The sale of the family home to move to a retirement village may free up some money for your retirement. Don't miss out on the chance to make the most of your opportunity to contribute to superannuation and minimise tax.

Your new financial position may mean your eligibility for age pension may change, and you may also be eligible for rent assistance. Understand what you are eligible for, apply for it, and make sure you get it.

You may have choice in how you purchase your retirement village home, with different payment options resulting in better age pension payments - work out the best deal for you.

A retirement village unit also comes with ongoing costs. These costs, as well as your eligibility for the age pension will need to be considered in planning your spending over time. If your savings run out you will not have much left to live when taking into account the costs of living in a retirement village, and you may limit your aged care options.

Funding aged care is a major part of retirement planning. While some retirement villages may offer enhanced aged care options in your unit, as well as supported living options, mobilising money for full time residential aged care may be a challenge, especially when one member of a couple remains in the retirement village unit, or if it takes time to sell your unit.

Owning a retirement village unit is not the same as owning a home, and your options to borrow money will change. The Government Home Equity Access Scheme, as an example, is not available for residents of retirement villages, meaning you have to be extra careful in your planning as there is little option to find more money if your situation changes.

NSW Fair trading has specific rules covering the operation of retirement villages, and has legislated disclosures and processes that protect Retirement Village residents. This is important information that you may miss in the process of making a decision.

In NSW there are specific disclosure documents that are part of the application process that contain important information as well as processes closer to leaving a retirement village allowing a clear idea of expected proceeds, and rights to access money for aged care.

Retirement Villages in NSW have a clear set of obligations when comes to exit that will help with planning. Knowing what to do when the time comes will reduce anxiety and make for informed decisions