A retirement village is essentially a managed community for seniors. The term is something of a misnomer because you don’t necessarily have to be retired at all. Entry is generally restricted to people who have attained 55 years of age or have retired from full-time employment, and their spouses. The average age is somewhere in the low to mid 70’s and the average entry age is somewhere in the mid to high 60’s.

Retirement villages range in size from a few to several hundred homes and the size and style of the homes varies from bed-sitter apartments to spacious freestanding brick and tile homes. Most retirement villages have common areas and a range of facilities available for the use and enjoyment of all residents. The range of services that are available to residents can also vary significantly from village to village.

Some seniors communities, such as rental villages and manufactured home villages for the over 50’s, may not fall within the technical definition of a "retirement village" under the retirement village legislation in the relevant jurisdiction, in which case specific manufactured home legislation or tenancy legislation will apply instead.

Retirement villages are sometimes described as being either "resident funded" or "donor funded". The latter are invariably owned and operated by so-called "not-for-profit" organizations. They include an element of charitable subsidy and entry is generally restricted to the needy. The former may be owned and operated by "not-for-profit" organizations or the private sector and they are conducted on a commercial basis to produce a "surplus" or profit, respectively. It may not be safe to assume that the "surplus motive" of the "not-for-profit" organizations is any weaker than the "profit motive" of the private sector.