Whether you’re creating a retirement living plan for yourself or your loved one, you’ll always want the best living arrangement there is in your community. And although there is a lot of information about retirement plans out there, it is essential to understand your options and which plan will lead to an exceptional quality of life throughout your golden years.
What are the types of retirement living available in Australia?
Retirement Villages – a traditional retirement living plan, these are the oldest form of retirement accommodation available, with over 180,000 Australians living in villages today, across 2,748 villages. Living in these villages is generally an affordable option; hence it’s growing popularity.z offer the older population safety, security and social interaction. Most village homes in Australia are on a leased-type basis. Therefore, generally, retirees can not own houses in these villages.
Land Leased Communities (LLCs) – are also called “resort communities”, where most residents are young retirees (around 50+ years). The idea of this type of retirement living community is that they offer a gated estate where you will buy the home’s physical structure but rent the land that the house stands upon. It has been increasing in popularity because of the resort-style amenities, from swimming pools to tennis courts to parking for recreational vehicles, gymnasiums, cafes, and other club facilities.
Serviced Apartments – Another option for retirees is the serviced apartments where services for daily necessities like cleaning, preparing meals, and essential household deliveries are managed and given to the clients. Like retirement village homes, serviced apartments are not destined to be owned and are generally for leasing only—this living best fits retirees who don’t need big spaces.
Assisted Living or Home Care Retirement Villages – a relatively new concept in the retirement living community, home care retirement villages offer high-level aged care support in your own homes. The payment for this arrangement of care is set- up like an insurance policy. You or the retiree will pay a weekly amount, similar to a subscription for care, which will only increase if there are significant changes for the care needed. One of the advantages of this arrangement is that there is no need to move to an aged care facility or retirement village. The client gets the care they need in the comfort of their own home.
Co-located villages – this is another type of long-term retirement living option. Co-located villages either have aged care (nursing homes) connected to them or an existing aged care facility in the same land block. Considered the least popular among retirement living types, only 10% of the retirement villages have co-located senior care homes.
Rental Villages – if you or your loved one is planning to retire and is looking for a place where they can be independent and there’s no need for many facilities around, rental villages are the right choice. These are gated communities where units are leased weekly, with essential cleaning services and fresh linen provided.
Focusing on inclusion and vibrant communities
Besides building an effective retirement plan, it is also essential to maintain vibrant communities, social activities and events and inclusive spaces. Being part of retirement villages gives a sense of community and a chance for the residents to interact with fellow retirees and form social groups within their villages.
In a recent survey by Retire Australia, 354 residents from 21 villages were asked how safe they felt in retirement villages. The study found 83 per cent felt safer in their community retirement homes than in their own homes. And despite the fear of contracting COVID-19, 43 per cent of the retirees are more worried about not seeing their families and friends. Because of the continuous threat of the virus spreading, retirement living communities launched several initiatives for elderly Australians to connect and engage, such as pen pal programs, virtual volunteer programs, and even video game trial programs in aged care homes. Most projects have turned to technology to help the elderly interact and connect with their loved ones during the pandemic and reduce social isolation.
The Future Of Retirement Living: Technology
As technology becomes more advanced and increasingly adopted worldwide, Australians in retirement living communities have begun trying out devices as part of their daily lives. Many have been embracing the benefits it provides, from connecting with families and friends, managing finances, schedules and household services. Here are some technology advancements that can help enhance senior living.
Virtual reality refers to a computer-generated simulation where an individual can interact with an artificial three-dimensional (3D) environment using electronic devices like goggles with screens or gloves with sensors. Organisations have been launching VR platforms that will benefit the elderly, allowing them to experience the world outside their retirement homes.
IoT refers to everything that’s connected to the internet. These technologies are physical devices such as wearable gadgets, computers, sensors and smartphones. Combining these devices and linking their systems makes it possible to “gather information, analyse it and create an action”. Such as helping individuals in their daily routines. These devices range from Smart TVs to smartwatches.
Artificial Intelligence (AI) is a computer technology that uses data as fuel and human actions to decide the output. Machines that have AI capabilities retrieve higher quality data and can anticipate our needs and decisions. According to Statista, a study suggests that by 2030 around 50 billion of these IoT devices will be in use worldwide, creating a massive web of interconnected devices spanning everything from smartphones to kitchen appliances. The AI market will grow to a $190 billion industry by 2025.
Companies that offer these solutions in the retirement industry aim to help retirement communities improve their efficiency, reduce social isolation and enhance care activities for both the client and management.
There are several benefits when smart technologies are incorporated in the aged care sectors, such as increasing operational efficiency, client data management, compliance and risk management and effective telehealth services.
In CareVision, we utilise AIoT technology to build platforms for retirement living to provide older Australians with the ultimate smart home experience with our Smart TVs, Smart Speakers and Home Control by using Amazon Echo. We also aim to help organisations streamline their services & operations and provide the best client and team experience in their communities.
If your retirement living organisation wants to stay ahead with the latest technology, please contact us at 1300 324 070 or book a free demo to learn more about how we can support your aged care community today.
Get to know more about CareVision’s platform and other products here.