Considering an offshore retirement? Four things to do before you go
Australia has become an expensive place to live, so it’s not surprising that the lure to retire at an idyllic, low cost, offshore location is getting a lot of attention. We discuss the pros and cons in this newsletter.
If you’ve holidayed overseas recently, you’ll know how much further your Australian dollar can go – particularly in Asia. An income that would be considered frugal in Australia is likely
to fund a very comfortable lifestyle in some overseas locations.
This is because food, transport, housing and domestic services are often a fraction of what they’d cost back home. Adding to the lustre, these affordable lifestyles can include beach-side living and a tropical climate.
However, before making any firm plans to turn your holiday into a permanent home, it’s important to consider all the implications.
- First do a trial
- Check out the visa requirements
- Consider the medical services and costs
- Assess the financial implications.
Click here to read more about the points mentioned above and how they may relate to your current or future situation.
Retiring overseas can have big implications for your wellbeing, your super, Age Pension benefits, and tax obligations. While we’ve touched on some of the considerations in this article, it’s important to get early, expert advice from your financial adviser. We can advise you on the financial implications, taking into account your circumstances and goals.
Until next time,
Regards Rodney.
Rodney Johnstone CFP BBus, DipFP, GradDipAppFin
Authorised Representative of Count Financial Limited
Financial Adviser, FPW Financial Advice Pty Ltd
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