Alternatives to traditional retirement living

Although settling long term into the family home is attractive for some, it isn't the only option for over 50's these days. When considering retirement options it is important to consider what you want from your lifestyle ahead. You may wish to travel often and seek a gated community that is easy to lock and leave, or simply be amongst like-minded people. Whether it is location or price, or lifestyle needs - there are many options to explore.

It's wise to consider your options early so you can weigh up your retirement goals - downsizing earlier can help free up finance from the sale of your home which might see you reach your retirement goals sooner than you think. You don't have to be retired to move into an over 50's lifestyle resort. You can unlock the ability to downsize while you're still working or semi-retired and enjoy the benefits of these purpose-built communities sooner.

If you’re 65 or over and downsizing, you may be eligible to take advantage of the downsizer super contribution. This is a voluntary after-tax super contribution of up to $300,000 per person (or $600,000 per couple) using the proceeds from selling your main property. It is best to get professional advice to see what is available for you, you might find there are more pros than cons to selling the family home. Speaking to your local real estate agent, or researching recently sold properties in your area, is a great place to start.

For those that still enjoy a garden and a place to call their own, the lifestyle resort option is a growing and popular choice. This living arrangement is targeted at active retirees and offers affordable yet contemporary housing options where you own your home and lease the land it sits on. These Resort communities, like Solana, also offer exceptional facilities like lawn bowls, tennis courts, swimming pools, shared recreational areas and a cinema room which are also covered in your weekly fee. Plus, you have the added bonus of paying no entry or exit fees, no stamp duty and you are able to sell your home down the track, keeping any capital gains.

A traditional retirement village often requires you to pay an ’entry price’ and upon departure, a deferred management fee or departure/exit fees are then paid from the sales price. This arrangement can suit those who intend on staying long term with ageing support.

If you would like to explore your options at Solana, our team have plenty of experience in downsizing and can help you discover what options can work for your individual situation. Whether you need help finding an agent, want more information on government incentives or simply want to have a stroll around our coastal resort, the team would love to connect and show you around.

Get ready for holiday mode to be your full-time job!