The retirement village ‘rip off’

Living in a retirement village is marketed as safe, low maintenance and fun. But an ABC investigation has found that contract clauses and particularly exit fees can lead to much of a resident’s life savings being lost.Today, reporter Adele Ferguson on how families are being gouged and why you shouldn’t fall for the glossy brochures. She shares the heartbreaking stories of Joan Green and Lynette Anderson, who lost significant portions of their savings due to exorbitant exit and refurbishment fees. Adele Ferguson says there's a the lack of regulation and oversight in the retirement village sector, suggesting a need for stronger consumer protections and clearer contracts.Featured: Adele Ferguson, ABC investigative reporter Key Topics:Retirement village exit feesHidden costs in retirement villagesRetirement village contractsConsumer protectionRegulation of retirement villagesRetirement village refurbishment fees