Considering an offshore retirement? Four things to do before you go

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Considering an offshore retirement? Four things to do before you go.

Australia has become an expensive place to live, so it’s not surprising that the lure to retire at an idyllic, low-cost, offshore location is getting a lot of attention. We discuss the pros and cons.

If you’ve holidayed overseas recently, you’ll know how much further your Australian dollar can go – particularly in Asia. An income that would be considered frugal in Australia is likely to fund a very comfortable lifestyle in some overseas loca- tions. This is because food, transport, housing and domestic ser- vices are often a fraction of what they’d cost back home. Adding to the lustre, these affordable lifestyles can include beach-side living and a tropical climate. However, before making any firm plans to turn your holiday into a permanent home, it’s important to consider all the implications.

Retiring overseas can have big implications for your wellbeing, your super, Age Pension benefits, and tax obligations. While we’ve touched on some of the considerations in this article, it’s important to get early, expert advice from your financial adviser.

The retirement of your dreams starts here.

At Smart Private Wealth we're here to ensure you're well prepared to live a lifestyle you love.

Our financial advisors can help to guide you through this process and ensure peace of mind when planning for the future – regardless of what stage in your working life you’re at.