It’s not a far stretch of the imagination to picture why people would want to retire on the Gold Coast. It’s a fantastically liveable city with great beaches, a temperate climate and a host of entertainment options. In fact, Gold Coast City Council points out that it expects residents aged 65 and over to account for 20.2 per cent by 2031. This is over double the retirement-age population in 2011 of 71,363 people.
How will people fund their retirement?
According to recent research by NAB, 11 per cent of Australians will sell their family home in order to fund their retirement living. While this may seem an unfortunate eventuality, what is worse is that 42 per cent were unsure what they would do with their real estate when they retire.
Eight per cent of respondents were planning to draw down on equity in their homes, while 40 per cent were quite content to stay exactly where they are.
The need to plan for financial freedom in our twilight years is even more apparent as recent research from the Australian Institute of Health and Welfare (AIHW) shows that Australians will live longer and be free of disabilities for a greater proportion of their lives.
This is of course, great news, but it does mean that Australians looking to enjoy their retirement should be planning for a longer period of retirement or will have to work later in their lives to make up the shortfall.
“‘Whether Australians have more years living free of disability as the overall life expectancy lengthens has important implications for population health and wellbeing and for Australia’s health and long term care systems,” said Mark Cooper-Stanbury, spokesperson for AIHW.
With an elderly population that will be increasingly healthy, it is important that people have enough savings set aside to enjoy their old age and the fantastic resources places such as the Gold Coast have to offer to retirees.
How does the Gold Coast look after its retirees?
Aside from enjoying a warm, temperate climate and a world-class city, what else can those spending their twilight years in the Gold Coast expect to experience?
Gold Coast City Council provides a wealth of information and support for seniors, including the Homewise Guide and anti-discrimination and advocacy information.
The Homewise Guide is a step-by-step document that enables people to build or renovate to a standard that accommodates people of all ages and abilities, an essential point for those who wish to continue to live in their family real estate on the Gold Coast.
Using the Homewise Guide involves incorporating “Universal Design” into your home. This means changes like having doorways of a specific width to accommodate wheelchairs or walkers, and passageways that allow for little interference in mobility. Although these changes may not be necessary now, forward planning like this can come in handy at what could otherwise be a very difficult time in your life later.
Other aspects considered in the guide are safety and security, bathroom usability, and style guides for rooms like the kitchen, as well as clearance heights and optimal working spaces.
If you are renovating your house by adding a granny flat, using this design guide may not only be a practical step for having senior family members move in with you, but could also be a great benefit when offering your house for sale.
Another useful bonus is the Council’s cab service, which for $2 each way will pick seniors up from home and take them to their nearest shopping centre. Not only is it safe and affordable, it’s a great way for the elderly to maintain their independence. For more Gold Coast City Council – Seniors Information – click HERE.
Overall, the Gold Coast is a welcoming and friendly place for seniors. Whether you are considering your own retirement options or looking at something for elderly family members, real estate in Gold Coast is a great place to start.