Hi, hubby has been offered a transfer to Perth and is really excited but I on the other hand am really sceptical.

I worry about prices there compared to here in the UK - we are financially very secure in UK and don't have any financial worries whatsoever whereas from doing research we'd be ok in Perth but would have to watch the pennies (sorry cents). My 2 sisters live in perth so we have pretty accurate estimates of costings.

My one niggle is long term security..... what does everyone propose to do when they retired - are the "state pension/superannuation" payments enought to live off comfortably and still pay private medical, dental, opticians and ambulance cover? plus still be able to enjoy life and pay your regular bills and transport.

Dont want to go over there and enjoy our 40's and 50's only to really struggle in our retirement and moving back to the uk when we're older will be so much harder as we have no family here.

What are everyones thoughts on affording their retirment in oz?

Too scary to think about, but suppose we must at some point.

To be honest I don't expect to be able to retire. Certainly couldn't envisage being able to give up work until long after "normal" retirement age.

I'm selling up and moving to a yurt in Nimbin.

Tomorrow, if practically possible.

>>My one niggle is long term security..... what does everyone propose to do when they retired - are the "state pension/superannuation" payments enought to live off comfortably and still pay private medical, dental, opticians and ambulance cover? plus still be able to enjoy life and pay your regular bills and transport.<<

It obviously depends on what standard of living one's used to or expects. But the state pension is means tested, and if you have more income than a fairly small amount it won't help much. If you relied on it alone you would be, like many people here, on a subsistence income.

What you put into Super has tax advantages - but retrospective legislation is not a big taboo in Australia, and we are keeping our fingers crossed on that one, having made long-term plans which could be disastrous if they change the rules (again).

You're right Wol, the Aussie government is itching to get its sweaty hands on the huge amounts of money tied up in super. I see no reason why they won't try to steal it.

I wouldnt think there would be too many people beginning with super now who are going to be living the life of Riley in their old age. But, as the others have said, centrelink age benefits are means tested and you would definitely not be living in clover if you were eligible to receive them. They used to reckon that you needed to put a good 25 years into super but even at the base amount that wont give you very much in today's climate. The days of the gold plated super schemes are pretty much over and the others are right too, the government would love to get its sweaty mitts on your super stash! If you do come, then expect to contribute far more than the base rate.

In short. No.

If Australia doesn't get it's act together, it will be the trailer trash of the Pacific and eveyone with an IQ greater than 110 will have moved to Singapore.

LOL, that must be why I came this way!

Singapore is VERY expensive to live these days - we're spending a lot less here. And the number of old people wiping tables in McDonalds and driving taxis would imply they haven't got retirement sussed either.

Are you living in one of the major cities?

So is Australia and you will pay a hell of a lot more tax in Australia as well.

Yes. What we're saving on school fees covers the extra tax. And we're saving loads on other stuff too e.g. food about 1/2 price, car about 1/3.

Singapore USED to be quite cheap, but not these days.

Not great by many standards in Australia. I will be far poorer here than if i had continued to work in Europe,something that i failed to give adequate thought to sixteen years plus back.
Too late to catch up on lost payments now even if was to return. Poured quite a bit extra into Aussie super over the years, but again has perforned well below expectations being focused on the market.

The actual Age Pension is not something one would by choice wish to be reliant on in old age which could well be drab enough here let alone being poor on top of it.

Some folk bail out to cheaper options if self funded,to places like Bali or Malaysia,for example.

Just wait until this carbon tax is introduced...

We were quite comfortable in the UK, Good wage,small mortgage but every year seemed to get a little harder. And we needed to move from an area we saw as going down hill. I`m 45 now So it was a difficult descision with two young boys 10 & 7 years old. Plus I was going to find a job when I arrived. Just as the ressesion started to hit( Dec`08). Took 6 months to find a job( bit scary).But My wife and I have very few regrets. And I think a pension over here will grow far better than one in the UK. I don`t think I have been happier which does alot for your health aswell.