Living overseas on the Pension

[Mr Cashie]

This thread is likely to get heated but a great topic of interest and discussion regarding the pension whilst living in a cheaper country.

Now I know some people will say that the pension must be spent in Australia but I personally believe those people are the smart ones given how unaffordable Australian has become as well as poor services compared to other western countries. Good on em.

http://www.abc.net.au/news/2018-05-...as-because-they-cant-afford-australia/9762418

Can a mod please move this out of the international section?

 

[Upgrayedd]

Simple case of Baby boomers avoiding doing the heavy lifting in our society, As it was before, and still is. The most entitled generation our world has ever seen

I weep for millenials who have inherited a second world country

 

[Ned_Flanders]

Simple case of Baby boomers avoiding doing the heavy lifting in our society, As it was before, and still is. The most entitled generation our world has ever seen

I weep for millenials who have inherited a second world country

Financially it may be a good thing

Sure some get a pension, but hospital care will be overseas, subsized medicine overseas, managed care overseas. All this costs the govt coin

 

[Seeds]

why is this in the intermational section? its a domestic policy issue.

 

[Present Not Past]

My Grandfather had a British War pension and lived in Australia.

 

[RupieDupie]

Simple case of Baby boomers avoiding doing the heavy lifting in our society, As it was before, and still is. The most entitled generation our world has ever seen

I weep for millenials who have inherited a second world country

<looks both ways>

This is the reason the Gubmint is going out of their way to ensure the recent and near-future pensioners will live in comfort in $1M mansions with negative geared investment properties, fracking credits, and ponzi-scheme superannuations, and s**t, because they can remember how poorly treated their parents were by the subsequent generation once they retired...

 

[Upgrayedd]

Financially it may be a good thing

Sure some get a pension, but hospital care will be overseas, subsized medicine overseas, managed care overseas. All this costs the govt coin

So in a final move they destroy the only growth industry of Australia can bank on is aged carers as well.

Typical!

 

[Todman]

http://www.expat.com/forum/viewtopic.php?id=572916

You will need a Retirement visa in Thailand and that requires 800,000 Baht in the bank for at least three months or evidence of an income or a mix of both. Check the details with Thai Immigration websites for any updates. You will need to renew your visa yearly and also report every 90 days to immigration. To leave and return to Thailand you will also need a re entry visa or multiple re entry visa or your retirement visa will be cancelled on exit. When you apply for your Retirement Visa make sure your partner notifies the police that a farang is living in her house or you will cop another fine next time you renew the visa. They conveniently " forget" to tell you that the first the time.

You will not be able to own land in your name but you can own the strata title on a Condo or even a house on someone else's land. Normally a 30 year lease with a renewable clause is sufficient. Needless to say if you go into any property arrangement with your girl friend you will need to have complete confidence in the relationship.

The old sage advice is " Never invest anything in Thailand that you cannot afford to walk away from."

 

[CheapCharlie]

http://www.expat.com/forum/viewtopic.php?id=572916

You will need a Retirement visa in Thailand and that requires 800,000 Baht in the bank for at least three months or evidence of an income or a mix of both. Check the details with Thai Immigration websites for any updates. You will need to renew your visa yearly and also report every 90 days to immigration. To leave and return to Thailand you will also need a re entry visa or multiple re entry visa or your retirement visa will be cancelled on exit. When you apply for your Retirement Visa make sure your partner notifies the police that a farang is living in her house or you will cop another fine next time you renew the visa. They conveniently " forget" to tell you that the first the time.

You will not be able to own land in your name but you can own the strata title on a Condo or even a house on someone else's land. Normally a 30 year lease with a renewable clause is sufficient. Needless to say if you go into any property arrangement with your girl friend you will need to have complete confidence in the relationship.

The old sage advice is " Never invest anything in Thailand that you cannot afford to walk away from."

I believe the monthly income for a Thaivisa that needs to be shown is currently 65,00 baht or approx $2700 a month

If you don't have this income amount you can operate 2 bank accounts and move the same money through each account each month, satisfying requirements

 

[CheapCharlie]

Did i read somewhere that your pension amount freezes once you go to live overseas? You don't get future increases?

You also have to be in Australia full time for the 2 years preceding pension age

 

[Pessimistic]

A guy at work retired and told me he was returning to England for the same reason. His old house there had only increased 50% in the decades he’s been here

 

[Maggie5]

Did i read somewhere that your pension amount freezes once you go to live overseas? You don't get future increases?

You also have to be in Australia full time for the 2 years preceding pension age

Interesting post.
I just checked and it is confusing, so many rules and conditions but I think you still get the pension.

I actually thought that the government was going to change the rules last year. Maybe it didn't get through the Senate.

https://www.humanservices.gov.au/individuals/subjects/australians-overseas
https://www.dss.gov.au/about-the-de...lity-of-australian-income-support-payments#03

 

[CheapCharlie]

Interesting post.
I just checked and it is confusing, so many rules and conditions but I think you still get the pension.

I actually thought that the government was going to change the rules last year. Maybe it didn't get through the Senate.

https://www.humanservices.gov.au/individuals/subjects/australians-overseas
https://www.dss.gov.au/about-the-de...lity-of-australian-income-support-payments#03

Yes, u get the full pension, but i meant you don't get the increases to the pension, after you leave.

