ECHO Foundation | About Us | Retire Comfortably, Enjoy Life (2024)

Table of Contents
About us In 1965, the South African Red Cross Society (Eastern Cape) established a frail care facility – Laubscher Park Home – to meet the growing need for frail care in Gqeberha (formerly Port Elizabeth). Management structure: The Foundation’s mission: The Foundation’s vision: The Foundation’s values: How does it work? As a not-for-profit organisation, we pride ourselves in being able to offer affordable and accessible housing solutions for the elderly and retired no matter what their needs and preferences may be. The Process: Step 1: Step 2: Step 3: Step 4: Step 5: Rental vs Life Right In considering your age, health, plans and personal needs, you will find a perfect fit in either of our two residential tenure options. Rental contracts are for an indefinite period with the option of a one month notice period on the part of the tenant and runs for the duration of the lessee’s or the remaining spouse’s lifetime. The life right option provides the resident tenure for life, i.e. usage of the house by the purchaser and his or her spouse, with the added benefit of guaranteed admittance into the Foundation’s frail care facilities at the normal rate applicable to the liferight contract prevailing at the time of admittance. Affordability We assess your budget and needs in order to recommend the perfect village and plan for you. Our rental options fall in the range of R2 500 per month to R12 000 per month (excluding electricity, water and internet connectivity, and other ad hoc charges).Our life right options fall in the range of R850 000 and R2 000000 once-off (excluding monthly levies, electricity, water and internet connectivity). Secure your retirement today Subscribe to our newsletter FAQs References

Affordable, accessible housing for the elderly and retired

About us

How does it work?

Rentals vs Life Right

Affordability

About us

In 1965, the South African Red Cross Society (Eastern Cape) established a frail care facility – Laubscher Park Home – to meet the growing need for frail care in Gqeberha (formerly Port Elizabeth).

In the ensuing years, the Red Cross noted a need for retirement facilities and constructed a number of additional villages in the city.

But in 1989, a strategic decision was taken by the Red Cross to separate the aged care from its core functions. It was thus formally agreed that a specialised organisation be established to take over its aged care facilities and retirement villages.

This decision resulted in the formation of the ECHO Foundation (East Cape Housing Organisation) on 1 April 1991.

Today, the ECHO Foundation is a registered Section 21 Company, established as a non-profit company. The Foundation operates in the Nelson Mandela Metropolitan Municipality of Gqeberha (formerly Port Elizabeth), a coastal city situated in the Eastern Cape of South Africa.

The city is home to some 1.5 million people. The Foundation houses over 1,500 residents within its ten villages, assisted living unit and frail care facilities.

Start your application

Management structure:

The Foundation is managed by a Board of non-executive Directors consisting of volunteer members who bring to the Foundation a wide range of backgrounds, experience and expertise. The Board meets bi-monthly with the management team and are responsible for administering the affairs of the Foundation and deciding on financial and general policy. Head Office and departmental management staff are responsible for the day-to-day management and effective implementation of approved policy. Although the Foundation is a non-profit organisation, its policy is to be a self-funded, viable organisation with the ability to meet its financial commitments. The Foundation is a multi-disciplinary specialist organisation and employs some 170 full-time staff. The Foundation’s Head Office is based in South End, Gqeberha (formerly Port Elizabeth).

The Foundation’s mission:

To be a self-sustaining provider of, secure and cost-effective housing, care and community services to senior citizens of all races and religious affiliations in the Eastern Cape.

The Foundation’s vision:

To be a leader in the provision of accommodation and institutional care to senior citizens of all races and religious affiliations.

The Foundation’s values:

Respect and dignity prevail at all times when interacting with colleagues, residents and residents families. Our work environment encompasses participation, mentoring, ownership, integrity and ideas that will form the basis for continued improvements to processes, procedures and care.

How does it work?

As a not-for-profit organisation, we pride ourselves in being able to offer affordable and accessible housing solutions for the elderly and retired no matter what their needs and preferences may be.

