ruby

Thankyou to the last poster for directing me here, I was asking about retiring to Oz, cost of living, health care, and all that goes with retiring, over there. Thankyou

Centurion

Do you have a visa already ? What's your own situation ? Its a very broad set of questions your asking and a little more information would help so people can be specific.

ozzieeagle

I'm about 7 years away from being able to get my super without paying tax... so the light is at the end of the tunnel.

It's a very complicated and interesting issue this in Aus, basically the way it works is you dont want to end up getting any Government benefits. Apart from the ones that come with the over 60's seniors card (free travel and cheap meals etc) Personally after I hit 60 I will probably go part-time, and pour most of my income tax free back into super which I will withdraw as a pension again, whilst still working.... all tax free... as long as my wife and I dont have 1.3 mill in liquid assets. House Excluded.

I plan to make it even more complicated by residing in the UK for 5 months of the year... so I've got heaps of research ahead of me.

I'd love to hear from others in a similar situation to me ?

PS the reason you dont want to get the Government Benefits, is because that means you dont have enough private superannuation..... which all employers have provided in Aus since 1983.

ruby

hello my question relates to retiring in Oz, perth in particular, the cost of living, and the cost of health insurance, we lived in aussie (Brisbane) a long time ago 1973-1978, we left for family reasons, not because we were unhappy, we are living in france at the moment,and wondered about moving to Australia, years ago we looked into going back, but didn't take it any further, we have been told that you need alot of money behind you now, is this true. Thanks in advance.

quoll

Basically, yes, you do need to have prepared well for your retirement - the aged pension is a safety net but you have to have very low resources in order to be able to access it. You would really need to see a financial planner to make sure that you have enough to live on. I suspect that times are going to be hard for self funded retirees (well, even harder than usual) with inflation doing its thing. I retired (from the public service) but still have a part time job which I salary sacrifice into a second super scheme. Probably still wont be enough to live comfortably after a few years though. I am not sure that people coming here really understand the importance of really working at their super right from the beginning.

ozzieeagle

Last year the basic answer was you needed 440,000 Aud in Cash/super at retirement plus your own home. Per person to secure a liveable income for the rest of your life.

Thats the way it was explained to me by A financial advisor, The 440,000 figure was something to do with still getting some pension entitlements, like a pension card, which means you get benefits like cheap car registration and the energy bill allowance. Like Quoll says it's very necessary to see a financial advisor here.

mulben

Basically its as Ozzieeagle said-you don't want to qualify for the pension.

Also your health insurance may have a loading because of your age,
assuming your 55 this can add 40% above the quoted rate. This is based on
that you have been living in Australia (just a speculation not fact) and are
Australian passport holders.

Any one born pre 1964 can take their super (up to $130000 I think?) at age
55 -if you are retired, tax free.
As a retiree after preferably buying a house ( Perth = any figure north of
$400000) you would need a minimum of $600K to generate an income of
60-70K through share dividends (yields are at very high levels- not for the
feint hearted thou)
I gave a income level needed to live comfortably as cost of living is so
subjective.

bithbheo

Ruby if you will be retiring here super will not be an option open to you I take it ?

bithbheo

This is in Brisbane but will give you idea of food prices here in australia ...just click on list at left hand side ..do not have to register.

http://www.fooddirect.com.au/fooddirect.asp

JAJ

Did you take out Australian citizenship at the time?

ruby

hello again, thank you for all your replys,if I give you the amount of money that we have maybe that will help, our pensions work out about 28,800 Dollars per year, our savings about 123.000, and we would have roughly 535,500 dollars to buy a house. Also we didn't take citizenship.

Grayling

Unless you qualify for a parent visa then the amounts you specify are not enough for a retirement visa.

G

Grayling

Look here:

http://www.immi.gov.au/visitors/spec...ligibility.htm

G