Have you ever thought of retiring in another country? Some older Australians do so very successfully, and are enjoying their last years in the place of their dreams, living life the way they always imagined.
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Many Australian are attracted to spending all or part of their retirement overseas - perhaps for family reasons or because it is more cost effective so that you can potentially have a much more relaxed and enjoyable lifestyle. Retiring overseas is not for everyone as there are many things you should consider such as the impact of prolonged absences from family and lifelong friends. Another significant factor when considering relocating is whether the Australian Age pension would be payable to them offshore. The Australian Age Pension can be paid overseas, but there are conditions. The rules in this area are both complicated and unclear in certain areas, particularly for current expatriates, and it would be prudent to seek advice from both Centrelink and financial advisors regarding your entitlements. Much would depend upon the details of your individual situation.
Apparently after you have not resided in Australia for more than 2 years you will be removed from the Medicare system. You cannot just assume that your health or concession cards will remain valid either. Another suggestion is to obtain international health insurance which would possibly cover you in the event of ill health or accidents (check these policies carefully to ensure you have the right level of cover for you).
Before considering this mammoth move it would be wise to ensure you have all your health, financial and legal affairs in order and recorded with an independent associate. Your will could be stored with your accountant and ensure you have considered all the issues and ramifications of who gets what, in the case of your death.
Once you have decided to retire overseas you will be beginning a wonderful adventure of new people, culture, experiences and new foods (your stomach may need a little transitioning time!). If you are considering retiring to Thailand, come to VLLC and learn Thai first to ensure you are at your most comfortable when starting your new life!
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