Are You In Australia For The Long Haul?
#1
Lost in BE Cyberspace
Thread Starter
Joined: Oct 2008
Location: Perth
Posts: 6,765
Are You In Australia For The Long Haul?
Just wrote a few concerns with regards to getting old in Australia on another thread. Of course not something often thought about when in one's prime and establishing a life in a new or different land.
Just wonder how many have given a degree of thought to later years when no longer working or indeed would like to retire early but simply can't afford it?
Perhaps you plan on joining The Grey Nomad Circuit? Some will likely find the costs now involved somewhat prohibitive compared to earlier generations who could manage it on an Aged Pension.
Others, I know some, plan early retirement and move to Thailand in one case and Bali to another.
While others more closely related moved in their retirement years back to England.
Anyone see any difficulties aging in Australia? Or does the sunny climate and other factors preferable to a move elsewhere? Be that your former home or a new country entirely?
Just wonder how many have given a degree of thought to later years when no longer working or indeed would like to retire early but simply can't afford it?
Perhaps you plan on joining The Grey Nomad Circuit? Some will likely find the costs now involved somewhat prohibitive compared to earlier generations who could manage it on an Aged Pension.
Others, I know some, plan early retirement and move to Thailand in one case and Bali to another.
While others more closely related moved in their retirement years back to England.
Anyone see any difficulties aging in Australia? Or does the sunny climate and other factors preferable to a move elsewhere? Be that your former home or a new country entirely?
#2
Bitter and twisted
Joined: Dec 2003
Location: Upmarket
Posts: 17,503
Re: Are You In Australia For The Long Haul?
Just wrote a few concerns with regards to getting old in Australia on another thread. Of course not something often thought about when in one's prime and establishing a life in a new or different land.
Just wonder how many have given a degree of thought to later years when no longer working or indeed would like to retire early but simply can't afford it?
Perhaps you plan on joining The Grey Nomad Circuit? Some will likely find the costs now involved somewhat prohibitive compared to earlier generations who could manage it on an Aged Pension.
Others, I know some, plan early retirement and move to Thailand in one case and Bali to another.
While others more closely related moved in their retirement years back to England.
Anyone see any difficulties aging in Australia? Or does the sunny climate and other factors preferable to a move elsewhere? Be that your former home or a new country entirely?
Just wonder how many have given a degree of thought to later years when no longer working or indeed would like to retire early but simply can't afford it?
Perhaps you plan on joining The Grey Nomad Circuit? Some will likely find the costs now involved somewhat prohibitive compared to earlier generations who could manage it on an Aged Pension.
Others, I know some, plan early retirement and move to Thailand in one case and Bali to another.
While others more closely related moved in their retirement years back to England.
Anyone see any difficulties aging in Australia? Or does the sunny climate and other factors preferable to a move elsewhere? Be that your former home or a new country entirely?
I certainly don't want to stay here if I am not working.....too much like Groundhog day.
Ironically I have recently had a few health issues which have pevented me from travelling or we might have gone sooner...You ever know what will happen as you get older.
Last edited by Grayling; Dec 28th 2014 at 7:16 am.
#3
Home and Happy
Joined: Dec 2002
Location: Keep true friends and puppets close, trust no-one else...
Posts: 93,787
Re: Are You In Australia For The Long Haul?
Can't afford to be a Grey Nomad, much as it appeals.
Can't afford the healthcare once I'm retired.
No choice really, UK and the NHS here I come in a few years time
Can't afford the healthcare once I'm retired.
No choice really, UK and the NHS here I come in a few years time
#4
Lost in BE Cyberspace
Thread Starter
Joined: Oct 2008
Location: Perth
Posts: 6,765
Re: Are You In Australia For The Long Haul?
For those here in Australia for longer durations, Aged Pension restrictions (Aussie Pension entitlements in UK) may surely be an issue?
So people feel health care will be/become too expensive in Australia? I guess waiting lists make public care less feasible? Does it not go on a crisis need in the public area?
