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Explore housing options that suit your needs, lifestyle and retirement budget.
Questions to help you decide where to live
Retirement can be a good time to think about where you want to live and how your housing costs might change.
Housing options in retirement may include staying in your current home, downsizing, renting, moving to a retirement village, or accessing aged care services if you need extra support later in life.
There's no single right choice. The best option depends on your finances, health, lifestyle and support needs.
Questions to consider include:
- What is my current financial situation? For example, do I own or rent my home, have a mortgage or other debts, or support someone financially?
- How might my housing costs change in retirement?
- What support might I need as I get older?
- Do I want to stay close to family, friends and services I use regularly?
- What type of home and lifestyle would suit me in the years ahead?
If you own your home
Staying in your home in retirement
Many people choose to stay in their own home during retirement. It can offer stability, familiarity and strong connections to local community networks, family and friends.
If you’re considering staying in your home, it may help to think about:
- Will I need to make changes to my home in the future to make it safer or easier to live in? For example, installing ramps, handrails or other accessibility features.
- How easy is it to access public transport, shops, healthcare services and community activities?
- Do I need help with day-to-day tasks such as cleaning, shopping or gardening? Government-funded services may be available through the Commonwealth Home Support Programme.
- Could I use my home equity or refinance my home to help fund my retirement?
Some of these decisions can affect your partner, family members or others you live with. Before making major financial decisions, you may want to consider getting financial advice.
Downsizing in retirement
There are many reasons people choose to downsize in retirement. You might want to reduce maintenance, move closer to family or services, or lower your ongoing housing costs.
Downsizing may free up money for retirement, but it can also involve moving costs and may affect your Age Pension and other government benefits.
For more information, see downsizing in retirement.
Maureen and Gary's experience of downsizing
With their five children no longer living at home, Maureen and Gary started to think about whether their four-bedroom family home still suited their needs.
They considered the cost of maintaining a large property, their future mobility needs and the type of lifestyle they wanted in retirement. After researching their options and speaking with their bank and super fund, they decided to sell their home and buy a smaller apartment with no stairs.
Although moving involved costs, they felt the change would better support their lifestyle and finances in retirement.
If you rent your home
If you rent your home, think about how rent will fit into your retirement budget.
If private rental housing becomes difficult to afford, some community, church and social housing providers may offer alternative housing options.
If you receive a Centrelink payment, you might be eligible for Rent Assistance.
If you're concerned about staying in your rental property or understanding your rights as a tenant, contact your state or territory tenants' service:
- Australia Capital Territory — Legal Aid ACT Tenancy Advice Service
- New South Wales — Tenants' Union of NSW
- Northern Territory — Darwin Community Legal Service Tenants' Advice Service
- Queensland — Tenants Queensland
- South Australia — RentRight SA
- Tasmania — Tenants’ Union of Tasmania
- Victoria — Tenants Victoria
- Western Australia — Tenancy WA
If you need help with housing or other support, see get help in retirement.
If you need to move into residential care
Help at home and aged care options
Some people need extra support as they get older and may choose to access help at home or move into residential aged care.
The Australian Government’s My Aged Care website can help you understand your aged care options and access subsidised services. There are also many retirement villages and other retirement living options available, each with their own costs, services and contract arrangements.
Before making a decision, take time to understand the fees, ongoing costs and eligibility requirements.
For more information, see aged care.
If you’re buying a unit in a retirement village, get advice from a solicitor. Make sure they have experience with retirement village contracts and the Retirement Village Code of Practice in the state or territory.
Key takeaways
- Think about how your housing choices could affect your lifestyle, finances and future support needs.
- If you rent your home, check if you’re eligible for rent assistance.
- Create a budget for your housing and living expenses and compare it with your retirement income sources.
- Consider legal or financial advice before making major housing decisions.