In 2012, newly retired schoolteacher Laurie Lumley and his wife Jill packed up their life on the South Coast of NSW and moved to the Philippines. From the ocean-facing balcony in their new home 50 kilometres outside Cebu City, Lumley reflects on how different life would be had they stayed in Australia.
“In Australia, we could see the water, but we were probably about two kilometres back from the beach,” he says. “It’s also so cheap here compared to Australia, where costs have basically gone through the roof. This is my dream come true, but there’s no way we could afford this in Australia.”
The Lumleys are part of a cohort of Australians, estimated to be in the tens of thousands, who have opted to spend their retirement overseas. With travel returning to pre-Covid norms and life here becoming more expensive, more Australians could be eyeing off a move abroad to get the lifestyle they want at a cheaper price.
“Jill has a lot of family here: she’s got three sisters and her mother here, plus countless cousins, nieces and nephews,” says Lumley of their decision to stay. “When we moved in 2012, I had originally intended to go back to Australia for six months of the year to spend the summer there, but I just fell in love with this place. On days like today, we’ll sometimes go down and have a dip in the morning and the dogs will go for a swim with us, and then we’ll just get on with the day.”
While retiring overseas can certainly sound blissful, it isn’t as simple as packing up and booking a one-way ticket. There’s a lot to think about logistically, including the finances.
Here are three areas worth thinking about before taking the plunge.
1 Super and pension
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