Retirement Planning & Experiences

[Quickstatus]

$50k each pa

If no coffee or alcohol ...
Would want any Renos done before retirement.

Are people downsizing to a smaller residence?

 

[SYD]

If no coffee or alcohol ...

Plenty of coffee and booze. Just don’t retire to PER…

Do the sums. You’ll be surprised. Note that a Super pension is tax free, so the equivalent to something like $65k in non Super (taxable income).

Would want any Renos done before retirement.

Yes. Or see below…

Are people downsizing to a smaller residence?

Not yet, but an excellent way to top up Super!

 

[cove]

If you remember prices 30 years ago then you need to allow for the same thing happening over the next 30 years if you are planing a long retirement. Of course your needs will reduce as you get into the dreaded nineties.

 

[CaptJCool]

If you remember prices 30 years ago then you need to allow for the same thing happening over the next 30 years if you are planing a long retirement. Of course your needs will reduce as you get into the dreaded nineties.

Unless you are one of the 8% who end up in live-in aged care … where your ‘accounting’ income is used to determine your weekly payments

 

[MARTINE]

If no coffee or alcohol ...
Would want any Renos done before retirement.

Are people downsizing to a smaller residence?

We actually upsized but also kept an apartment in the inner city. We wanted to be coastal and only child and partner live close by and always wanted land so we have access to all options till we drop off the perch. We have renovated multiple houses and say never again — but as in medicine — never say never.
Might do up the apartment (not much needed as those massive older style art deco places with big ceilings:sensible layout and gardens are well designed).
…love retirement as have been doing it for at least 20 years - parttime or semiretirement (it always felt like the latter). Never bored as most friends in same boat and near us — massive garden, travel, films etc…and COFFEE

 

[Happy Dude]

I'm early 50's and starting to consider retirement plans, so it's very interesting to read the experiences.

Anyone gone down the path of a cheap cost of living place like Thailand, Indo etc? It sounds appealing.

 

[Pushka]

I'm early 50's and starting to consider retirement plans, so it's very interesting to read the experiences.

Anyone gone down the path of a cheap cost of living place like Thailand, Indo etc? It sounds appealing.

There's plenty of older retired folk in Bali. An excellent lifestyle until you have an urgent medical need. But should we live our lives on that basis? There was a group of men who'd gathered each night near the bar at Sanur. Local Aussies. And then there were older men living the life doing windsurfing and kite surfing.

 

[Cossie]

I'm early 50's and starting to consider retirement plans, so it's very interesting to read the experiences.

Anyone gone down the path of a cheap cost of living place like Thailand, Indo etc? It sounds appealing.

Thailand beach side has been popular for years, Chiang Rai is doing well, I believe, saw an ad for the Philippines recently for a Retirement Visa, this site may help, no affiliation to moi.

Retirement Visa - Guidelines and Requirements of Retirement Visas Worldwide

Portugal does as well, talked to an Australian couple a few years ago in Porto, they had moved from Melbourne as even with downsizing they couldn't get a suitable house/unit. Although, one son lived in London and a daughter lived in Paris.... so that would have been factored in.

 

[CaptJCool]

Overseas living is fine while you are mobile and active and healthy

Not sure it’s quite so friendly should one get very ill or need to skeddaddle back to Oz

 

[SYD]

Overseas living is fine while you are mobile and active and healthy

Not sure it’s quite so friendly should one get very ill or need to skeddaddle back to Oz

Yep. I’d see that as more of a second home away from for 50s to maybe 70s (depending on general health).

Anyone with a foothold in the Oz capital city markets (ie own property outright) would be unwise to totally sell out. Getting back in could be really difficult in the future. Downsize to an apartment you can live in plus a pad in Europe, would be attractive to many. Spend your time between the two.

 

[Freq Flier 2013]

I’ve long thought about retiring in Asia. Good location, western medical services (if you have money) and everything take care off.

 

[Flashback]

I’ve long thought about retiring in Asia. Good location, western medical services (if you have money) and everything take care off.

Hot and humid, though......

 

[Cossie]

Hot and humid, though......

Groan, you sound just like swmbo......

 

[k_sheep]

I'm not 'retirement age' (older millenial) but I'm not going to lie, it's been plaguing my thoughts recently. Probably just a sign I'm super burned out (medico during covid ... who wasn't I guess). I have this irresistible urge to travel the world while I'm still fit.

Having no kids is a real bonus, and still living like a student makes day to day living very cheap. Travel is my only splurge (I even prefer the $15-20 bottles of wine compared to the more expensive ones).

