What to consider when choosing where to retire

Deciding where to live in retirement is a chance to create a new home that more closely matches what you want from your living spaces and the community around you. So what are the things you need to consider when choosing where to retire?

Over-55s communities, just like people, come in all shapes and sizes. A big part of your enjoyment in a new community will be time spent with other residents.

"Do your research on accommodation, facilities and care options, and the legal and financial arrangements that apply, but be sure to look beyond these. Register to attend events, arrange a tour and talk to the residents to find out what life in the community is really like." said retirement living expert Rachel Lane.

Do you want to live in a house with a garden, an independent living unit or even a serviced apartment? "Perhaps the most important aspect of your search is going to be finding out as much as you can about accommodation options... the actual living spaces should be one of your primary considerations," said Merryn Bray from Centennial Living.

Ask about the social activities and facilities on site and find somewhere that suits your interests. Check out the community centre and sporting facilities.

Your legal ownership has wide reaching implications so it's important to know what it is, what rights and responsibilities are attached to it and how it will impact on your pension entitlement and eligibility for rent assistance.

"Retirement villages are governed by the Retirement Villages Act in the relevant state or territory, while lifestyle communities can be governed by the Residential Land Lease Communities Act, the Manufactured Homes (Residential Parks) Act or the Residential Tenancies Act," said Ms Lane.

Villages often have important features that help ensure the safety of residents, such as a qualified nurse on hand. "We encourage you to consider what you would like from your choice of retirement village when it comes to safety and security," Ms Bray said. In many cases apartments or units are equipped with 24-hour emergency call systems.

The costs of moving in and out of an over-55s community vary. In some there are different payment options to consider and one may suit you better than another. The type of community you live in or the amount you pay for your home will determine whether you are a homeowner or not for pension purposes, as well as your eligibility for rent assistance. Break the costs into three categories - ingoing, ongoing and outgoing - so you can compare the costs for each option.

Make sure your budget incorporates the costs associated with living in the community (general service charge or site fees plus personal expenses). If you are going to receive extra services such as meals, domestic help or care include these on top of the other charges. Don't forget to budget for holidays, Christmas and birthdays.

Some people are reluctant to talk about their future but it's important to discuss your plans and options with those who are most important to you. Talk about why you are considering downsizing, whether it be to reduce your maintenance responsibilities or to open yourself up to new social connections and community living.

Crunching the numbers can be complicated. A financial adviser who specialises in this area can help you get it right. "Money isn't everyone's favourite subject, but understanding the financial commitments you take on when moving into a village is an important part of the process," said Ms Lane.

"We recommend enlisting the help of a professional, like an accountant or financial planner or solicitor," Ms Bray said. "They can help you understand the sorts of commitments you can make and will ensure that everything is appropriate to your needs." Make sure to ask about the types of contracts on offer and unit buy-back schemes.

Balmoral Over 55s Lifestyle Village suggests visiting a number of villages and talking to the residents and staff, as well as discussing the choices with family, friends and advisors. Book ahead for a tour of the site. And trust your instincts.

"While there are many different financial, legal and physical aspects to investigate between different villages, in one essential way choosing a retirement village is no different from choosing your previous homes; that sixth sense that tells you where you feel most at ease.