Our services extend to those over the age of 60 who are searching for a safe and secure home in which they can live independently and enjoy unparalleled peace of mind.

The Process:

Step 1:

Look through our independent living villages.

Step 2:

Decide between rental and life right.

Step 3:

Fill in an application form.

Step 4:

Depending on the above choices, you may need to join the waiting list.

Step 5:

Move in and enjoy your retirement in a fun, caring, safe and secure environment.

Rental vs Life Right

In considering your age, health, plans and personal needs, you will find a perfect fit in either of our two residential tenure options.

Rentals

Life Rights

ECHO Foundation | About Us | Retire Comfortably, Enjoy Life (1)

Rental contracts are for an indefinite period with the option of a one month notice period on the part of the tenant and runs for the duration of the lessee’s or the remaining spouse’s lifetime.

The rental tenure option further provides guaranteed admittance to the Foundation’s frail care facilities, at the applicable monthly rate prevailing at the time of admittance. Details of rentals are available on request.

This is your ‘pay-as-you-go’ tenancy option.

If you choose to rent, you can expect to pay one monthly amount. For your own account will be the expenses of electricity, water and internet connectivity. The monthly rental includes building maintenance, security surveillance and monitoring, municipal charges (excluding electricity and water), village nursing clinics, social services and the use of all village facilities.

This option is different to the traditional lease format, as your rental contract will not have a termination date. Instead, it will be yours for as long as you or your partner live.

Should you need to relocate, you can easily terminate your lease by giving one month’s notice.

ECHO Foundation | About Us | Retire Comfortably, Enjoy Life (2)

The life right option provides the resident tenure for life, i.e. usage of the house by the purchaser and his or her spouse, with the added benefit of guaranteed admittance into the Foundation’s frail care facilities at the normal rate applicable to the liferight contract prevailing at the time of admittance.

Compared with rental like a ‘pay-as-you-go’ option, life right is the alternative whereby you pay your rent upfront for a fixed period of approximately 13 years. The advantage is that you avoid annual increases to rentals and, should either you or your spouse inhabit the unit for longer than 13 years, one would effectively no longer be paying rent.

Please note that a levy is also payable under the life right option. The monthly levy covers building maintenance, security surveillance and monitoring, municipal charges (excluding electricity and water), village nursing clinics, social services and the use of all village facilities.

This lifetime usage extends to your surviving spouse when you pass away.

It is important to note that life right is not a property investment.

Affordability

We assess your budget and needs in order to recommend the perfect village and plan for you.

Our rental options fall in the range of R2 500 per month to R12 000 per month (excluding electricity, water and internet connectivity, and other ad hoc charges).
Our life right options fall in the range of R850 000 and R2 000000 once-off (excluding monthly levies, electricity, water and internet connectivity).

ECHO Foundation | About Us | Retire Comfortably, Enjoy Life (3)

What ECHO’s new logo represents.

The tree is based on an oak tree because of its solid root structure and strength which together allow life to flourish, nurturing its inhabitants by providing shelter.

Its branches symbolize people reaching out from the ECHO Foundation.

Much like an oak, these ‘branches’ collectively extend over a large area; allowing it to provide these qualities to multiple inhabitants.

The circle forming the circumference of the tree is symbolic of a life cycle. Starting on the left of the tree and merging into the trunk and the branches, bringing the process full circle.

Start your application

Secure your retirement today

When you join the ECHO family, we commit to supporting your new lifestyle and ensuring that you have an enjoyable and exciting retirement.

Apply now

Subscribe to our newsletter

ECHO Foundation | About Us | Retire Comfortably, Enjoy Life (2024)

FAQs

What percentage of retirees have $5 million dollars? ›

Data from the Employee Benefit Research Institute, based on the Federal Reserve's Survey of Consumer Finances, reveals that a mere 0.1% of retirees manage to accumulate over $5 million in their retirement accounts, whereas only 3.2% amass over $1 million.

