The sordid reality of retirement villages: Residents are being milked for profit
7 hours ago
- #financial exploitation
- #retirement villages
- #elderly care
- A retirement village scene depicts an elderly woman falling and left unattended due to liability concerns.
- Retirement villages are marketed as luxurious but often involve high costs and hidden fees.
- Residents face service charges averaging £524/month and ground rents over £500/year.
- Properties often depreciate, with families liable for fees even after death.
- Many residents volunteer, reducing staffing costs but raising ethical concerns.
- Despite benefits like reduced loneliness, the system exploits elderly finances.
- The UK faces a shortage of retirement homes, with 3,000 more villages needed.
- The Leasehold Reform Act 2024 excludes retirement villages from protections.
- Ageing in these communities often means loss of dignity and financial exploitation.