Where will I live when I retire?

Many questions for retirees to ponder before they leave the comfort and familiarity of a family home.

As you approach retirement age, one of the biggest decisions you face is around housing - whether to quit the family home, run away on a yacht, escape to the country, move to a townhouse, or buy an apartment or villa in a retirement village.

The latter is certainly the most common option, but it causes great anxiety for seniors and their families, so arming yourself with as much accurate information as possible is essential.

Many questions are best discussed first with your lawyer and accountant, but although they are well-placed to advise on financial and legal issues, you are the only person who can decide what will suit your personal needs.

Some questions to ask when considering retirement village life:

Do you want to remain in the same suburb or area?

Will the unit or villa suit your space and privacy needs?

Does the village feel the right size - not so large that you feel swallowed up, not so small that it's claustrophobic?

Is transport provided to the nearest shopping area? If not, is there public transport close by?

Can you do whatever you do in your own home - such as re-decorating or planting trees?

Can your friends and relations who visit use the village facilities, like the pool, restaurant and library?

Do you feel you will be able to be part of the broader community, or does the village feel isolated?

Are the other residents of similar age to you?

Is there a residents' committee that works with management?

What are the rules about pets?

If you want to take a long holiday away, can you sub-let?

Will you be able to continue living there if your health or mobility declines?

What to look out for in rest-home care:

Are there enough staff to make you feel safe?

What level of professional nursing care will you need?

How many qualified nurses are on duty at a time?

Will you have an en suite? Some medical conditions make this essential.

Are there enough emergency buttons?

How regularly do doctors visit, and are they on-site or on call?

Before committing yourself, are you able to pay a visit without making an appointment?

Some questions about costs:

What will you have to pay on entry?

What regular expenses are there?

When and how are fees increased?

What does the monthly maintenance fee cover?

Will you share in any capital gain when you leave?

Will you have to pay for any capital loss?

What will you lose if you want out after a couple of years?

What happens to your unit when you die?

Can you leave your unit to someone in your will?

Will there be any fixed costs for refurbishing the unit if it is to be resold?