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British Expats (https://britishexpats.com/forum/)
-   Australia (https://britishexpats.com/forum/australia-54/)
-   -   Long term security in Australia? (https://britishexpats.com/forum/australia-54/long-term-security-australia-709212/)

Amazulu Mar 13th 2011 5:21 pm
Re: Long term security in Australia?
 
Singapore is a nice place to vist but no way would I want to live there. Australia has a much better lifestyle for a western family

Amazulu Mar 13th 2011 5:26 pm
Re: Long term security in Australia?
 
Originally Posted by Blond1e (Post 9237452)
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?
There are issues in both countries but I reckon that Australia will be a better place financially to retire. The superannuation system is fairly robust here and there are good tax break involved (although future governments might change this). In the UK, the private pension system is in a mess, the government cannot afford it's pension liabilities, and I reckon that in 20-30 years time, the state pension will not be available for a lot of people. The NHS will be a very different animal by then too ie having to pay for some stuff

BadgeIsBack Mar 13th 2011 5:53 pm
Re: Long term security in Australia?
 
Originally Posted by Amazulu (Post 9238162)
There are issues in both countries but I reckon that Australia will be a better place financially to retire. The superannuation system is fairly robust here and there are good tax break involved (although future governments might change this). In the UK, the private pension system is in a mess, the government cannot afford it's pension liabilities, and I reckon that in 20-30 years time, the state pension will not be available for a lot of people. The NHS will be a very different animal by then too ie having to pay for some stuff
Putting aside the usual gripes and whinges, and biases, it seems to me that in many First World countries you have to look beyond what the state sets out as default.

So personal investment is the way forward.

Like Polly, I don't expect to be able to retire at the state age - whatever it will be then. This is because, despite the fact we have a good income and few liabilities that not much is going on investment. What we have done well in is not burdening ourselves with a huge mortgage debt on our primary place of residence.

That will be sorted out in the next 10 years and in place when I still have 20 years to run.

Mike 3G Mar 13th 2011 9:09 pm
Re: Long term security in Australia?
 
Most people I worked with in the Oil & Gas industry in the UK had self funded private pensions or nothing some lucky buggers had final salary deals but they are thin on the ground now. At least with Super in Oz you are forced into doing something as its compulsory but I agree its far from perfect. Still plently people in the UK in their early 50s are just going to sell their 500K house and downsize as you can't lose with property and pensions are a waste of money ;)

the troubadour Mar 24th 2011 11:39 am
Re: Long term security in Australia?
 
Originally Posted by Amazulu (Post 9238155)
Singapore is a nice place to vist but no way would I want to live there. Australia has a much better lifestyle for a western family
Me neither.But Malaysia is another story.Actually a pretty decent life style for a Western family.

Malaysia in the eighties was voted one of the favoured countries for relocation by expats.

Since then it has moved on to become a retirement country of increasing appeal for foriegners,providing a substantially cheaper option and more for your buck than can be had in Australia for a foreign retiree.

the troubadour Mar 24th 2011 11:44 am
Re: Long term security in Australia?
 
Originally Posted by Amazulu (Post 9238162)
There are issues in both countries but I reckon that Australia will be a better place financially to retire. The superannuation system is fairly robust here and there are good tax break involved (although future governments might change this). In the UK, the private pension system is in a mess, the government cannot afford it's pension liabilities, and I reckon that in 20-30 years time, the state pension will not be available for a lot of people. The NHS will be a very different animal by then too ie having to pay for some stuff
Still the superannuation system here is reliant on the market and not guarantied as in France and Germany,where at least for now it is rather simple to work out when one can retire and on what salary.

asprilla Mar 24th 2011 12:07 pm
Re: Long term security in Australia?
 
Originally Posted by Blond1e (Post 9237452)
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?
This probably sounds a bit dire, but if you are thinking about the "long term", then how certain are you that you will be financially secure in the UK?

If you mean, financially secure purely as a result of your own funds - great.

But if you mean, financially secure with the help of expected pension payments, discounts, free NHS treatment, etc etc... Then it might be worth thinking about whether or not you will actually receive the benefits you are expecting, by the time retirement comes around. Sorry to be such a doom and gloom merchant.

JoeBloggs80 Mar 24th 2011 12:32 pm
Re: Long term security in Australia?
 