Hasn't UK NHS gone into decline? Will returnees be able to access in UK without problem?
So people feel health care will be/become too expensive in Australia? I guess waiting lists make public care less feasible? Does it not go on a crisis need in the public area?
Hasn't UK NHS gone into decline? Will returnees be able to access in UK without problem?
#5
Re: Are You In Australia For The Long Haul?
I can't answer your questions, but I will be here most probably until I die. Not planning to move anytime soon.
#6
Re: Are You In Australia For The Long Haul?
In terms of state pensions if you qualify for a full one I think the UK one is half of that in Australia.
So is twice the pension plus sunshine a good argument for staying?
#7
Home and Happy
Joined: Dec 2002
Location: Keep true friends and puppets close, trust no-one else...
Posts: 93,787
Re: Are You In Australia For The Long Haul?
For those here in Australia for longer durations, Aged Pension restrictions (Aussie Pension entitlements in UK) may surely be an issue?
So people feel health care will be/become too expensive in Australia? I guess waiting lists make public care less feasible? Does it not go on a crisis need in the public area?
Hasn't UK NHS gone into decline? Will returnees be able to access in UK without problem?
So people feel health care will be/become too expensive in Australia? I guess waiting lists make public care less feasible? Does it not go on a crisis need in the public area?
Hasn't UK NHS gone into decline? Will returnees be able to access in UK without problem?
#8
Home and Happy
Joined: Dec 2002
Location: Keep true friends and puppets close, trust no-one else...
Posts: 93,787
Re: Are You In Australia For The Long Haul?
The Aussie one is means tested, so even if I stayed here i wouldn't be entitled to it as my little bit of super, plus my UK pension, cancels it out
#9
Lost in BE Cyberspace
Joined: Dec 2010
Posts: 14,040
Re: Are You In Australia For The Long Haul?
Not sure where I will retire. Would certainly love the idea of being a grey nomad.
Do need to find out how all the pension, super, healthcare and the like works being a grey nomad.
On that note, a friend in the UK had to go through bowel cancer screenings and other tests recently. The whole process has taken about 5 months of back and forth and waiting until a decision was made on chemo or surgery. Lot of phaffing around for a life threatening illness.
That said I only have had good experiences with little wait on the NHS. In fact I'd use the NHS over private where possible.
#10
Home and Happy
Joined: Dec 2002
Location: Keep true friends and puppets close, trust no-one else...
Posts: 93,787
Re: Are You In Australia For The Long Haul?
Are you sure? My parents have retired here, have a little bit of super through doing some work here, get bulked billed for GP visits, and also collect government pension.
Not sure where I will retire. Would certainly love the idea of being a grey nomad.
Do need to find out how all the pension, super, healthcare and the like works being a grey nomad.
On that note, a friend in the UK had to go through bowel cancer screenings and other tests recently. The whole process has taken about 5 months of back and forth and waiting until a decision was made on chemo or surgery. Lot of phaffing around for a life threatening illness.
That said I only have had good experiences with little wait on the NHS. In fact I'd use the NHS over private where possible.
Not sure where I will retire. Would certainly love the idea of being a grey nomad.
Do need to find out how all the pension, super, healthcare and the like works being a grey nomad.
On that note, a friend in the UK had to go through bowel cancer screenings and other tests recently. The whole process has taken about 5 months of back and forth and waiting until a decision was made on chemo or surgery. Lot of phaffing around for a life threatening illness.
That said I only have had good experiences with little wait on the NHS. In fact I'd use the NHS over private where possible.
If I had a life threatening illness in either country it would be a question of waiting, and if anything needed paying for here - scans etc - I just couldn't do it. I don't have the money. I'd take months of waiting in the UK over months of waiting here any day, and to be honest I would rather die over there, so the slightest hint of something like that and I'm off.
If nothing else then at least my family could come to my funeral, here it would be a pretty quiet event! Yeah, I know its morbid but its true! When I was really sick earlier this year I vanished from BE, facebook and everywhere for a week. Didn't have the energy to post. After five days I got two messages asking if I was still alive. Kind of brought it home to me how isolated old people can get - if I collapsed now I reckon no one would notice for 10 days (as my UK family are away with no wifi access) except work when I don't turn up for my next scheduled shift.
