Early retirement is no longer a dream for Australians as they discover the affordability of retiring overseas. Australians are retiring all over the globe, with Asia still having the greatest interest. This is due to climate, affordability and a peaceful lifestyle.
You can double or even triple your buying power in certain countries, and will therefore be able to afford luxuries including massages, domestic assistance, dining out on a regular basis & holidaying. Research has shown that retirees overseas bring great benefits to communities, including money and greater job creation. The downside is that often these communities struggle to keep up with the influx of people to their communities by way of infrastructure.
Retiring is a big decision to make in the long term. Although having more money to retire is important, there are many other factors to consider when thinking about the big move overseas. Will you be able to immerse yourself in the culture of the country that you are moving to? Is the health care system satisfactory and will you need private health cover? Will you be safe over there?
It’s a matter of doing your homework beforehand. For example, will there be great wet seasons and extreme temperatures? Is the region prone to earthquakes or other natural disasters? Is there political unrest in the country? It’s a good idea to find out all of these finer details first.
Seeking financial advice is definitely beneficial before you retire overseas as well. Talk with your financial adviser about your superannuation, the aged pension & government benefits. Also discuss taxation and how it will impact on you. At the end of the day, simply plan and prepare before making the big move abroad.