Associate Professor Tim Kyng
Retirement village calculator
The retirement village (RV) calculator is a significant project funded by Financial Literacy Australia involving a free online financial calculator that helps senior citizens understand retirement village contracts and compare different offerings. This multi-disciplinary project involved actuarial science, financial modelling, programming, legal issues, communication of complex ideas and evaluation of the impact on consumer’s financial literacy and decision making.
The free calculator, available at www.rvcalculator.mq.edu.au, takes the complex range of fees and calculates a simple ‘equivalent monthly rent’ for the years of residence, simplifying an often-complex fee structure and helping consumers to easily compare the costs of different retirement villages.
Content owner: Department of Actuarial Studies and Business Analytics Last updated: 08 May 2019 12:15am