While some Aussies choose to stay in the family home in retirement, many are stretching their wings and enjoying life elsewhere in Australia, and overseas.
Retirement hotspots in Australia
Popular retirement destinations in Australia offer unique attractions1:
- Esperance, WA―an unspoilt coastline, friendly community, relatively low-priced housing and local airport about eight hours south-east of Perth.
- Hunter Valley, NSW―stunning golf courses, great food and wine, and better real estate deals within reach of Sydney’s big smoke.
- Huon Valley, TAS―outstanding natural beauty, clean air, a cool climate and relatively low living costs.
- Kadina, SA―community spirit, good health services, retirement and aged care living options about two hours north of Adelaide.
- Mornington Peninsula, VIC―coastal villages, endless beaches, great food, vineyards and rolling hills dotted with orchards and market gardens.
- Sunshine Coast, QLD―a relaxed community atmosphere, local airport, beautiful beaches and year-round sunshine.
The lures of a new culture
More and more Aussies are saying goodbye to a traditional retirement lifestyle in Australia altogether; packing up and heading overseas2. Living overseas is much easier for today’s retirees thanks to advances in communications technology, internet banking and cheaper airfares.
Some move to France and Italy for adventure and a change in culture. And many to countries around the Asia-Pacific where the sun shines and the people are friendly.
Value for money
In Australia, we have a very low level of housing affordability in cities like Sydney and Melbourne3, so it’s no wonder that as Australia’s cost of living rises, many people want more value for money4.
In south-east Asia, the cost of living can be up to 80 per cent less than in Australia5.
First things first
But a move overseas can be challenging in many ways. From family and lifestyle challenges to issues relating to government pensions, super, tax, visas and healthcare, all of which need to be considered well in advance.
Wherever you choose to retire, be sure to get your finances in order first and plan ahead. Start by using our retirement simulator to find out how much you’ll need to fund the lifestyle you’re aiming for.
If you’re considering selling―or renting out―your home to fund your retirement, our home and retirement planner can help you work out how your home fits in with your plans.
Speak with a financial adviser or call us on 131 267 and we’ll put you in touch with someone who can help.
1 Over Sixty, oversixty.com.au/finance/retirement-income/2014/08/11-best-places-to-retire-in-australia/
2 Sydney Morning Herald, smh.com.au/money/planning/stretched-try-calling-asia-home-20150303-13pyg2.html
3 Housing affordability in Australia, http://www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentary_Library/pubs/BriefingBook45p/HousingAffordability
4 Sydney Morning Herald, www.smh.com.au/money/planning/stretched-try-calling-asia-home-20150303-13pyg2.html
5 Numbeo www.numbeo.com/cost-of-living/
Moving to a more affordable location could have a range of financial and non-financial benefits, but there will still be things to consider.