The State Government has launched a four-point plan designed to offer retirement village residents more protections.

Minister for Innovation and Better Regulation Matt McKean says that the plan will put consumers first by making fees and charges in contracts more transparent and giving residents the tools so they can compare costs.

This will include introducing an online calculator that will help prospective residents, and their families, better understand the costs of living in a retirement village.

An inquiry will look at all registered retirement villages across NSW and their compliance with the Retirement Villages Act 1999 headed up by Kathryn Greiner AO (pictured).

Ms Greiner says the inquiry will aim to make sure both current and future residents have all the information they need to choose the right retirement village for them.

After all, moving into a village is a lifestyle choice, and living in a relaxed, maintenance-free, relaxed environment surrounded by a community of friends and neighbours.

You can find more information about retirement village finances and contracts in our Video Information Centre.