 

[raskolnikov]

My nephew is on a disability pension for mental issues and lives in the Philippines quite comfortably on it.

 

[ABSOLUTE MADMAN]

Yes it is the smart thing to do by those living overseas. Yes a government could cut off the pension to those that do this for long enough if they were up for the shitfight.

If you want to get heated let's talk about someone that owns and lives in a property worth $1.5-2 million near the city while receiving a pension paid for by taxes from a younger person that has a long commute to their job in the city everyday and will never afford a property close in value to that owned by the person receiving the pension their taxes go toward. Especially applicable in a place like Sydney. Now there is a shitfight no major party wants to touch.

 

[Big_Luch]

Yes it is the smart thing to do by those living overseas. Yes a government could cut off the pension to those that do this for long enough if they were up for the shitfight.

If you want to get heated let's talk about someone that owns and lives in a property worth $1.5-2 million near the city while receiving a pension paid for by taxes from a younger person that has a long commute to their job in the city everyday and will never afford a property close in value to that owned by the person receiving the pension their taxes go toward. Especially applicable in a place like Sydney. Now there is a shitfight no major party wants to touch.

That is a person's home that they bought long ago before it was worth 1.5m.

You could also argue that the young person is enjoying the lifetime of taxes that person put into infrastructure they enjoy.

 

[Bomberboyokay]

That is a person's home that they bought long ago before it was worth 1.5m.

You could also argue that the young person is enjoying the lifetime of taxes that person put into infrastructure they enjoy.

s**t argument since all ages use infrastructure.

 

[Sainteric]

This thread is likely to get heated but a great topic of interest and discussion regarding the pension whilst living in a cheaper country.

Now I know some people will say that the pension must be spent in Australia but I personally believe those people are the smart ones given how unaffordable Australian has become as well as poor services compared to other western countries. Good on em.

http://www.abc.net.au/news/2018-05-...as-because-they-cant-afford-australia/9762418

Can a mod please move this out of the international section?

Aim to live in spain when I retire the non British infested bits

 

[ABSOLUTE MADMAN]

That is a person's home that they bought long ago before it was worth 1.5m.

You could also argue that the young person is enjoying the lifetime of taxes that person put into infrastructure they enjoy.

So if I buy some shares decades ago for $15000 and they are now worth $2 million people that could never dream of having those assets should pay my income in old age out of their taxes?

Young working adults are getting utterly screwed by the residential property not being included in the asset test.

 

[Herne Hill Hammer]

So in a final move they destroy the only growth industry of Australia can bank on is aged carers as well.

Typical!

Prisons are the other growth industry. Unfortunately.

 

[Rob]

So if I buy some shares decades ago for $15000 and they are now worth $2 million people that could never dream of having those assets should pay my income in old age out of their taxes?

Young working adults are getting utterly screwed by the residential property not being included in the asset test.

It's not just young people - and it's not just the value of the pension. It's that the system (perversely) provides an incentive for people to horde land. If a pensioner that has a $1.5m property sells up and buys a $500k apartment and pockets the rest suddenly loses their entire pension despite having no change whatsoever to their asset position. So a lot of pensioners just won't sell up and sit on the land. It distorts the supply side of the market.

 

[Big_Luch]

So if I buy some shares decades ago for $15000 and they are now worth $2 million people that could never dream of having those assets should pay my income in old age out of their taxes?

Young working adults are getting utterly screwed by the residential property not being included in the asset test.

You don't live in those shares.

Homes were not purchased as an investment vehicle.

 

[Pessimistic]

So if I buy some shares decades ago for $15000 and they are now worth $2 million people that could never dream of having those assets should pay my income in old age out of their taxes?

Young working adults are getting utterly screwed by the residential property not being included in the asset test.

anyone with skin in housing in melb, sydney in the lat 10yrs has benefitted, but lets blame the boomers alone eh?

in fact if you started work since SGL got to be close to 10% and bought property around the same time, youll be leaving both the boomers and Gen Y in your slipstream.

But lets make it all about boomers, who mostly are retiring with around $70k in super (the average balance is much higher due to a small number of well offs rorting the system)

 

[Pessimistic]

It's not just young people - and it's not just the value of the pension. It's that the system (perversely) provides an incentive for people to horde land. If a pensioner that has a $1.5m property sells up and buys a $500k apartment and pockets the rest suddenly loses their entire pension despite having no change whatsoever to their asset position. So a lot of pensioners just won't sell up and sit on the land. It distorts the supply side of the market.

They might have to work an extra year to pay for the stamp duty also. I might be in that position in a few years and if you get a sniff more incentives will be provided, you hang on, see whats coming. Have friends who downsized early and huge amounts have been swallowed up in costs.

 

[BORK]

anyone with skin in housing in melb, sydney in the lat 10yrs has benefitted, but lets blame the boomers alone eh?

in fact if you started work since SGL got to be close to 10% and bought property around the same time, youll be leaving both the boomers and Gen Y in your slipstream.

But lets make it all about boomers, who mostly are retiring with around $70k in super (the average balance is much higher due to a small number of well offs rorting the system)

That madcampaigner seems to have an issue with people that do not own homes paying the pensions of people that own these $2 million dollar homes. Since the boomers are the only ones old enough to be getting the old age pension of course they are going to be the focus.

This is not about a boomer in a 350k house retiring with little super. This is about those asset millionaires.