Where is the best place to retire? In Australia, the cost of living becomes more and more expensive as years go by. Studies show that in 3 decades, the number of retirees is expected to grow three times. Because of the increased day-to-day expenses in Australia, baby boomers find it difficult to stretch their retirement income. As a result, they go abroad where their money has higher value.
Relocating in other parts of the world like in South-East Asia appears to be a good option for retirement. The food, rent and commodities are cheaper and their money can go a long way unlike staying in Australia wherein almost everything is expensive. Those who wish to stay in Australia must find other sources of income in order to survive. When you get older, it is more difficult to find a job especially when your body no longer cooperates and age is catching up. Those who have investments can survive in Australia but how about those who have no other income other than their pension to rely on? This is the reason why most retirees consider living in other countries.
Retire in Asia
Here’s what you need to consider before you pack your bags and leave:
- Pension – You cannot receive your pension in other countries. Claim your retirement pay before moving to other countries. It is not possible to receive your pension while you are abroad.
- Lifestyle – Not because the value of your money is greater (in other countries) means you can retire and live extravagantly, unless you have other source of income. Living in Asia is cheaper because commodities are affordable.
- Medical Factors – Countries like Malaysia, Philippines and Thailand offer decent medical care. In case you get sick, you know that there are good doctors who are highly qualified to provide treatment. Others find it hard to decide to live overseas because of the free medication and treatments they are entitled or covered by their insurance once they choose to retire in Australia. Health care is one of the prime concerns of most Australians.
- Communication – There is no need to worry about your family, friends and relatives. Internet is so powerful; you can communicate easily in other parts of the world. Skype is a good tool to make a video call to your loved ones.
- Property Rules – Property law vary from one country to another. Some will allow you to acquire or lease a property while some may involve other legal matters.