South Africans have become known for their poor preparation in saving for retirement. One of the main reasons contributing to this reality is that most are living in debt.
“Home-based care outside of retirement homes works out to be expensive, and the services supplied are not consistent, for example, you will get a nurse’s services for eight hours with one carer, while within retirement living, you have 24-hour nursing assistance and other healthcare services tailored to your needs,” says Cameron.Mount Edgecombe Retirement Village developer representative and Director of Cameron Property Group, David Cameron says the World Banks findings show that approximately 86% of the South African population have borrowed money within the last year.
Cameron shares his expert opinion on the matter and sheds some light on their recent case study.
“We understand that costs vary and depend on each individual’s healthcare needs, however, one of our recent case studies researched the cost of home-based care outside of a retirement village,” he says.
“We saw the cost for two weeks’ worth of home-based care services, outside of retirement homes, were in excess of R20 000, with the working hours between 8am to 6pm on a rotational basis,” says Cameron.
With most South Africans living in and continuously spending most of their income on paying back their debt, Cameron says little money is put aside for retirement, resulting in 47% South African retirees being unable to live independently of others.
With most South Africans living in and continuously spending most of their income on paying back their debt, Cameron says little money is put aside for retirement, resulting in 47% South African retirees being unable to live independently of others.Cameron says due to the insufficient funds saved and spending of provident funds, coupled with bad planning, when it becomes time to retire, many can’t afford to.“This spirals into a series of events, from working for a longer period, to retirees having to move into a family member’s home and using home-based care outside of a retirement home,” he says.
“When retirees reach the age where they need healthcare services more often, and can’t rely on family members to take care of them 24-hours a day, home-based care outside of a retirement home is used as a quick solution.”
Cameron says this service might seem the best and convenient solution for the limited funds one has, but it has a number of limitations, and generally is a higher cost and becomes tedious to maintain compared to the services you would get from a professional retirement estate, like Mount Edgecombe Retirement Village.
“Home-based care outside of retirement homes works out to be expensive, and the services supplied are not consistent, for example, you will get a nurse’s services for eight hours with one carer, while within retirement living like Mount Edgecombe Retirement Village, you have 24-hour nursing assistance and other healthcare services tailored to your needs,” he says.
“Not to mention the premium lifestyle facilities on offer for residents to use.”
He says other concerning factors related to home-based care outside of retirement facilities include the risk of having nurses being underqualified, opening your home up to strangers, nurses not having anyone to be accountable to - and therefore not doing their job properly, and the possibility that the person may be unreliable and not come to or arrive late to their shift.
Although home-based care outside of retirement homes seems convenient, Cameron says it is a result of someone not thinking, planning or saving for when they need it.
“Mount Edgecombe Retirement Village has thought about your retirement, and has researched the retirement market, setting the bar high by making healthcare their priority facility,” he says.
“The basis of Mount Edgecombe Retirement Village’s intention is to provide world-class healthcare to their residents and make your golden years easier. Teaming with South Africa’s leading healthcare provider for the elderly, Totalcare, Mount Edgecombe Retirement Village has gone a step further in also incorporating a R95 million frail care centre for residents and the public.”
Cameron says the Collins Group are the developers behind Mount Edgecombe Retirement Village.
“Their retirement village has fast become the ideal retirement solution, is selling at an exponential rate, and leading experts in the residential and retirement development industry,” he says.
Cameron says Mount Edgecombe Retirement Village is nestled within the already established Kindlewood Estate, and will comprise of approximately 260 units. These units will offer one, two and three bedroom sectional title units, as well as a limited number of freestanding homes.
“The Retirement Village has been designed to provide the ultimate in spaciously comfortable living, and residents will enjoy a community-focused estate, with unlimited use of the facilities within the estate,” says Cameron.
For more information on the retirement village, visit the website.
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