Many Australians work hard their entire adult lives to enjoy the standard of living they wish to experience in retirement. When you reach age 65, relying on superannuation accounts or the age pension alone has the potential to leave some people missing out or struggling to make ends meet during retirement. Therefore, you may consider financial planning, and consulting a financial adviser, such as Michael and the team at Ethica Private Wealth Specialists, to take your next steps.

Whether you have a super balance, savings accounts specifically for retirement, term deposits, investment properties or other investments, it may be beneficial to incorporate them within your holistic retirement plan. There are a variety of options available when it comes to your retirement lifestyle preferences. Some of these options include owning your own home, renting in retirement or travelling.


If you are happy to lay down your roots in retirement, and be part of the community, owning a home may be the lifestyle preference for you. Due to this, owning your residence can instil a sense of pride and certainty in your retirement years.

As a homeowner, you have the ability to create and personalise your environment to suit your needs during retirement. All those home improvements you’ve been putting off can all be done in all your free time in retirement. Here are some further positive and negative factors of owning your own home during retirement:

  • The security of ownership and building long term wealth
  • The freedom to design your home how you please
  • Passive income opportunities, such as long term or holiday renting
  • Your equity is locked into your house
  • You are responsible for ongoing bills, maintenance and repairs
  • Interest rates if you still have a home loan

Owning your own home during retirement can offer stability and security, whilst allowing you to create your very own space to enjoy. It comes with increased responsibility but provides you with more freedom.


Although not as common as living in an owned home, renting is another option for retirement. There are positives and negatives of renting during retirement, some of which you may not have considered previously.

For individuals who still have a home loan during retirement, renting could be an appropriate alternative to owning your own home. Selling your home in retirement allows you to live off the equity you have built up in your home. Below is a compiled list of the positive and negative factors when it comes to renting in retirement:

  • Access the equity tied up in your home
  • Trying out a new location before you commit to purchasing a home
  • Living closer to family in areas, such as cities
    • Increases your ongoing household costs
    • You have less rights regarding the property and could be susceptible to landlord requests
    • Moving home could cause stress in retirement

    Renting could be the option to take if you don’t want to be tied down to a single place and would like to hand over the responsibility of owning a home to someone else.


    Travelling is a popular lifestyle choice for retirees. If this is an option you would like to choose, it is important to consider where you want to go and whether you are happy to travel on a budget or in style. In order to complete your bucket list, this may depend on how much money has been set aside and how you choose to invest your money in the lead up to your retirement.

    If you have your heart set on travelling, but are unsure of where to start when planning for it financially, you may want to contact the professional team at Ethica, who are highly experienced with planning for retirement. There are positive and negative factors when it comes to travelling in retirement listed below:

    • High cost associated with travelling
    • Safety concerns when travelling in unknown places
    • Health concerns when travelling and being covered by travel insurance

    There are plenty of options when it comes to your future retirement lifestyle. Planning for your retirement can help with achieving your personal lifestyle preferences and objectives; whether that be  owning your own home and settling down into your community, renting to prevent being tied down to one place, or travelling the globe and completing your bucket list. Consulting a financial advisor, such as Michael and the team at Ethica Private Wealth Specialists, could assist with the effective planning of your retirement.