Inside our retirement villages; trouble in paradise?

Inside our retirement villages

When Metlifecare slipped into regular communications to residents in 2015 and 2016 that the entry age had been raised from 55 to 65 and then 70, the culture of the village began to change. It was the start of a process that found them in a formal dispute with the company.

The vibrant mixed age community they had bought into began to feel like a rest home, the very thing that the Joneses chose The Poynton to avoid. The four had chosen a lifestyle village for active retirees, not a facility for people unable to look after themselves independently.

The faster they age the quicker the profit

Metlifecare’s motivation for the change, the Poynton four argued at the hearing, was to compress the number of years before it could re-sell the apartments to realise the profit. McKenzie himself is a Metlifecare shareholder, and says recycled apartments are more profitable at 48 percent compared to new apartments at 36 percent.

via newsroom nz Inside our retirement villages