Across Australia, each State or Territory has its own legal definition of what a retirement village is. For the purpose of this article, we will be focusing on Victoria’s retirement villages. According to the Consumer Affairs Victoria website, a retirement village is: A community where:
- most residents are aged 55 years or over or are retired from full-time employment (or are spouses/partners of such people). Residents are provided with accommodation and services, other than services provided in a residential care or aged care facility, and
- at least one of the residents, as a contractual condition of entering the retirement village, paid an ingoing contribution that was not rent. It does not matter who made that payment, or whether it was a lump sum or by instalments.
You don’t have to be retired to make the move into a retirement village. In fact, moving into a retirement village before you transition from full-time or part-time employment is a great way to ease into your new community and reduce the angst of taking on several life changes all at once a few years down the track! Some residents of retirement villages never actually retire and continue work in a part-time or voluntary capacity because they want to.