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An expats guide to retiring in Australia

Covering the essentials for expats retiring in Australia, including visa options, healthcare, taxation, and lifestyle choices for a smooth transition.
By · September 29, 2024
An expats guide to retiring in Australia

Sun, sea, and a laid back lifestyle, Australia sure ticks a lot of boxes when it comes to dream retirement locations. But, before you slip into your thongs and throw on the boardshorts there’s a few things you should know and plan for.

In this article we’re diving into what you need to consider to make your dream of retiring in Australia, a reality.

Read on to learn more about:

Key considerations for retiring in Australia

Retirement visas in Australia

If you’re not an Australian resident but want to wind up your work days Down Under, you’ll need to work through the visa process. The most common visa for retirees is the Visitor Visa (subclass 600). This visa allows you to stay for up to 12 months at a time.

NOTE: Regular renewals are required and there is usually a cap on how many times you can renew this visa..

There are also more permanent options if you have family ties to the country. Depending on your eligibility this could open up:

  • Parent Visas
  • Age Dependent Resident Visas
  • Remaining relative visas
  • Carer Relative Visas

If you don’t meet the eligibility criteria for the above, it’s worth exploring the Australia’s Retirement Visa Pathway which opens up options for permanent residency.

Remember this is just a guide for getting started and there may be other options to you based on your unique circumstances. Check out the Department of Home Affairs to explore further.

Cost of living in Australia

It’s no secret that the cost of living in Australia is rather high. Before you make any big moves it’s best to research your expected expenses and what you’ll need to not just meet the cost of living, but to live comfortably - that’s the whole point of retirement after all.

A good place to start is by checking out our guides to what you need to earn to live comfortably in every major city in Australia:

Healthcare system

Australia has a high-quality healthcare system offering world-leading care at both public and private levels. The country’s public healthcare system is known as Medicare and offers free/subsidised care to eligible citizens, residents and expats who are enrolled in the system.

Access to Medicare will depend on your visa type. If you are not eligible, or your unique health needs call for additional care, you may wish to look at private health options that will best support you.

What is the age of retirement in Australia?

There is no official age of retirement in Australia. However, an individual must be at least 67 years old to access their pension, and between the ages of 55 and 60 in order to access their superannuation (depending on when they are born).

The Australian pension scheme - what is it and are you eligible?

The Age Pension is a payment scheme run by the Australian government designed to support older Australians in their retirement. It is means and income tested which means not everyone is entitled to receive the pension.

To be eligible for the Australian Age Pension you must be over the age of 67, be an Australian resident (residing in Australia for the last 10 years), and meet the government income and assets tests.

Check out this clear and concise Australian pension guide for a full and comprehensive breakdown of the pension system and key regulations around it.

What is superannuation all about?

If you are moving to Australia for the first time, superannuation likely isn’t something you’ll be eligible for or need to know about. But, since we’re diving into all things retirement, here’s a quick overview.

Superannuation is a long-term investment made by most Australians throughout their working life. Typically the more an individual contributes, the more they’ll have to support them through retirement. Employers make compulsory contributions to every employee's nominated superfund. Self-employed individuals are encouraged to make voluntary contributions to a chosen superfund, although this is not compulsory.

Money accrued in an individual’s nominated superfund will be managed by the relevant superfund team. Those responsible, will invest the pool of money, over the course of many years, via a range of different investment options, ready for the individual to access at the time of retirement.

What age can a woman retire in Australia?

The retirement age (when individuals can access a pension) in Australia is 67. This is the same for both men and women.

How much do you need to retire in Australia?

Naturally, the amount you need to retire in Australia will depend entirely on your individual needs and personal preferences. However, it's recommended that couples should have a superannuation balance of $690,000 at age 67, while singles should have a superannuation balance of $595,000 by age 67 for a comfortable lifestyle.

According to the AFSA a comfortable lifestyle accounts for daily essentials, such as groceries, transport and home repairs, as well as private health insurance, a range of exercise and leisure activities and the occasional restaurant meal. Importantly it enables retirees to remain connected to family and friends virtually – through technology, and in person with an annual domestic trip and an international trip once every seven years.

If you plan to travel more frequently, either domestically or overseas throughout your retirement, you will need a substantially bigger superannuation or savings lump sum at the time of your retirement.

Annual cost of living retirees aged 65 - 84 years old

While it’s important to have a lump sum amount available at your time of retirement, it’s also important to understand what that looks like in terms of annual spending. By properly considering your annual costs, you’ll make sure that your savings stand the test of time and last throughout your entire retirement.

What you need per year for a modest retirement lifestyle

Couple

Single

$47,731

$33,134

What you need per year for a comfortable retirement lifestyle

Couple

Single

$73,337

$52,085

Annual cost of living retirees aged 85+ years old

What you need per year for a modest retirement lifestyle over the age of 85.

Couple

Single

$44,325

$30,975

What you need per year for a comfortable retirement lifestyle over the age of 85.

Couple

Single

$67,647

$48,879

Retirement communities in Australia - the best spots to retire in the country

Australia is loaded with spots just perfect for retirement, but everyone’s retirement dream looks a little different. Whether you love sun, sea and slow living, the wild and adventurous outback, or are something of a city slicker, you’ll be spoilt for spots to settle down and retire in in australia.

To help you make the right decision for you, we’ve highlighted some of the best and most popular spots to kick back and say goodbye to the rat race in.

Hervey Bay

Overview: Calm waters, know your neighbour lifestyle and 4th most popular retirement spot in Australia

Median House Price: $618,000

Perth

Overview: City living without the heavy price tag that Sydney, Melbourne and Brisbane are famous for.

Median House Price: $850,240

Victor Harbor, South Australia

Overview: Coastal living, close to Adelaide with a rich history and wild natural landscape.

Median House Price: $637,400

Find more retirement info on these spots as well as an in-depth look at the best places to retire in Australia.

How to prepare for retirement in Australia

It goes without saying that the key to a safe, secure and happy retirement comes with careful planning and research.

Step 1 - Research

If you’ve got your sights on Australia for retirement, the best kind of research you can do is to visit the country first. By stepping onto Aussie soil before you make any big moves, you can explore different areas, get a feel for the lifestyle, and experience day-to-day costs first hand.

Step 2 - Chat with the experts

The next step is to get some expert advice. Relocation specialists, financial planners and legal experts are extremely helpful when it comes to ticking all the right boxes and dotting all of the i’s. The last thing you want is money issues or legality concerns when you’re trying to live your best retirement life in Aus.

Step 3. Make your move

When you’re satisfied that you’ve gathered all the info and completed all of the necessary paperwork, it’s time to plan your move. That’s where we come in. Upmove connects you with professionals, affordable removalists and moving companies that can take you anywhere in Australia.

Retiring in Australia

The perfect spot to celebrate your golden years

Retiring in Australia could be one of the best decisions you ever make. With a beautiful year-round climate, community vibe and high quality of life, every day can feel like a holiday.

There’s no doubt there are a few hurdles to jump before you can call Australia home, but by using this guide to plan ahead you could turn your Aussie dream into a reality.

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