Is there a middle aged retirement? Where you go out, spend all your cash them schlep back when you run out of money and work for another decade?

 

[Freq Flier 2013]

I'm not 'retirement age' (older millenial) but I'm not going to lie, it's been plaguing my thoughts recently. Probably just a sign I'm super burned out (medico during covid ... who wasn't I guess). I have this irresistible urge to travel the world while I'm still fit.

Having no kids is a real bonus, and still living like a student makes day to day living very cheap. Travel is my only splurge (I even prefer the $15-20 bottles of wine compared to the more expensive ones).

Is there a middle aged retirement? Where you go out, spend all your cash them schlep back when you run out of money and work for another decade?

If you make the right investments now, you can step back work less and retire soon ( even with kids down the track ect..).

 

[Matt_01]

Interesting thread, I am now thinking of retirement (I am 56) the defined benefits pension from my military days kicked in last year. It is not a lot but is indexed x2 per year. @k_sheep when I was in my 20's I had planned to retire and travel in my 50s. I have been lucky and through career choices have now travelled with MrsM and then with MissM to most places we have wanted to go to. As @Freq Flier 2013 mentioned the right investment choices made when you are younger can have a big impact on you future.

 

[CaptJCool]

Yep. I’d see that as more of a second home away from for 50s to maybe 70s (depending on general health).

Anyone with a foothold in the Oz capital city markets (ie own property outright) would be unwise to totally sell out.

Agreed

May as well use it as the adult kids holiday home… while you’re Orf in Asia

However, don’t be surprised if them adult kids invite asleepover companion (who may or may not be a partner) to enjoy the spa bath while you’re on holidays … just sayin’

Australia has passed peak property investor

For many around the country, especially Baby Boomers, property investing is a national pastime. But if you look closely, landlord numbers are declining.

www.afr.com

“But the biggest impact on the demographics is likely to have been the trend towards later retirement – with many investors holding properties until after they cease full-time work and the typical age for retirees moving from 54.4 in 2000 to 64.8 today, it is no surprise property investors have been getting older,” he says.

Those figures shock me especially as someone who quit work at 53 and 355 days (year of LSL and no pay) before super at 54/11

 

[drron]

I'm not 'retirement age' (older millenial) but I'm not going to lie, it's been plaguing my thoughts recently. Probably just a sign I'm super burned out (medico during covid ... who wasn't I guess). I have this irresistible urge to travel the world while I'm still fit.

Having no kids is a real bonus, and still living like a student makes day to day living very cheap. Travel is my only splurge (I even prefer the $15-20 bottles of wine compared to the more expensive ones).

Is there a middle aged retirement? Where you go out, spend all your cash them schlep back when you run out of money and work for another decade?

Well I had a new surge of enjoyment during Covid. Really felt I was essential.

But to the retirement plan there seem to be many locum Pathology jobs around Australia. great way of earning enough to fund more travel.
As well you get to know Australia better. Living and working somewhere even just for a few weeks is totally different to being a tourist. And if a place chose to CMO then I just didn't go back. Some places really were a challenge but I rose to the occasion. Nothing like having to intubate 2 brothers with severe muscular dystrophy at 7 and 8pm at night and then have the Tertiary hospital tell you we won't be able to take them until after 8am tomorrow.
But I really loved the life.

 

[SYD]

“But the biggest impact on the demographics is likely to have been the trend towards later retirement – with many investors holding properties until after they cease full-time work and the typical age for retirees moving from 54.4 in 2000 to 64.8 today, it is no surprise property investors have been getting older,” he says.

I actually can’t wait to rid ourselves of two investment properties in SYD. They’re no longer that good of an investment and invariably something goes wrong when we’re half way around the world! Just need to work out the timing but they will buy a nice one bedder in London (with money set aside for CGT…).

That’s probably the real reason investment property owners are getting older - they’re just kicking the CGT can down the road.

 

[andye]

Just a quick reminder for those who have ever worked in the UK (and not retired already) that you may be able to get up to the full UK pension at a very favourable rate by buying extra years

See this thread

Thread 'Have you topped up a UK pension to cover gaps?'

Jun 18, 2024

Anyone here worked in the UK for 3-10 years and have topped up a UK pension to the minimum 10 years of contributions mark so as to claim the pension?

I have some questions about process, am interested in hearing lessons learned, and I am looking for recommendations of financial advisers (who deal with this type of thing in Australia).

• FlyingFiona
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