How much money do you need to retire comfortably in 2024? ›

That's 15% higher than a year earlier and a 50% increase since 2020. The increase is significantly more than the roughly 5% annual inflation during that period. In another survey, about 49% of workers said they needed more than $1 million, according to the 2024 Retirement Confidence Survey from EBRI.

Is $7 m enough to retire? ›

Retiring with $7 million means you can bid adieu to financial anxiety. You've amassed a significant nest egg that, when managed prudently, can provide you with a stable and worry-free income for the rest of your life. Basic living expenses like housing, healthcare and groceries will no longer keep you up at night.

Is $4 million enough to retire at 65? ›

How do I increase my retirement savings? In all likelihood, $4 million will be more than enough for you as a retiree, and you'll be able to pass a good amount on to your beneficiaries. But, if you need to save even more, know that your existing lump sum can do much of the work for you, if invested correctly.

How many people have $3000000 in savings in the USA? ›

There are estimated to be a little over 8 million households in the US with a net worth of $3 million or more.

What does the average American retire with? ›

Data from the Federal Reserve's most recent Survey of Consumer Finances (2022) indicates the median retirement savings account balance for all U.S. families stands at $87,000.

Can a retiree live on $3,000 a month? ›

But if you're past that phase of your life, setting realistic retirement expectations and moving to an affordable home can put you on track to a nice lifestyle while keeping your living costs below $3,000 each month.

What is the average 401k balance for a 65 year old? ›

$272,588

What is a good monthly retirement income? ›

Average Monthly Retirement Income

According to data from the BLS, average 2022 incomes after taxes were as follows for older households: 65-74 years: $63,187 per year or $5,266 per month. 75 and older: $47,928 per year or $3,994 per month.

What is the 4 rule for retirement? ›

What does the 4% rule do? It's intended to make sure you have a safe retirement withdrawal rate and don't outlive your savings in your final years. By pulling out only 4% of your total funds and allowing the rest of your investments to continue to grow, you can budget a safe withdrawal rate for 30 years or more.

How long will $200,000 last in retirement? ›

Summary. Retiring with $200,000 in savings will roughly equate to $15,000 annual income across 20 years.

What is the magic number for retirement savings? ›

Here's how much you would need to put into a retirement account each month, starting at different ages, to reach the $1.46 million “magic number” by age 65, according to Northwestern Mutual's “Planning & Progress Study 2024.” Figures are based on a 7 percent average return compounded daily.

What percentage of retirees have a million dollars? ›

According to the Federal Reserve's latest Survey of Consumer Finances, only about 10% of American retirees have managed to save $1 million or more.

What is a good net worth at 65? ›

Net worth is the difference between the values of your assets and liabilities. The average American net worth is $1,063,700, as of 2022. Net worth averages increase with age from $183,500 for those 35 and under to $1,794,600 for those 65 to 74. Net worth, however, tends to drop for those 75 and older.

How many retirees have 3 million dollars? ›

Specifically, those with over $1 million in retirement accounts are in the top 3% of retirees. The Employee Benefit Research Institute (EBRI) estimates that 3.2% of retirees have over $1 million, and a mere 0.1% have $5 million or more, based on data from the Federal Reserve Survey of Consumer Finances.

What percentile is $5 million net worth? ›

Americans need $5 million in net worth to join the 1% | Fortune.

What net worth is considered rich in retirement? ›

To be considered wealthy at age 65 or older, you need a household net worth of $3.2 million, according to finance expert Geoffrey Schmidt, CPA, who used data from the 2019 Survey of Consumer Finances (SCF) to determine the household net worth needed at age 65 or older to determine the various percentiles of wealth in ...

What percentage of the US population has 5 million dollars in savings? ›

A $5 million retirement nest egg puts you in the top 0.1% of households, according to an Employee Benefit Research Institute analysis of retirement accounts using the 2019 Survey of Consumer Finances.

What is the average net worth of retirees? ›

Household net worth by age
Age of head of familyMedian net worthAverage net worth
45-54$247,200$975,800
55-64$364,500$1,566,900
65-74$409,900$1,794,600
75+$335,600$1,624,100
2 more rows

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