You can still have it all while living smaller

That's the advice from the people at Waterford Estate Retirement Living in South Australia's Murray Bridge.

"If you're looking at downsizing, we would suggest considering the following in an attempt to clarify your needs and your true desire to 'live smaller'," said Waterford Estate's sales manager Sam Snoad.

"Work on organising your current possessions as well as giving away or selling any non-essential items. Once this is done you'll be able to better assess what it is you'll be truly aiming to fit into a new home, as well as what you can and can't live without," she said.

"Be honest about what you really need, because making a couple of sensible sacrifices now can really help you maximise the space in your future home."

She also advises doing a 'trial-run' in your own home.

"Try cutting one or more of the rooms out of your current home. Re-arrange the items from this room neatly in to others, then shut the door on the empty room for a couple of weeks and see what life is like with this reduced space. Do you miss the space? Do you feel ready for this as a permanent solution?

"We really like the 'trial-run' in your own home exercise. It costs you nothing and you don't have to leave your current home to get a feeling for a smaller life.

"Going through some of these steps will give you more confidence in your decision when and if you do make the move to a smaller home in a retirement village."

Located about 50 minutes from Adelaide CBD, Waterford Estate has 130 individually designed homes.

"Waterford Estate offers residents the chance to minimise the amount of maintenance required in their home, freeing up valuable time and energy for enjoying those twilight years," said Sam.

"But downsizing doesn't necessarily mean sacrificing a comfortable and spacious home. You can have it all."

Traditionally, retirement villages have offered a Deferred Management Fee model designed to allow residents the ability to preserve their weekly cash-flow by paying for the facilities and services (of the village) once they move out or pass away.

"At Waterford Estate we realise that having choice is one of the most important factors when deciding on retirement living. Choice in location, choice in style of home, and most importantly, choice in how you'd like to pay the management fee associated with accessing the many benefits that living in a retirement village brings," said Sam.

At Waterford Estate the deferred management fee is capped at 25 per cent after five years.

For anyone preferring not to have a lump sum at the end of their stay at Waterford Estate, they can opt to pay a monthly fee, as they go, thereby avoiding any large costs at the end.

"The drawback of paying these costs on a monthly basis is that it may have a significant effect on your cash-flow if you're on a pension, and particularly if you're a single pensioner. This is the reason that most residents still choose to defer these costs," said Sam.