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NewsWould you Retire Overseas?
Would you Retire Overseas?

Would you Retire Overseas?

Tags: Cost of Living Superannuation
Last updated by Jess Lindell on

bali-beaches-nusa-duaAustralia has one of the highest poverty rates among over 65s in the OECD, reports the Sydney Morning Herald. In fact, 35% of retirees are at risk of poverty, according to a recent survey on global Pension schemes.

On top of this, we know Australia has an ageing population with more Australians than ever before approaching retirement age.

This leads to some very serious policy questions around the best way to improve retirement savings for future generations. While the Government and policy experts argue and cut deals like this one, where does it leave those Australians who have already retired and are having trouble making ends meet?

Ever thought of moving to Thailand, or maybe Bali? Many retirees have, apparently.

Thousands of Australians 50 and over are packing up and heading overseas to retire, according to the authors of ‘Sell Up, Pack Up & Take Off’.  From South-East Asia, to France and to Italy, it seems many retirees are making their savings go further by moving overseas.

South-East Asia, in particular, is attractive due to the lower cost of living. The authors say that in Malaysia rent is about 80 per cent lower than Sydney and groceries almost 60 per cent cheaper. These represent massive savings for someone on a pension.

Malaysia even offers a special long-term visa for retirees called a Malaysia My Second Home (MM2H) Visa.

A similar story emerges in Bali, traditionally a popular holiday destination for Australian tourists. Like Thailand, Bali is emerging as an alternative for older Australians looking to maintain their quality of life in retirement, according to this report from the Herald Sun.

As the money goes further, it seems retirees are living the ‘good-life’ inclusive of book clubs, wine clubs and movie nights – and there’s no shortage of fellow expat retirees.

So is 60 really the new 40? Would you consider retiring overseas?

Originally posted on .

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william
william from QLD commented:

I keep reading how we are such an aging population and I am left to wonder if any government really does give a bugger I have the ability to save for my retirement with my super yet the government only allow me to put $35,000 per year on my super I am not to sure how many people can live on that and I have never been able to workout that I have the ability to save for my super but every time I turn governments see to be all they want to do is mug me no wonder so many retire overseas 

john
john from QLD commented:

Re "Malaysia rent is about 80 per cent lower and groceries almost 60 per cent cheaper" Definitely worth considering. Also India is probably another cheap place to live. In other words all this just means extending : The idea of buying cheap goods from overseas (and dentist etc) To Buying cheap living expenses as well. And no more Council Rates etc John 

shale
shale from QLD commented:

Australia is VERY expensive on all counts. We are getting ripped off on almost everything with the biggest ripoff being dentistry. There seems to be no standard fees so they charge what they like and are not made accountable.Rent,food and general expenses,electricity etc must be hell fo pensioners. Any thoughts on dentistry?? 

brett
brett from QLD commented:

Wow, What a great idea, I have been trying to get my wife's support to sell the assets, take the cash and go. The only thing is family. My reasons are: We have worked hard for most of our lives and paid hug bucket loads of taxes, We have never taken anything from the government when we retire WE WON"T GET A PENSION, how is that, we are by no means filthy rich, but we know we will have to sell our family home and downsize. We know we will continue to pay our wonderful governments (plural) more taxes. We have worked hard and saved a little and have some super, but nowhere near enough (so they say) to retire in a level of comfort. So why stay home when you can live well above the poverty line and not have to pay anymore taxes. I am on a wagon here, it appears that the harder you work the more you are penalised in retirement. But don't support our society and you will be looked after forever. But this get some tongues wagging 

Raelene
Raelene from QLD replied to brett:

How true is that, the middle income earners are the most heavily penalised. This idea certainly has merit. 

Jennifer
Jennifer from NSW commented:

NO...and certainly not South East Asia, but would love try Canada 

James
James from QLD commented:

It comes down to what you consider is your quality of life. What I see with the Ausie. pollies the seniours have gone past their useby date and they are an unnecessary burden to the younger people where they only think about whats in it for me. We have got to become more family orientated. 

Penelope
Penelope from NSW commented:

Doesn't Centrelink now only allow anyone on a government aged pension to be out of the country for up to 13 weeks without the government stopping the aged pension? Is moving overseas only a. Option for independent retirees who are fortunate enough to have superannuation? Centrelink staff members always give conflicting information. Can someone please clarify? 

Someone
Someone from NSW commented:

I noticed most young people 50 years ago did not save, most of my friends went out all the time, my husband and I were happy in ourselves & each other so we saved & invested and now the socialist govt., punishes 'good' folk. Go overseas by all means, but make sure just because one has aged does not entitle you to spend tax-payers money overseas. The social security pension is to keep you out of poverty in OZ. You only reap what you sow. I'm a migrant from India, of british descent, 54 years ago,arriving with 5Pounds, but overflowing with discipline & morality, and a lot of 'real pride' in decency. 

Someone
Someone from NSW commented:

I noticed most young people 50 years ago did not save, most of my friends went out all the time, my husband and I were happy in ourselves & each other so we saved & invested and now the socialist govt., punishes 'good' folk. Go overseas by all means, but make sure just because one has aged does not entitle you to spend tax-payers money overseas. The social security pension is to keep you out of poverty in OZ. You only reap what you sow. I'm a migrant from India, of british descent, 54 years ago,arriving with 5Pounds, but overflowing with discipline & morality, and a lot of 'real pride' in decency. 

Shashank
Shashank from NSW commented:

Very true above. We have the same philosophy. Have travelled, worked hard, been made redundant but yet can retire now. Been here for 20 years. Did not have a relative when we arrived 19 years ago and don't have one. All about discipline. Bring my own lunch, eat healthy, have a nice drink and do go out for dinner and movies. Have built a property portfolio that helps. It is not difficult, but generally people like to complaint about external factors and don't look at their own backyard. 

Someone
Someone from NSW commented:

I noticed most young people 50 years ago did not save, most of my friends went out all the time, my husband and I were happy in ourselves & each other so we saved & invested and now the socialist govt., punishes 'good' folk. Go overseas by all means, but make sure just because one has aged does not entitle you to spend tax-payers money overseas. The social security pension is to keep you out of poverty in OZ. You only reap what you sow. I'm a migrant from India, of british descent, 54 years ago,arriving with 5Pounds, but overflowing with discipline & morality, and a lot of 'real pride' in decency. 

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