Live fast, die young :thumbsup:

I've always lived on a short term gratification basis, lifes short, may as well enjoy yourself and do what you wanna do. If you want to come to Australia, then give it a shot. In my opinion its better to regret what you do than what you had the chance to but didn't.

I don't even have a pension but its alright as I plan to win the lotto shortly before I retire.

the troubadour Mar 24th 2011 12:58 pm
Re: Long term security in Australia?
 
Originally Posted by JoeBloggs80 (Post 9263299)
Live fast, die young :thumbsup:

I've always lived on a short term gratification basis, lifes short, may as well enjoy yourself and do what you wanna do. If you want to come to Australia, then give it a shot. In my opinion its better to regret what you do than what you had the chance to but didn't.

I don't even have a pension but its alright as I plan to win the lotto shortly before I retire.
My philosophy exactly.But as we get older,i do believe we do change a little in looking a little harder at how we are going to make out in later years,when we are less desirable and less able to influence what is happening around us.

Amazulu Mar 24th 2011 1:02 pm
Re: Long term security in Australia?
 
Originally Posted by the troubadour (Post 9263212)
Still the superannuation system here is reliant on the market and not guarantied as in France and Germany,where at least for now it is rather simple to work out when one can retire and on what salary.
The major European countries (excluding the UK) have a major future pension storm brewing. As few people in these countries have private pensions, most are relying on the state to provide for them in retirement. Thing is, as they have aging populations that are growing, the pension pot is being spent now and is not going to provide for future generations - although they are paying into it.

It's going to get messy

Amazulu Mar 24th 2011 1:17 pm
Re: Long term security in Australia?
 
Originally Posted by the troubadour (Post 9263191)
Me neither.But Malaysia is another story.Actually a pretty decent life style for a Western family.

Malaysia in the eighties was voted one of the favoured countries for relocation by expats.

Since then it has moved on to become a retirement country of increasing appeal for foriegners,providing a substantially cheaper option and more for your buck than can be had in Australia for a foreign retiree.
I like Malaysia a lot but it is a very different place to Australia

the troubadour Mar 24th 2011 1:56 pm
Re: Long term security in Australia?
 
Originally Posted by Amazulu (Post 9263362)
I like Malaysia a lot but it is a very different place to Australia
Different but a very good life can be had. Lived there in the early eighties and in those days there was still very much a very positive hangover from the British times still very visible.
Lot of folk in Melaka and Penang spoke English as their mother tongue and were very welcoming.
International schools there were of a very high standard. These days owing to the ease it is becoming a rather popular retirement country with numerous benefits. From age 50. All so possible to do business.
Not a country for all as i mentioned. The humidity for one would not suite a lot of folk.....but as i understand Health these days is of a very high quality and Health Tourism is a feature now there as it is in Thailand and China.

aussieuk Mar 24th 2011 3:26 pm
Re: Long term security in Australia?
 
Originally Posted by Blond1e (Post 9237452)
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?
In my personal opinion, the comprehensive retirement and robust NHS system of UK, similar systems in Europe and similar systems in Canada are extremely secure, until next 50-90 years further. I dont see that anything will be changing, the current generous free handsout system working in UK,Canada and Europe for many more years.

Wol Mar 24th 2011 3:28 pm
Re: Long term security in Australia?
 
Originally Posted by aussieuk (Post 9263512)
In my personal opinion, the comprehensive retirement and robust NHS system of UK, similar systems in Europe and similar systems in Canada are extremely secure, until next 50-90 years further. I dont see that anything will be changing, the current generous free handsout system working in UK,Canada and Europe for many more years.
You haven't been reading about the pension cutbacks and changes to the indexing in the UK this last few weeks then?

aussieuk Mar 24th 2011 3:31 pm
Re: Long term security in Australia?
 
Originally Posted by Wol (Post 9263517)
You haven't been reading about the pension cutbacks and changes to the indexing in the UK this last few weeks then?
Nothing finalized so far, rumours like these are specially promoted to make news and media more special. Pension cutbacks in UK or any changes to free handouts or Maternity or Patenity payments or free prescription medicines after pregnancy schemes are going to take very very long time to dissolve. The mindset of local public in UK is already well developed to receive free handouts (easy money) its not easy for government to suddenly or anytime near future to stop such schemes.


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