Talk to any retirement village operator and they will share stories of people who have put their name on a waiting list, only for them to renege when the time comes for them to move in.

The reason is always the same. The children deserve an inheritance.

Yet by remaining in their home, the parents can actually eat into that generous bequest.

According to the 2021 PwC Property Council Retirement Census, the average price of a two-bedroom independent retirement living unit is $484,000, 55% of the median price for a similar sized house in the same suburb.

While village residents pay a Deferred Management Fee (DMF) on top of the cost of their unit, the Census showed that for the majority of villages, this is set at 36% or lower of the incoming price.

Weekly fees also cover all maintenance and access to community facilities, allowing you to relax and enjoy your retirement.

In contrast, if you stay at home, there are rates to pay, power bills to pay, perhaps some renovations as well as the risk of becoming isolated from the community as you age.

In a retirement living apartment, there is:

Safety, security and reassurance

Most retirement villages have a range of security features including gates and fences, cameras, and sensor lights. There is also quick access to emergency services if a person ever requires them.

Connection and community

Retirement villages offer many opportunities for residents to interact and connect, without living in each other’s pockets, through on-site recreational facilities, community rooms and social activities.

Low maintenance lifestyle

Because a retirement community is purpose-built, the homes can help to relieve some of the difficulty, stress and potential danger that comes with maintaining a house as people get older.

Independent living for longer

Moving into a retirement village is a great option for older people looking to live in a place that is more age-friendly where people can still enjoy independent living.

Maintain an active lifestyle

Most retirement living communities offer a range of activities within the village with easy access to facilities such as swimming pools, golf courses, bowling greens and gyms.

Retirement living can keep the parents happy and healthy and still give the children an inheritance.