Bit scary really.
#11
Re: Are You In Australia For The Long Haul?
You only have to draw 4% per annum (age 60-64 - then 5%) from your SuperPension so it is that smaller amount added to UK pension for assessment.
#12
Home and Happy
Joined: Dec 2002
Location: Keep true friends and puppets close, trust no-one else...
Posts: 93,787
Re: Are You In Australia For The Long Haul?
I'm just going by what the financial advisor for the super fund told me when I first signed up years ago. Things could well have changed since. I certainlycan't retire at 60-64 though, my UK pension age is higher than that, and with no savings, and rent to pay I can see me working till they won't employ me there any more
#13
Re: Are You In Australia For The Long Haul?
A bit of info on the Australian age pension, for people getting up to that age who are unsure of the rules (or for people who find it difficult to negotiate the Dept. of Human Services website, which is most of us!)
If you are eligible for a full aged pension here in Oz, the maximum rate (for those meeting income and assets tests) is $854.30 per fortnight for singles, and $1,288 per fortnight for a couple (they each receive their own pension of $644 per fortnight)
Income test
A single person can receive the maximum fortnightly payment if they have up to $160 per fortnight in additional income. This comprises actual income (ie from a part time job, bank interest etc), and deemed income - say you have a certain amount of superannuation, Centrelink will look at the total amount and deem it to earn you a particular income per fortnight, even if you have decided not to draw down that amount.
Any additional income a single has over $160 per fortnight, whether actual or deemed, results in a 50c reduction from the aged pension for every $1 of income over that $160 per fortnight.
The income test rules are the same for a couple, except they can earn additional income between them of $284 per fortnight and retain the maximum aged pension amount - with combined income over $284 per fortnight resulting in a 50c in the dollar reduction to their pensions.
The 'cut off point' income to receive an aged pension - when your pension reduces to $0 because of your other income, is $1,868.60 per fortnight for a single, and $2,860 per fortnight for a couple.
Lower income 'cut off points' may be applied if people move overseas
Assets test
Asset tests are a bit more complex, but the simple (simplistic!) answer is:
A single who owns their own home can have assets valued up to $202,000 and still receive the full aged pension.
A couple who owns their own home can have assets valued up to $286,500 and still receive the full aged pension.
For non-homeowners (in recognition of their additional housing costs), a single can have up to $348,500 worth of assets and still receive the full aged pension, a couple can have up to $433,000.
To be eligible for a part pension, a single home owner can't have more than $771,750 in assets, while a couple can't have more than $1,145,500.
To be eligible for a part pension, single non-home owners can't have more than $918,250 worth of assets, and couples can't have more than $1,292,000.
The income and assets tests are both applied (ie people need to look at both to determine their eligibility).
Residence requirements
Again, there are variations, but generally the following residence requirements apply to receive an Oz age pension:
You need to be an Australian resident on the day you lodge your claim, and
You need to be physically present in Australia on the day you lodge your claim
You also need to have been an Australian resident for a continuous period of at least 10 years, or for a number of periods that total more than ten years, with one of the periods being at least five years
Although the portability of Oz government payments is gradually being tightened up, at present the age pension is still portable (you can move to another country and keep receiving it) - provided you continue to meet the income and assets tests. Also, the rate (amount) of Oz pension you are paid can be affected (downwards, never upwards!), depending on which country you move to and whether that country has a Social Security Agreement with Australia. At present, the UK and Australia don't have such an agreement.
It's all a bit fraught, but if anyone's uncertain about any aspect of their eligibility for an age pension - whether that be the rate of payment, if/what they can get if they move to a particular country, or any questions at all - I would encourage them to make an appointment with Centrelink. While I'm not a huge fan of the organization overall, the specialists they employ to help people through the maze are very good - they'll always seek to maximize the amount of Oz age pension you can receive. I know this through my work with older people, and have attended countless group and individual sessions with my clients.
