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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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Would you Retire Overseas?

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Fred
Fred from QLD commented:

Ive just commented again and it got wiped. 

Fred
Fred from QLD commented:

Ive just commented again and it got wiped. 

Fred
Fred from QLD commented:

In 2012 I spent 3 months touring USA. After 6 weeks they removed my pension supplement and continued the pension - they had previously advised me I could only go for 3 months before all cut off, as Penelope says. SInce then Ive enquired about taking 3 months in Thailand, and they told me that things have changed and now I can only go for 6 weeks before losing the pension. My deduction is that they feel that of they give you money they expect you to spend it here in Oz, when in fact its taxpayers money theyve put in over the years and should be able to use it anywhere they wish. 

Penelope
Penelope from NSW replied to Fred:

I agree,Fred. At 70 I feel I have paid my fair share of taxes to warrant receiving a decent aged pension free from penalties. It's those who have never worked, and there are plenty, and who get various pensions without having earned them, who seem to get all the bonuses. 

Keith
Keith from QLD commented:

I will not just pack up and leave Australia. I have children here that will have to suffer more if we do not Stand Up and get rid of the pollies that are destroying Australia. So I will stay and fight for Australia so that we can bring is back to how it was over 40 years ago. I have lived in other countries when I had my own businesses, however I was happy and joyful to return to where I was born and raised. So we really do not need to be Cowards and Run Away from a battle that needs to be fought. Lets just all get together and join a decent Political Party that has Australia's Best Interests at heart. This Party (Australian Voice) has Policies that I really like, because they are aware that Aussies are being treated like dogs compared to the Refugees who are being treated like royalty. So NO I will not leave! 

Robert
Robert from QLD commented:

Sounds so wonderful. HOWEVER like all good things, I believe that if you sell your home, the money you get for it increases your assets and therefore reduces your pension income. I heard that if you simply go overseas for just less than six months at a time you do not need to sell your home and you can still receive your full pension. If all that is true, I'm sure that I could stand having a six month holiday every year somewhere nice. 

Jacynth
Jacynth from QLD commented:

Having travelled to some of these countries and would seriously consider living there as it is miles more affordable than Australia 

Julian
Julian from WA commented:

It's interesting to see that the article above talks about retiring to South East Asia. But of course the world is bigger. Lots of Americans go to Ecuador, Costa Rica, Panama, Belize, etc. But we'll go to France. Spain of course is popular too. Even Spain and France are at least 20% cheaper, and in some parts 30 to 40% cheaper tp live than here. If you want a bit of fun, try putting in your state capital and another foreign city here, to see the difference in the cost of living: http://www.numbeo.com/cost-of-living/comparison.jsp 

WALTER
WALTER from QLD commented:

I'm thinking about it .Thailand ,Vietnam 

Julian
Julian from WA commented:

It's very important too, to note that although Age Pensions can be paid overseas, it's much harder, in many cases impossible, to do so if you're getting an Disability Support Pension. Often these will be stopped after 4 weeks now. Again, Centrelink's International Services are the people to talk to - I have, We're planning to live in France, but as it's a non agreement country we'll wait till my wife can claim and be granted Age Pension here. If we wanted to retire to an agreement country, we could go now and apply when she's old enough. But our son is extremely disabled (that is as bad as it gets, worse than severely disabled) - he's allowed to paid overseas too, as he will never be able to work, and will always need care. But anything much less severe on Disability Support Pension, and you may well not be able to be paid that overseas. The conditions to be paid DSP overseas are VERY stringent, for the Age Pension, there are no similar conditions. 

Sue
Sue from QLD commented:

I adore my pet dogs and cats. Vet care there would not be as good as here I believe.. Nope. We will stay here. 

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