Retirement overseas and the Age Pension entitlement are some of the big issues for many retirees.

Overseas retirement has been a big trend over the last few years in Australia, and this trend is only growing.

People are searching for a new place to live outside of Australia, especially for their retirement years. So in today’s video we will continue taking about retirement overseas, reasons for it, and specifically issues you have to deal with, if you wish to receive or continue receiving your Age Pension payments.

But this is just the beginning. Over time, we will dive deep into this topic and maybe even go country after country to help you make this transition of your life from Australia to another country a bit easier from legal and financial standpoint.

So first review the main reason for such a big decision as leaving the country you spend your lifetime in, and moving to a new, unknown environment:

1. Returning to the place where you were born – you want to reunite with your family, old friends, place from your childhood

2. Moving to the country where your children reside – the new generation has more chances and abilities to travel for fun, work, study, business that their parents ever had in their lifetime, and often during that travel, they might meet that special someone and not return home to you ever again. So at some point it is quite understandable that you would like to be close to your kids family, therefore you make a decision to move to their country

3. Move to a warmer country or a different culture – this is very much a lifestyle change, curiosity to experience life outside of your norm, this type of change is often more driven by the need of excitement, fun and adventure then economics.

4. Everyday living expenses – this is the most common reason for leaving Australia. Australia now is the 12th most expensive country to live in, so it makes sense for many to move to the country that is less expensive, but still satisfactory with the living standards and healthcare.

5. Cost of home – Australian homes are some of the most expensive in the word and there are many retirees with all their money stuck in the house and no savings to enjoy retirement. So the ideal of selling home, pocketing the money, moving overseas, buying a cheaper home or even renting at low cost, while enjoying your golden years, might be very enticing indeed.

So now that we know the reason of your move, most likely you have also decided on a country you would like to move to, or at least you have narrowed down your choice to couple of countries only.
Your next step is to find out if the country of your choice has an International Social Security Agreement with Australia.

Let’s be honest, it would be so much easier for you, if you were to move to a country that cooperates with Australia and the choice is getting bigger with more and more countries signing such an agreement with Australia now.

Presently Australia has a Social Security agreement with 31 countries:
1. ASIA – India, Japan and Korea
2. EUROPE – Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, Germany, Greece, Hungary, Ireland, Italy, Latvia, Malta, The Netherlands, North Macedonia, Norway, Poland, Portugal, Slovak Republic, Slovenia, Spain, Switzerland, United Kingdom
3. THE AMERICAS – Canada, Chile, United States of America
4. NEW ZEALAND

Videos mentioned today:
1. Retirement & Living Overseas:

2. Age Pension Explained:

To download the book 12 PRINCIPLES OF INVESTING:

Contact details:
Katherine Isbrandt of About Retirement
Website:
Email: katherine@aboutretirement.com.au

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Retirement overseas and Age Pension

Retirement is often considered as a new chapter in life, where we get to relax, pursue hobbies, and spend quality time with loved ones. Increasingly, older individuals are considering retiring overseas to reap the benefits of a different lifestyle, a lower cost of living, and favorable climate. Moreover, for seniors who qualify, the Australian Age Pension can be accessed while living abroad, making retirement overseas an appealing option not to be overlooked.

One of the major reasons retirees choose to settle overseas is the lower cost of living. Countries like Thailand, Costa Rica, and Malaysia offer a more affordable lifestyle, allowing retirees to stretch their pension dollars further. This means they can enjoy a higher standard of living, such as affordable housing, dining out frequently, or even hiring domestic help. The savings accrued from living in these countries can help subsidize healthcare costs or be invested for a more comfortable future.

Another drawcard of retiring overseas is the opportunity to experience a different culture and climate. After years of working, many people yearn for a change of scenery and climate. Picture yourself waking up to warm sunshine, pristine beaches, and a relaxed lifestyle in a tropical paradise. Not only can you enjoy year-round pleasant weather, but you can also immerse yourself in a new culture, learn a new language, and explore diverse landscapes. The adventure and exploration possibilities are endless!

While retiring overseas may sound like a dream come true, it is important to consider the financial implications. Fortunately, eligible Australian retirees can continue to receive their Age Pension while living abroad. However, there are a few rules and requirements to take into account. To qualify, you must have lived in Australia for at least 35 years (or 10 years continuously), be over the Age Pension age, and meet certain income and asset criteria. Additionally, different payment rates may apply depending on your country of residence, so it is essential to research and understand the specific regulations for your chosen destination.

Retiring overseas also poses other challenges, such as adapting to a new healthcare system and being away from family and friends. It is crucial to research and assess the healthcare provision in your chosen country, ensuring that it meets your needs and requirements. Additionally, maintaining strong connections with family and friends through regular communication is vital to overcome feelings of loneliness or isolation.

Ultimately, retiring overseas can offer a rewarding and enriching experience during your golden years. The prospect of exploring new cultures and embracing a different lifestyle is undoubtedly appealing. Moreover, the availability of the Australian Age Pension for eligible retirees abroad provides financial stability and peace of mind. However, it is essential to consider the financial, emotional, and social aspects before taking the leap. Finding the perfect destination that aligns with your interests, needs, and desires will make your retirement overseas a truly fulfilling and unforgettable chapter in life.