If you want to explore on your own, a public coach is available from Bairnsdale. To reach Bairnsdale, take the train from Melbourne. If you prefer to have a guided tour private coach tours of the Lakes Entrance area are available from a few companies.
Private coach tours include a guide who will describe to you the sights you're seeing and even a little history of the area. Tours leave on specific dates, last about a week or two and follow a schedule to visit other places besides Lakes Entrance. Some tours are specifically geared toward senior citizens.
Private coach tours allow you to relax and leave the planning to someone else. Transportation and lodging expenses are paid up front and several meals are included. The benefit of using a public coach is the freedom to spend as long as you like in the Lakes Entrance area, to be on your own schedule and to choose your own place to stay.