Living in a hotel full time 1/3 cost of Seniors Home

Discussion in 'Money Management & Banking' started by Terry_w, 22nd Jan, 2020.

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  1. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Plus Member

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    64-year-old Terry Robison is a working-class retiree trying to make his money last throughout the remainder of his life. And Holiday Inn is the clear winner.

    That’s according to a Facebook post from Robison in which he evaluated the per-day cost of staying in a retirement home for seniors and the daily cost of staying at a Holiday Inn. Robison found out that when applying the senior discount he qualifies for, the Holiday Inn would cost less than $60 per day. The senior home, on the other hand, cost around $188 per day, making it more than three times more expensive than the hotel chain.
    Retiree to Spend Rest of Life at Holiday Inn, Since It's Cheaper Than a Senior Home
     
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  2. Scott No Mates

    Scott No Mates Well-Known Member

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    When you consider a self-funded place in a single room at a typical Sydney Nursing home willl set you back $500k->$1m in a bond then >>$5K/month, the US is a cheap solution (until you have to pay for medical expenses).
     
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  3. Archaon

    Archaon Well-Known Member

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    Wouldn't the seniors home include food or no?
     
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  4. Morgs

    Morgs Well-Known Member Business Member

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    Just do go for the room service.

    Presumably an all inclusive around the world cruise wouldn't cost too much more once you nett it all out... unless you need medical...
     
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  5. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Plus Member

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    There is another article that I posted on here about an elderly woman who is permanently on a cruise. from memory it was costing her about $80k per year including everything - prob US$
     
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  6. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Plus Member

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    Looks like you were the poster about the lady on the cruise ship

    A Different Lifestyle [Travel & Holidays]
     
  7. datto

    datto Well-Known Member

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    Cheapest way would be to coach surf. You could help out by doing choirs such as mowing the lawn and a bit of tidying up.

    For free food you could drive their kids to school (using their car but try to avoid screeching the tyres, especially with the kids in there).
     
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  8. gman65

    gman65 Well-Known Member

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    The finances really depend on how long you intend to stay until you "check out"... ;)
     
  9. Marg4000

    Marg4000 Well-Known Member

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    You won’t get much of a hotel room for $60 per night!
     
  10. Scott No Mates

    Scott No Mates Well-Known Member

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    Is there a special knack to coach the surf? :confused:

    What sort of choirs would you do? I can understand cutting the neighbour's grass, hocking what you find in their backyard and dumpster dive for mains.
     
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  11. The Y-man

    The Y-man Moderator Staff Member

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    I thought coach surfing was like train surfing, but you do it one a big bus....

    The Y-man
     
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  12. The Y-man

    The Y-man Moderator Staff Member

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  13. Silverghost

    Silverghost Well-Known Member

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    The article says that breakfast is included at Holiday Inn. So you could eat up big at breakfast, top up with a few snacks during the day, then raid the mini bar in the evening.
     
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  14. Hetty

    Hetty Well-Known Member

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    Some of these places are absolute scams too. Four Corners did a story on it a while ago, people paying huge bonds and having their money stolen. I was worried when my father bought into an over 55s complex that he was being scammed. Luckily he wasn’t, he actually owned the property, and a year later when he died I got about $550k more than he bought it for. But I digress. Many of these places are terrible, certainly have to do your research if you’re considering one.
     
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  15. geoffw

    geoffw Moderator Staff Member

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    Sing for your supper?

    Another suggestion: do chores :)
     
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  16. willair

    willair Well-Known Member Premium Member

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    i'll give you one thing Mate ,you are always way ahead of most people and depending on what clothes you wear and the target area could end up a full time job..

     
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  17. balwoges

    balwoges Well-Known Member

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    I wrote some time ago about the cost of a nursing home and how most dont factor this in when you retire, because some of you will need care. During the time my husband spent in a nursing home [4 years] the cost went from $1,800 per month and was just about to increase to $2,600 per month, over $30,000 per annum. :eek:
     
  18. moridog

    moridog Well-Known Member

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    Yes, my friend us in care and I work in an allied industry, he has paid the premium rate, I don’t want to call it extra services (?!) but that is how they refer to it. Often it means they keep undesirable residents out, dementia sufferers who vocalise for example. It may include the paper, a glass of wine and more luxurious surroundings. It all sounds good but remember the extra daily fee is every single day so you could quickly plough through capital. Flasher environments do not equate to better care believe me.
     
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  19. Scott No Mates

    Scott No Mates Well-Known Member

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    I know of similar cases where the accommodation bond has doubled (to over $1m) and the daily rate is more than double of what you were paying ie >$6k/month.

    If the bond isn't paid, they're charging closer to $8k/month.
     
  20. Paul@PFI

    [email protected] Tax Accounting + SMSF Business Plus Member

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    There is aged CARE (Commonwealth) and seniors accommodation (state based). To access aged care you need to meet a Centrelink test. Anyone who may pass that may find a hotel unwilling to keep them .

    Hotels are allowed by law to ask you to leave. They do watch for "weird guests" and keep tabs on long term stayers, prostitutes and even people who operate a business from the room or people with hygiene and care issues. Cleaners have a double role. You have no right to occupancy even after paying. eg Home Alone 2 !!

    Older people do it on cruises and they can also punt you if they consider you are at risk. The ships Doctor can assess you and... bingo, you are on the next wharf.

    Here is the killer. Public hospitals can punt you. Yep. If a hospital considers they cant medically or surgically treat you despite having care and medical issues then its off to a care facility (aged, palliative, rehab etc) and you cant object after they drag you into a meeting and hand you their opinion. Family either unless they have guardian powers. They do try to involve family but legally can ignore you.