In search of greener pastures
Money Magazine Australia|May 2023
The high cost of living is prompting many Aussie retirees to move offshore, but the simple life can become complicated without careful planning
TOM WATSON
In search of greener pastures

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

Denne historien er fra May 2023-utgaven av Money Magazine Australia.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

Denne historien er fra May 2023-utgaven av Money Magazine Australia.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

FLERE HISTORIER FRA MONEY MAGAZINE AUSTRALIASe alt
An outrageous, beautiful monopoly
Money Magazine Australia

An outrageous, beautiful monopoly

Telstra's mobile business is a cash machine with few competitors, giving it the highest returns in the world.

time-read
4 mins  |
July 2024
Drop the anchor to judge value
Money Magazine Australia

Drop the anchor to judge value

Buying and selling decisions should be based on where a stock price is going, not where it has been.

time-read
3 mins  |
July 2024
Powering the AI boom
Money Magazine Australia

Powering the AI boom

Beyond the software and chipmakers, where will the energy come from?

time-read
3 mins  |
July 2024
Get into life
Money Magazine Australia

Get into life

Tucked inside super are products that can protect you from life's inevitable uncertainties.

time-read
5 mins  |
July 2024
Paths to home ownership
Money Magazine Australia

Paths to home ownership

Taking the road less travelled can sometimes deliver unexpected benefits.

time-read
5 mins  |
July 2024
Sold! Quick ways to add value
Money Magazine Australia

Sold! Quick ways to add value

Small, strategic changes can have a big impact on the look and feel of your home. And get you a better price on auction day.

time-read
5 mins  |
July 2024
Money lessons the kids need to know
Money Magazine Australia

Money lessons the kids need to know

Your children can learn a lot from your past money mishaps. Here are eight financial conversations I have had with mine.

time-read
4 mins  |
July 2024
Property-investing rules: are they likely to change?
Money Magazine Australia

Property-investing rules: are they likely to change?

The pressure for the government to curb the tax benefits of tax concessions, such as negative gearing and the capital gains tax discount, is unrelenting. Most recently, independent senators David Pocock and Jacqui Lambie proposed five options for paring back investment property tax concessions, with savings to the Federal budget of up to $60 billion over the next decade.

time-read
3 mins  |
July 2024
What's love got to do with it?
Money Magazine Australia

What's love got to do with it?

A rollercoaster of emotions could be driving poor crypto behaviour.

time-read
3 mins  |
July 2024
Are we ready to be cash-free?
Money Magazine Australia

Are we ready to be cash-free?

Saying goodbye to our piggy banks too soon could leave small businesses in the dark when problems arise.

time-read
2 mins  |
July 2024