Would you Retire Overseas?
Australia 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?
