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Overseas Retirement for Australians – How to Navigate New Horizons

Embarking on a new chapter in life, overseas retirement presents a unique opportunity for Australians to enjoy a newfound freedom and exploration. As Aussies leave the workforce, the allure of extended travels or even relocating abroad permanently to spend their post-career years requires a careful approach to planning, some parts of which aren’t present in typical domestic retirement planning. Venturing into a different country during retirement offers a blend of excitement, enrichment, and, admittedly, a few challenges. It’s an ideal time to embrace a change of pace and scenery, so if you’re thinking about a global transition when you retire, here are a few key questions you should ask yourself before embarking on this new adventure.

What Visa and Other Legal Arrangements Must be Made?

The old adage, “By failing to prepare, you are preparing to fail,” couldn’t be truer in the context of international relocation. Ensuring all your domestic affairs are in order is a critical first step. This includes planning for the transfer of essentials like superannuation and healthcare to your new home. Research visa requirements for your chosen destination, as securing a long-term visa can be challenging without employment. Understanding these legalities lays the groundwork for a smooth transition.

What are the Healthcare and Transport Options in a New Destination?

Comfort and accessibility is paramount as we age, particularly as it relates to access to quality healthcare. When considering a move abroad, verifying the availability of essential services in your potential new home is crucial. This includes exploring healthcare facilities and assessing the public transportation system. Investigate aspects like accessibility, service frequency, and overall quality to ensure they meet your needs. Your comfort and ability to explore your new environment hinge on these factors.

Will I Enjoy My Ideal Retirement Lifestyle Overseas?

Retirement is your chance to tailor your lifestyle to your desires, and identifying lifestyle aspirations is something that we work on with clients every day. However, moving abroad might present certain obstacles. Research the local lifestyle thoroughly—look into available activities, entertainment options, and facilities. Equally important is the presence of a supportive community, especially for retirees moving away from family. A strong network can be invaluable for social and emotional support in a new country.

Can I Afford to Retire Overseas?

Financial feasibility is a key consideration in planning an overseas retirement. It’s essential to evaluate whether your savings can sustain your desired lifestyle, especially with a potentially reduced income. Cost of living in a new country may differ significantly from expectations. Consulting a financial adviser is advisable to gain a clear understanding of potential costs and expenses that may not be immediately apparent. Ensuring financial security in an unfamiliar environment is key to a worry-free retirement.

What Now?

Overseas retirement is an exciting prospect for many Australians, and something that requires careful planning and consideration. For advice on retirement and financial planning, the Wealth Management team at McKinley Plowman is ready to assist. Contact us today to explore how our retirement planning services can support your dream of an international retirement, via our website, or call us on 08 9301 2200 (Joondalup) or 08 9325 2411 (Perth).

written by:

Hayden Kerdel

Hayden joined McKinley Plowman’s financial planning team in 2020 as a Financial Adviser after four years as the founding director of a successful financial advisory business, contributing to over fifteen years in the financial services industry. Hayden brings to the MP+ team extensive practical knowledge, especially in the areas of superannuation, investments and insurance. He is passionate about helping clients build strong financial behaviours as well as working alongside them to help define a solid plan to help them achieve their financial goals. Hayden also holds a Bachelor of Commerce degree.