Retirement means different things for different people but regardless of how you plan to spend your days once you stop working it is important to decide carefully where you want to live when that time comes.

Whether you plan to stay in the family home, downsize or move into a retirement village thinking head is the most important thing you can do according to David Johnston, of Property Planning Australia and this involves understanding your finances before you set your heart on a major move.

National Seniors Australia chief advocate Ian Henschke recommends retirees should obtain  information about such things as pension eligibility, stamp duty or bank fees  and seek professional advice about the costs of downsizing and moving and navigating retirement village contracts and leasehold arrangements, which are different from real estate contracts.

Downsizing frees people from doing home and garden maintenance, to pursue part-time work and leisurely activities, and enjoy the most of life according to Ben Myers, the executive director of Retirement Living at the Property Council of Australia.

Our “ease of living” becomes increasingly important as we age. This includes proximity to public transport, shops, medical centres, health clubs and community centres particularly if  driving  becomes difficult. And with home safety and security in mind many people choose single level properties with easy to navigate floor plans in case health and mobility becomes an issue.

Opportunities to be socially active outside of their family – through friends, clubs or retirement villages is vitally important for some retirees and some developers are now designing luxury apartments exclusively for the over-55’s market giving residents a lock up and leave lifestyle in a community of like-minded people.