Retirees' fears can be put to rest if they attend seminars on retirement
- Riverside Gardens Spokesperson
| Over 30 people attended the seminar recently organized by
the Cape Peninsula Organisation for the Aged and presented by Greeff Properties
and Simon Lloyd Properties to help clarify the issues facing anyone who
is contemplating taking retirement, especially if they are moving into a
What the meeting revealed was that there has been no mechanism for consultation and discussion about retirement for middle class people in South Africa, said Steven Gadd of Greeff Properties. As a result many people are not emotionally or financially in a position to make this all-important move, even though they are the right age to do so. Further sessions of this kind are, therefore, essential and as they have been greatly appreciated, we will certainly be organising more.
Gadd said that the life right system, in particular, needs explaining as there are many misconceptions surrounding it. The system, he said, is the most popular of all the retirement systems used in the Western world. A Life Right expert is on hand at all Greeff presentations to elaborate on this form of purchase.
In most cases where the life right system is used, said Gadd, the buyers purchase a right to live in their unit until they leave or die. This is not the same as buying the unit itself under sectional title - but it does not, as so many people seem to think, mean that you recover nothing of your original investment. At the Riverside Gardens Retirement Village (developed by CPOA and marketed by Greeff and Lloyds Properties), when the unit is resold the former occupant or his heirs are paid back the full purchase price plus 25% of the enhanced value over and above the sales price - and this is the situation with most life right sales today.
Also likely to cause concern among would-be retirees, said Gadd, is the whole subject of levies.
Many are anxious that levies will be too high or will rise later and become unaffordable. This fear, too, is unfounded as the Act stipulates that levies and escalations must be fixed for a period of three years. If, like Riverside Gardens, the scheme is run on a non-profit basis, this also ensures that levies are kept at affordable levels.
Another commonly encountered anxiety, said Gadd, is that the retiring person will feel lonely in his new environment.
The CPOAs Riverside Gardens residence provides opportunities for social interaction with a heated swimming pool, gym facilities, lounge, and
TV rooms, but also makes provision for private space in the gardens balconies and library.
It has to be stressed, said Gadd, that survey after survey have shown that the overwhelming majority of retirees in villages or communal centres live longer healthier and happier lives than their counterparts who live alone - and are infinitely more secure than if they were still in a typical residential property. This factor is particularly comforting to their offspring, who can relax knowing that, should they encounter any serious problems, health or otherwise, there will be staff on hand on a 24/7 basis to look after them.
The next talk in the retirement advice series, said Gadd, will be held on 28th July at Riverside Place in Alnwick Road in Diep River. The time is 2:00 pm for 2:30 pm.
For further information contact Steven Gadd on 021 761 4120.
Article by: Riverside Gardens