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NewsWould you Retire Overseas?
Would you Retire Overseas?

Would you Retire Overseas?

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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Someone
Someone from NSW commented:

I would love to. I have children and grandchildren here, and love them heaps, they are my only drawback at 75 things are grim. I cannot afford a car anymore and do very little except movies which are once a fortnight. Iam not close to a beach where I live, and have arthritis, the closenness of the beach in malaya etc food prices and help in the house would be wonderful. 

F Kathryn M
F Kathryn M from NSW commented:

we put our money in the bank for safe keeping but who gets the benefit THE BANK they lend our money make big profits but do not give it back to the people who have banked with them this is very unfair we are forced to have benefits, salary, dividends etc directed through the banks why shouldn't we get more of the profits. Family company banked with the same bank for over 40 years and was told that as a business we had to have a business/company type account and the bank would charge us a monthly fee. At the end with getting no interest what so ever and having a balance of $123000. we opt out of that bank and opened an account with a community bank that gives interest every month and very low transaction fees, they don't brag about their big profits, we at least are getting a good part of their profits in interest. Why do people bank their money with these bragging banks who reap people out of their savings, over charge fees and cause such hardship to many people, then brag about the profits they make. I will live and stay in Australia till I die I have no relations who have gone to another country to retire. Am not on any benefits or age pension I own my own home am in my 70th year and live on $90. per week allocated pension plus interest am able to lend money to family and friends who repay me monthly an agreed amount. How can people not live within their means, I do not have plastic (credit/debit) cards or a motor vehicle, have no debt whatsoever. I pay house rates, electricity, water and insurance, am very lucky that I have very good health. 

Alan
Alan from NSW commented:

In a heart beat. New condos in Bangkok, 2 to 3b/r 200k, built by yankee coys with 24hr concierge plus security. Banks with similar cash rates on deposits & our aussie banks are also there. Down side in Thailand is constant political unrest & no one knows what happens when the present aging King dies. Also monsoons to contend with. Malaysia, well one has to consider the muslim aspect, even though Malays are moderate thinkers. 

raelene
raelene from QLD commented:

Yes I would, The cost of living is far to expensive in Australia for Australians to continue living here, something has to change eg live overseas or live on the streets..I would prefer to live overseas,, SHAME SHAME that we have to move overseas to retire...It is just greed....nobody cares about the everyday Australian... wages don't go up... Raelene 

jennifer
jennifer from NSW commented:

Oh yes please!!!! But I think maybe I have left it a little too late.I am a Nzer who came to live in the most wonderful country(Australia) at that time.That was over 50 years ago.A great change however has come over the country in the convening years,and I am sorry to say not always for the best. I might add the same goes for NZ. Then maybe it is me who at 78 years young can't get used to this sudden change.Maybe though it's the thought of having the time of my life in Bali Have been there 4 happy times. 

Les
Les from QLD commented:

Yes I have considered it & have researched living in Indonesia which is quite attractive. I also have the advantage of having an Indonesian wife from Central Java & so I have visited there & Bali on numerous occasions. There are so many expats living there, some for many years & they still get the Oz pension minus of course Medicare. I have a friend who lives in Bali & pays only $2700 a year rent for a two story villa with 3 bedrooms. It is a completely different lifestyle that one must be aware of, e.g. in Central Java electricity usage is nominated by oneself ( 7 lights, 1 fridge, 1 microwave etc) & is charged appropriately. 

geoffrey
geoffrey from NSW commented:

no as the overseas countrys wouldnt have the medicare facilitys that we have in australia even NZ it is far more expensive than here I cannot understand why some people cannot make ends meet here Im on a part pension and can afford to live Geoffrey 

joan
joan from QLD commented:

If u receive the aged pension in Aussie can u still get it if u go to live in Bali and also have yr super? Joan from Queensland 

Jeff
Jeff from QLD commented:

Why hasn't anyone considered South Africa? I have just spent 4. Months there...enjoyed every minute of my time and got 10. Rand for every dollar. couldn't believe how far my aged pension went !!! Cape Town is truly a delightful city and the west coast is spectacular. You can buy a decent house there for approx $120,000 = R1200,000. Seafood was amazing and cost about $10-$12 for a huge meal. I am single and met a lovely English gal who had moved there 12 years ago. She loves living there though I have convinced here to move to Aus. she hasn't stopped complaining about how much burearacry and the costs of living here. And the weather!!!!! Unlike the Asian countries the weather is just like a Coffs Harbour. So much more pleasant without that stifling heat that is so common in the Asian countries. So if you dislike the Asian heat, go and check out South Africa....trust me you will love the place. And the blacks are just as friendly as the whites.....Jeff 

Rossiter
Rossiter from NSW commented:

Why would you leave this Country. If you do go you should not be allowed to take your Superannuation with you. 

Anthony
Anthony from NSW replied to Rossiter:

Why should you have to leave your super behind? I have been contributing for over 30 years. It is mine!!! That is the most ridiculous statement i have ever heard. Why would you leave this country? I love Australia but the way i see it I could have a much better lifestyle and my pensions/super will go much further if myself and my wife move to Thailand. Cost of living in Australia will become increasingly unaffordable. 

raelene
raelene from QLD replied to Rossiter:

thats greed ... 

Felicity
Felicity from NSW replied to Rossiter:

Who made you boss. It's your own money. If you understood the superannuation industry you would know that most of the money is invested in overseas countries anyway. The only thing it does in Australia is push up prices. 

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