Retireeing in Australia

I would like to ask this question: I am a dual citizen--U.S. and Australian -and I am considering coming to Oz to retire in the next 2-3 years. I will be living off of the pension (or a US pension plus the amount Centerlink adds in order to bring me up to the legal limit) plus any extra Centerlink allowances. I may bring approximately 70-80K USD converted into Australian dollars.

Where is the best place to live where I can afford a decent non-impoverished living? Can people live off of the pension? (tax free still?) Will I have to move to a small town? What are the affordable cities or regions now? Could I afford to buy a house with the Government's first- time housing grant? How is retiree life in Oz these days? Cost of living raises ok? Is Labor good to the retiree community? What perks are there now in addition to the pension?

All the Best
Tom

3 comments

No way you could actually buy a house with the First home owners grant - that would only give you a bit of a deposit and the rest of your savings - the $70 -$80 would probably buy the rest of it. The Australian aged pension is taxable, but if it is your only source of income, you don't pay tax, except for the 10% GST. Reckon, with your income/assets, you'd have to move to somewhere back of Bourke. And if you lived off the pension available, you would live an impoverished life style. What sort of pension would you get from the USA?

tom says he would be bringing 70-80 thousand usd so surely that would be worth a lot more with australian exchange,i know if coming from the uk the exchange rate is approx 2 and a half times but i don't know the exchange rate from usa,

if he had too much money it would afect his aust pension dramatically,

One Australian dollar buys about 70 US cents, one Australian dollar buys about 48 UK pence, give or take a little.

3 comments



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