If you are eligible for a full aged pension here in Oz, the maximum rate (for those meeting income and assets tests) is $854.30 per fortnight for singles, and $1,288 per fortnight for a couple (they each receive their own pension of $644 per fortnight)
Income test
A single person can receive the maximum fortnightly payment if they have up to $160 per fortnight in additional income. This comprises actual income (ie from a part time job, bank interest etc), and deemed income - say you have a certain amount of superannuation, Centrelink will look at the total amount and deem it to earn you a particular income per fortnight, even if you have decided not to draw down that amount.
Any additional income a single has over $160 per fortnight, whether actual or deemed, results in a 50c reduction from the aged pension for every $1 of income over that $160 per fortnight.
The income test rules are the same for a couple, except they can earn additional income between them of $284 per fortnight and retain the maximum aged pension amount - with combined income over $284 per fortnight resulting in a 50c in the dollar reduction to their pensions.
The 'cut off point' income to receive an aged pension - when your pension reduces to $0 because of your other income, is $1,868.60 per fortnight for a single, and $2,860 per fortnight for a couple.
Lower income 'cut off points' may be applied if people move overseas
Assets test
Asset tests are a bit more complex, but the simple (simplistic!) answer is:
A single who owns their own home can have assets valued up to $202,000 and still receive the full aged pension.
A couple who owns their own home can have assets valued up to $286,500 and still receive the full aged pension.
For non-homeowners (in recognition of their additional housing costs), a single can have up to $348,500 worth of assets and still receive the full aged pension, a couple can have up to $433,000.
To be eligible for a part pension, a single home owner can't have more than $771,750 in assets, while a couple can't have more than $1,145,500.
To be eligible for a part pension, single non-home owners can't have more than $918,250 worth of assets, and couples can't have more than $1,292,000.
The income and assets tests are both applied (ie people need to look at both to determine their eligibility).
Residence requirements
Again, there are variations, but generally the following residence requirements apply to receive an Oz age pension:
You need to be an Australian resident on the day you lodge your claim, and
You need to be physically present in Australia on the day you lodge your claim
You also need to have been an Australian resident for a continuous period of at least 10 years, or for a number of periods that total more than ten years, with one of the periods being at least five years
Although the portability of Oz government payments is gradually being tightened up, at present the age pension is still portable (you can move to another country and keep receiving it) - provided you continue to meet the income and assets tests. Also, the rate (amount) of Oz pension you are paid can be affected (downwards, never upwards!), depending on which country you move to and whether that country has a Social Security Agreement with Australia. At present, the UK and Australia don't have such an agreement.
It's all a bit fraught, but if anyone's uncertain about any aspect of their eligibility for an age pension - whether that be the rate of payment, if/what they can get if they move to a particular country, or any questions at all - I would encourage them to make an appointment with Centrelink. While I'm not a huge fan of the organization overall, the specialists they employ to help people through the maze are very good - they'll always seek to maximize the amount of Oz age pension you can receive. I know this through my work with older people, and have attended countless group and individual sessions with my clients.
#14
Banned
Joined: Dec 2014
Location: ACT
Posts: 27
Re: Are You In Australia For The Long Haul?
One trip back was enough. Here will do nicely thanks
#15
Re: Are You In Australia For The Long Haul?
You'd have to drag me back kicking and screaming!!
To be honest with the health issues I have, I haven't even looked into retirement that much! Chances are I won't be alive long enough to worry about it :P
But if I am, I'll do what I have to do to get by... just like I do now
Anyway, I'm gonna live with my kids... make a mess, turn all the lights on and demand my dinner be cooked every night. Might make them do my washing too!!
To be honest with the health issues I have, I haven't even looked into retirement that much! Chances are I won't be alive long enough to worry about it :P
But if I am, I'll do what I have to do to get by... just like I do now
Anyway, I'm gonna live with my kids... make a mess, turn all the lights on and demand my dinner be cooked every night. Might make them do my washing too!!