If you have to retire, Sydney is one of the best cities to settle as it offers a bit of everything. For one, it is the largest urban jungle in Australia, which should keep you from getting bored if you have already retired from your job. You can spend days at the Sydney Harbour just people watching and yet not have the same experience twice. Added to that are the attractions like Hyde Park, Royal Botanical Gardens, as well as the museums and theme parks, and you can best kiss boredom goodbye.
Those who have houses in the city also opt for retirement villages in Sydney. Those who managed to plan their retirement correctly are able to purchase a luxury apartment with all the facilities for as little as $680,000. Even if you already have a three-bedroom house in Sydney, it makes sense to downsize, especially if you are already living alone or only with your spouse.
One of the most prevailing myths about retirement is that you stop working. While you can certainly do that, A Pew Research Center study revealed that nearly 2 in 10 seniors are still working part-time or full-time past the age of 65.
According to government data, about 3.9 million Australians were considered retiree age in 2018-2019. But only 55% of them were actually retired. The average age for a retiree in the country is 55.4 years old, counting those who had to leave their employment due to injury, illness, and job loss. The age of retirement is ten years younger than the average target age that people wanted to retire, which was 65.5 years old.
Why Move Into a Luxury Retirement Apartment in Sydney
The retirement villages in Sydney are covered by the 1986 legislation called the Retirement Villages Act, which defines the term and also outlined several rules to regulate these enclosed communities.
According to research group McCrindle, more than 170,000 senior citizens over the age of 55 are living in 2,200 retirement villages in Australia.
But why is apartment living so attractive for retirees?
- Buying a plan is simple — You can purchase a plan through monthly instalments when you are still working, or you may inquire about a tenure agreement after you have retired. Some retirement homes will deduct about 25% of the purchase price every day for over five years. The deductible will be converted into a capital gain. When the unit is sold, for instance, about 75% of the purchase price will be returned to you once the unit is sold.
- You get plenty of “invisible help” — These luxury retirement apartments have all the amenities and facilities you need to make your twilight age more convenient and safe. They have in-house medical staff, technicians, assistants, and supervisors whose only jobs are to make sure you enjoy every bit of your stay in the building.
- A community within itself — Luxury apartments have all the bells and whistles that you can practically live the rest of your days without leaving the building. There is a cafe-restaurant inside, a heated pool, cinema, gym, hair salon, library, access to a garden, spa, as well as a common area where you can mingle with the other residents and catch up on friends.
Finally, the apartments are designed with seniors in mind. You do not have to add new additions so that your living space would be safe and make your life easier. You can now have more time to pursue a hobby, visit with the kids or grandkids, explore Sydney on your own terms, and just enjoy the fruits of your labour.