Whether your plans include lots of travel or dedicating more time to long-neglected hobbies, there is no single ‘right’ way to enjoy retirement. But before you put up your feet, there is some homework you should do before stopping to enjoy the best years of your life. In this article, we’ll explore the pros and cons of four types of retirement living options available in Australia and some of the financial and lifestyle considerations to consider and how you can downsize for a more enjoyable retirement.  Four retirement options to explore  If you’ve made the decision to downsize your current home and eliminate the costs and time associated with home repairs and maintenance, you may be considering the following options: Leasehold retirement villages Aged care facilities Strata retirement villages Land lease lifestyle communitiesIt’s important to take your time and carefully evaluate the advantages and disadvantages of each choice before deciding, so let’s dig a little deeper.  1. Leasehold retirement villages Pros of retirement villagesLow-maintenance homes with no gardens Independent living in a community of people sharing many of the same...

Many of us have heard the terms retirement village and lifestyle resort – but, what’s the difference? While there are similarities between the two (in that they both appeal to older people who live independently and have communal facilities), but they differ significantly in ownership, costs, and lifestyle focus, with the key difference between the two sectors being the contractual and financial models that apply. Whatever option you are looking at that best meets your needs, it’s important to seek professional financial advice. The Queensland Government website has excellent guides for retirees about understanding the risks of retirement units as investments. Key differences Typically, retirement villages involve buying or leasing a home on owned land. This comes with high entry fees, deferred management fees (that range from 25-35% of your original price), and exit fees. Homeowners in retirement villages are also exposed to different rules and regulations of the operator, limiting their control – financially and in their lifestyle. Lifestyle resorts, like Living Gems, or manufactured home parks are often marketed as ‘over-50s lifestyle resorts’. Operating on a land lease model, homeowners own the home and lease the land it sits on, while...