The South Australian Retirement Village Survey 2016 has revealed that 23 per cent of the respondents received no advice before signing their contract.

Another quarter thought that their understanding of their contract was average or poor while very few had received legal or financial advice before signing, according to the research by the Office for the Ageing (OFTA) and the University of Adelaide’s Australian Population & Migration Research Centre.

The survey, which received over 2,000 responses from 240 villages across South Australia, found another 22 per cent didn’t know what type of payment they made to buy into their retirement village.

22 per cent also didn’t know what happens financially when they leave their village.

But in good news, the survey did found that the majority of residents enjoyed village life and would recommend it to their family and friends, with the main reasons for choosing retirement village living including moving to a smaller home, convenience and affordability.

The lesson? Village life is a great way to enjoy your retirement – but you should always seek legal and financial advice before signing a village contract.