So the kids have moved out, you’ve got some grandkids, and finally it’s time to have a bit of time off of work. This can be a relaxing, easy going time in your life… but it doesn’t have to be!
Not every one is ready for the settle down, take it easy model of retirement. The reality of it is, this is still your life, and you’ve merely entered another chapter of it! A lot of people are taking this time in their lives to see more of the world, and some are even taking this time to move overseas.
Take a trip, move to Asia, make the most out of your savings. More and more people are choosing to live their lives in a way that makes them feel like they’re in their prime. This seems to be connected to the baby boomer phenomenon, where 30% more of us have moved overseas than normal (between 2007and 2012). We’re all getting older, and guess what? We’re still having fun!
Penang, Malaysia, and Thailand are the most popular destinations for those looking to move overseas. These locations each have their own benefits, but really all offer a great experience (it just depends on whether it’s the experience you’re looking for or not).
There’s more good news here in that a lot of pensions are applicable to those retirees choosing to live overseas. The Australian government isn’t always able to care for every one on the same level, meaning it’s become a lot more flexible to transferable pensions and pensions oversees.
That being said, a big move like that isn’t without its drawbacks, and it’s important to do your research to ensure that this is right for you before you jump in.
On the positive side of things, we have the cost of living. Take Malaysia as an example, in Malaysia you’d typically pay 80% less money on rent than you would in Sydney, 60% less on groceries, and 70% less on restaurants and fine dining. Rent is no different, costing typically between 50-80% less than Australian rents. You can already see the implications here, you can live a lot better for a lot less money.
There’s also a lot of culture and architecture to check out in these places, and it can draw the interest of would-be travellers from all over the world. You can have fun, live the high life, and still end up spending less.
It’s still important to do your research before any big move, but for more and more Australians, retiring internationally has proven to be the right one.