I feel like it’s hard to go wrong with a lanyard. They’re pretty simple, and even cheap ones will get the job done. My kids got their house lanyards at Quality Quidditch on their first trip a few years ago. I has to replace the plastic card holder last trip, but that was just a buck or two and the lanyard itself is fine. DD and I have some Minion ones I got for $2 when Toys R Us was going out of business, and they work as well as the expensive UO ones. There are some cute HP ones I saw at Five Below that I think I’m going to get for my nephews this trip.
Personally, I don’t care for the retractable ones. I use one at work, and when the inner mechanism gets messed up, it’s nearly impossible to fix it. They also don’t stay on some types of clothes as well as others. I also think lanyards are just easier - they stay on, you can wear them with anything, and it’s easy to tuck them down your shirt on rides. Plus they’re cute and can be a great accessory.