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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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alba
alba from NSW commented:

not way 

Con
Con from VIC commented:

Yes, that's right, it was the good old days. Some people might criticise me by saying that I am living in the past,but it's a fact that they were better times. Now it's way out of control. The essential things in life have become very expensive and to have a comfortable retirement here in Australia it's definitely out of reach unless the lotto comes through. 

Pamela
Pamela from NSW commented:

I have considered buying a caravan and living in caravan parks. This has its own problems. You can only stay for 150 days in a year and have to move on to another one. Also your site fees are variable and go up to excessive amounts on holiday weekends and school holidays. Insurance is an issue, as if you live in your caravan you cannot insure it, except for when you are moving the caravan to the next caravan park. The odds are certainly stacked against us. 

Pamela
Pamela from NSW commented:

My son lives in USA and I can buy a 3 bedroom mobile home with all new appliances , and central heating and air-conditioning, for less than $45,000 with site fees $100 a month. I currently rent at $600 a fortnight, which is below market value, and this will leave me $120 a fortnight to pay all bills and live on. There are no public housing places available in NSW at the moment in less than 10 year waiting list, so that means I will be at least 75 yrs old before I may get one. Where will I live? become homeless?It is ABSOLUTELY crazy that, in order to survive, people like me are seriously considering leaving our country and living in another one - I have worked almost all my life, paid taxes, yet being female and in low paid job I have not accumulated very much superannuation and also did not do well financially from the divorce settlement. Is there ANYONE OUT THERE who can get the ear of politicians and tell them that there is an army of people like me, around my age, about to hit the streets - with no money, no where to live, and what are they doing about it? 

Roger
Roger from NSW commented:

i'm certainly thinking hard of moving to Thailand, ive just returned & have been think long & hard about it. After the death of my wife i thought i could cope, well 4 yrs later I have found new love in Thailand, it may be hot & humid, but to start again is going to be hard. 

Stuart
Stuart from QLD replied to Roger:

Rogele I am very interested in your comments. I lost my love 8 years and have struggled to cope with a single Pension of around $900 per fortnight and paying $630 on rent leaving me $270 to live on. Very tough unless one invades one's savings and they don't last for ever and a day. I have been to Thailand and am very interested BUT I worry about Health - Politics - and NO Reatives close at hand IF anything serious should happen to me. But I am very tempted I must say - I think I need to go back for a far more serious look. Stuart from QLD: 

Roger
Roger from NSW replied to Stuart:

well stuart thank you for commenting on my thoughts, i'm on a self funded pension which is about what u get before taxes. I own my present house, so if i do move my boys will take care of the house while im not here. I suffer from typ\e 2 diabetes, to date im coping with it. With my new girlfriend who looks after me very well, so as for the health im n ot too sure. I keep away from any politics, Australian politics has not done me any favours money wise. I will not hav any relatives close by like u stated, but it is easy to make friends. my biggest problem is the language barrier. 

Gertraud
Gertraud from ACT commented:

Would I retire overseas? Absolutely! Not Asia though, but rather my country of origin, Austria, and then I would be spending just part of the year overseas and the rest in Australia, where my children and grandchildren are. 

Lynn
Lynn from QLD commented:

I most certainly would! 

shirley
shirley from NSW commented:

I certainly would .I am planning a 2 month stay in another country. Never long enough but better than nothing 

Peter
Peter from NSW commented:

Having visited Thailand many times, and now having friends who have retired there, I definitely would. As with everything there are pros and cons, but on balance it makes great sense. I'm disappointed that Australia doesn't value its retirees. 

Julian
Julian from WA commented:

You're right Fred - The actual Age Pension payment can change after 6 months away, based on your working life in Australia (if you have less than 35 years) but the Pension Supplement stops after 6 weeks. They change the rules quite often - what used to be 13 weeks for some non-Pension payments when to 6 and this year to 4. It's actually a good idea for the government ot get anyone on a Pension or DSP out of the country - they pay less as they don't pay the Pension supplement but the big saving for the taxpayer is that there are no health care costs to Australia if the pensioner lives overseas - just at the time when we're likely to use them most, so the savings are very big for Australia on that score. 

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