Global Ageing

Around the world the average age of the population is increasing as fertility rates fall and more people live longer, About 10 percent of people worldwide are now older than 60. This figure is set to double by mid-century, "marking the first time in human history that older people will outnumber children", reports the U.N. in a study on global ageing. This "longevity bonus" is one of the greatest success stories of the 20th Century, due to the eradication of childhood diseases and improvements in public health systems, diet and standard of living.

Most striking of all perhaps is the expected rapid growth in the population of those 80 and up. Centenarians, once revered anomalies, now number about 250 000, In fact, the U.N. estimates that by 2050 there will be 3.2 million people of 100 or older. Some forecasters see "the greying of the world" as a calamity, one that will deplete resources and cause nations to go broke.

"Absolutely not " says Bill Novelli, Executive Director of the American Association of Retired Paersons. "It's an opportunity for Governments to modernise and sensibly plan for the economic and health care needs of generations to come. It's an opportunity for employers to increase productivity by expanding work schedules, phased retirement and to creatively use their retirees by re-employing them for selected projects and servicing the community. It's an opportunity too, for individuals to plan on living a long, healthy and productive life."

Bearing this in mind then, it is important for retired people to put a great deal of thought and consideration into choosing the right retirement lifestyle, as you could be a member of that community for a long, long time!

SOUTH AFRICAN BACKGROUND

In South Africa we are fortunate in that there are over 1 500 retirement communities countrywide, ranging from very modest to very luxurious, giving a potential buyer the opportunity to make an appropriate decision.

Retirement complexes are a relatively new concept in this country. Previously, elderly people spent their retirement years in:

• Old age homes where the majority of the residents were in need of assisted living or full frail care. Government subsidies were freely available for this type of facility
• Their own homes
• Sub-economic housing schemes provided by the Government or charity organisations
• Families were able to take care of their elderly and "granny flats" became popular

By the early eighties crime became a factor to be reckoned with and a huge need arose for accommodation for retirees that was not strictly an old age home, but providede them with a secure and comfortable standard of living where they could live out their remaining years in peace and harmony and where medical and frail care facilities were close at hand.

Propert developers gradually began recognising this, and by the mid-eighties large -scale developments, which were often sold before the first brick was laid, were taking place. Unfortunately, unscrupulous developers were able to take advantage of this situation, promising that facilities such as frail care, sports and community centres would be built at a later stage. Often though, this did not happen, resulting in considerable loss and inconvenience to the owners.

These scandals, in which some retired people lost all their savings, eventually led to the Government passing the Housing Developmemnt Schemes for Retired Persons Act 65 of 1988 and amendment number 70 of 1990. This meant that senior citizens could now buy into a retirement community and know that they had the full protection of the Government behind them.

Other acts such as The Sectional Title Schemes management Act, The Shareblocks Control Act, Older Persons Act have all contributed to the financial security of buying into a retirement complex.