±A - Subscribe to Our Newsletter
Our monthly newsletter contains health and financial news, expat articles, social media recommendations and more.
±A - Join Our Community
±A - Read Our Guide
±A - Compare Quotes and Save
±A - Listen to the Podcast
±A - Expert Financial
±A - ExpatFocus Partners
Looking for piece of advice on Aussie pension
I have my heart set on taking off to south-east Asia for retirement next year. Have just discovered the mm2h program and thought this might be a great way out.
There is a lot of data available on receiving UK and US pension while living abroad but not much info for Australian retirees. I know, there are catches around pension and super for anyone planning to relocate. I’m interested in Australian compatriot perspective on the subject.
I guess the best way I can answer your question is to describe My experience in moving too Malaysia from Australia just over 12 months ago.
Malaysia is a WONDEFUL country filled with Beautiful gentle people, awful traffic, great food and living costs are much cheaper than Australia. Caucasians are accepted and treated with respect and genuine kindness as long as this is reciprocated. Cars are very expensive, electricity, petrol and food are cheap. Petrol is about 1 third of Australian prices.
You mentioned MM2H as an option. I myself had looked at this programme and decided there was no actual advantage in joining it. Yes, it allows us to remain in Malaysia for longer periods but we still, at the moment are forced to fly too Australia every 26 weeks so we can continue receiving our Australian pension.
As I have not applied for MM2H, my Malaysian visa allows a 3 month stay here before I'm required to either go to another country, get another visa then return here. So, at the moment, every 3 months, I drive too Singapore, then every 6 months, I have to fly to Australia. I had great difficulty with the Australian Centrelink ( now called MyGov)( SHEESH) finding out all Australia's rules and demands on my situation as I wanted too retire and live overseas. Staying in Malaysia is easy as we just get on a plane and fly here. Yes, its that easy. We are accepted as a fellow human being.
Australia!!!!!!!!!!!!!!!!!!!!!. WATCH OUT.
We cant even apply for our pension until now 9 weeks prior to retirement..................
The application will NOT be assessed prior to that time.............
They want to know all our assets and will make their judgement based on that value.........
I was honest with them and they knew that I wanted to retire overseas so my assessment was based on this information.
I received the full benefit for a single person $867.00
As I'm now living overseas they removed some of it........
$64.50 Maximum pension supplement
$14.10 Energy supplement.
So I'm left with $788.40 a fortnight to survive
As soon as we leave Australia, they cancel our Medicare card so, if you do decide too return too Australia, we need to reapply for Medicare assistance.
All the above was as Their rules 12 months ago.
I based my decisions on the information I was given at the time. I now live in Malaysia and am very happy here.
NOW, they are wanting to change all this. As of 1 January 2017. The government are proposing that we all are required to fly to Australia ever 6 weeks instead of 26 weeks.
1 thing I was personally told by a Federal member of parliament. "The Government can do anything they want".
When I began my working life, retirement was 55, then 60, then 65, now 67, soon to be about 70 or 71. There is talk of the Government abolishing the Pension in years to come.
OUR Government........ Do they actually care for the people they were voted in to represent or is it just MONEY?
Please tread carefully.
My decision to move to Malaysia is still the best option. I love it here, I feel retired apart from Australia trying to make it difficult. I/we have done our bit for Australia. Now its our turn. Allow us to actually feel retired
Expat Health Insurance Partners
Bupa Global is one of the world’s largest international health insurers. We offer direct access to over 1.3m medical providers worldwide, and we settle directly with most so you don’t have to pay up front for your treatment. We provide access to leading specialists without the need to see your family doctor first and ensure that you have the same level of cover wherever you might be, home or away.
Cigna has worked in international health insurance for more than 30 years. Today, Cigna has over 71 million customer relationships around the world. Looking after them is an international workforce of 31,000 people, plus a network of over 1 million hospitals, physicians, clinics and health and wellness specialists worldwide, meaning you have easy access to treatment.