Go Back  British Expats > Living & Moving Abroad > Australia
Reload this Page >

retiring in aussie

retiring in aussie

Old Jun 24th 2008, 3:10 pm
  #1  
Just Joined
Thread Starter
 
Joined: Jun 2008
Location: vendee
Posts: 4
ruby is an unknown quantity at this point
Default retiring in aussie

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
ruby is offline  
Old Jun 24th 2008, 9:16 pm
  #2  
 
Centurion's Avatar
 
Joined: Jan 2005
Location: Brisbane
Posts: 4,917
Centurion has a reputation beyond reputeCenturion has a reputation beyond reputeCenturion has a reputation beyond reputeCenturion has a reputation beyond reputeCenturion has a reputation beyond reputeCenturion has a reputation beyond reputeCenturion has a reputation beyond reputeCenturion has a reputation beyond reputeCenturion has a reputation beyond reputeCenturion has a reputation beyond reputeCenturion has a reputation beyond repute
Default Re: retiring in aussie

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.
Centurion is offline  
Old Jun 24th 2008, 9:29 pm
  #3  
Moreland Member
 
ozzieeagle's Avatar
 
Joined: Feb 2005
Posts: 15,334
ozzieeagle has a reputation beyond reputeozzieeagle has a reputation beyond reputeozzieeagle has a reputation beyond reputeozzieeagle has a reputation beyond reputeozzieeagle has a reputation beyond reputeozzieeagle has a reputation beyond reputeozzieeagle has a reputation beyond reputeozzieeagle has a reputation beyond reputeozzieeagle has a reputation beyond reputeozzieeagle has a reputation beyond reputeozzieeagle has a reputation beyond repute
Default Re: retiring in aussie

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.
ozzieeagle is offline  
Old Jun 24th 2008, 9:44 pm
  #4  
Just Joined
Thread Starter
 
Joined: Jun 2008
Location: vendee
Posts: 4
ruby is an unknown quantity at this point
Default Re: retiring in aussie

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.
ruby is offline  
Old Jun 24th 2008, 10:03 pm
  #5  
Lost in BE Cyberspace
 
quoll's Avatar
 
Joined: Sep 2007
Location: Cambridge
Posts: 8,131
quoll has a reputation beyond reputequoll has a reputation beyond reputequoll has a reputation beyond reputequoll has a reputation beyond reputequoll has a reputation beyond reputequoll has a reputation beyond reputequoll has a reputation beyond reputequoll has a reputation beyond reputequoll has a reputation beyond reputequoll has a reputation beyond reputequoll has a reputation beyond repute
Default Re: retiring in aussie

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.
quoll is offline  
Old Jun 25th 2008, 12:03 am
  #6  
Moreland Member
 
ozzieeagle's Avatar
 
Joined: Feb 2005
Posts: 15,334
ozzieeagle has a reputation beyond reputeozzieeagle has a reputation beyond reputeozzieeagle has a reputation beyond reputeozzieeagle has a reputation beyond reputeozzieeagle has a reputation beyond reputeozzieeagle has a reputation beyond reputeozzieeagle has a reputation beyond reputeozzieeagle has a reputation beyond reputeozzieeagle has a reputation beyond reputeozzieeagle has a reputation beyond reputeozzieeagle has a reputation beyond repute
Default Re: retiring in aussie

Originally Posted by ruby View Post
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.
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.
ozzieeagle is offline  
Old Jun 25th 2008, 12:14 am
  #7  
BE Enthusiast
 
mulben's Avatar
 
Joined: May 2008
Location: Perth
Posts: 838
mulben has a reputation beyond reputemulben has a reputation beyond reputemulben has a reputation beyond reputemulben has a reputation beyond reputemulben has a reputation beyond reputemulben has a reputation beyond reputemulben has a reputation beyond reputemulben has a reputation beyond reputemulben has a reputation beyond reputemulben has a reputation beyond reputemulben has a reputation beyond repute
Cool Re: retiring in aussie

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.
mulben is offline  
Old Jun 25th 2008, 12:28 am
  #8  
Forum Regular
 
bithbheo's Avatar
 
Joined: Mar 2008
Location: Brisbane
Posts: 184
bithbheo is just really nicebithbheo is just really nicebithbheo is just really nicebithbheo is just really nicebithbheo is just really nicebithbheo is just really nicebithbheo is just really nicebithbheo is just really nice
Default Re: retiring in aussie

Ruby if you will be retiring here super will not be an option open to you I take it ?
bithbheo is offline  
Old Jun 25th 2008, 12:37 am
  #9  
Forum Regular
 
bithbheo's Avatar
 
Joined: Mar 2008
Location: Brisbane
Posts: 184
bithbheo is just really nicebithbheo is just really nicebithbheo is just really nicebithbheo is just really nicebithbheo is just really nicebithbheo is just really nicebithbheo is just really nicebithbheo is just really nice
Default Re: retiring in aussie

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
bithbheo is offline  
Old Jun 25th 2008, 3:06 am
  #10  
JAJ
Retired
 
JAJ's Avatar
 
Joined: Apr 2004
Posts: 34,649
JAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond repute
Default Re: retiring in aussie

Originally Posted by ruby View Post
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,

Did you take out Australian citizenship at the time?
JAJ is offline  
Old Jun 25th 2008, 8:15 am
  #11  
Just Joined
Thread Starter
 
Joined: Jun 2008
Location: vendee
Posts: 4
ruby is an unknown quantity at this point
Default Re: retiring in aussie

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.
ruby is offline  
Old Jun 25th 2008, 8:30 am
  #12  
Bitter and twisted
 
Joined: Dec 2003
Location: Upmarket
Posts: 17,503
Grayling has a reputation beyond reputeGrayling has a reputation beyond reputeGrayling has a reputation beyond reputeGrayling has a reputation beyond reputeGrayling has a reputation beyond reputeGrayling has a reputation beyond reputeGrayling has a reputation beyond reputeGrayling has a reputation beyond reputeGrayling has a reputation beyond reputeGrayling has a reputation beyond reputeGrayling has a reputation beyond repute
Default Re: retiring in aussie

Originally Posted by ruby View Post
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.
Unless you qualify for a parent visa then the amounts you specify are not enough for a retirement visa.

G
Grayling is offline  
Old Jun 25th 2008, 8:32 am
  #13  
Bitter and twisted
 
Joined: Dec 2003
Location: Upmarket
Posts: 17,503
Grayling has a reputation beyond reputeGrayling has a reputation beyond reputeGrayling has a reputation beyond reputeGrayling has a reputation beyond reputeGrayling has a reputation beyond reputeGrayling has a reputation beyond reputeGrayling has a reputation beyond reputeGrayling has a reputation beyond reputeGrayling has a reputation beyond reputeGrayling has a reputation beyond reputeGrayling has a reputation beyond repute
Default Re: retiring in aussie

Look here:

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

G
Grayling is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us Archive Advertising Cookie Policy Privacy Statement Terms of Service

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.