case studies that are shared in this paper or in presentations. The RVR provides valuable support to older New Zealanders, working to ensure they are properly informed about aspects of their ORA, village life and how it may impact them.

This paper is specifically designed to inform Law Society members in their first year or two of practice, or help more experienced general practitioners that are either new to retirement village work or wanting a broader understanding from the clients perspective.

Content outline

• High level industry overview
• Why do people look at retirement villages?
• Pre-entry
• Money in
• Money during
• Money out