Retirement overseas and Age Pension

Retirement overseas and the Age Pension entitlement are some of the big issues for many retirees.
Overseas retirement has been a big trend over the last few years in Australia, and this trend is only growing.
People are searching for a new place to live outside of Australia, especially for their retirement years. So in today's video we will continue taking about retirement overseas, reasons for it, and specifically issues you have to deal with, if you wish to receive or continue receiving your Age Pension payments.
But this is just the beginning. Over time, we will dive deep into this topic and maybe even go country after country to help you make this transition of your life from Australia to another country a bit easier from legal and financial standpoint.
So first review the main reason for such a big decision as leaving the country you spend your lifetime in, and moving to a new, unknown environment:
1. Returning to the place where you were born - you want to reunite with your family, old friends, place from your childhood
2. Moving to the country where your children reside - the new generation has more chances and abilities to travel for fun, work, study, business that their parents ever had in their lifetime, and often during that travel, they might meet that special someone and not return home to you ever again. So at some point it is quite understandable that you would like to be close to your kids family, therefore you make a decision to move to their country
3. Move to a warmer country or a different culture - this is very much a lifestyle change, curiosity to experience life outside of your norm, this type of change is often more driven by the need of excitement, fun and adventure then economics.
4. Everyday living expenses - this is the most common reason for leaving Australia. Australia now is the 12th most expensive country to live in, so it makes sense for many to move to the country that is less expensive, but still satisfactory with the living standards and healthcare.
5. Cost of home - Australian homes are some of the most expensive in the word and there are many retirees with all their money stuck in the house and no savings to enjoy retirement. So the ideal of selling home, pocketing the money, moving overseas, buying a cheaper home or even renting at low cost, while enjoying your golden years, might be very enticing indeed.
So now that we know the reason of your move, most likely you have also decided on a country you would like to move to, or at least you have narrowed down your choice to couple of countries only.
Your next step is to find out if the country of your choice has an International Social Security Agreement with Australia.
Let's be honest, it would be so much easier for you, if you were to move to a country that cooperates with Australia and the choice is getting bigger with more and more countries signing such an agreement with Australia now.
Presently Australia has a Social Security agreement with 31 countries:
1. ASIA - India, Japan and Korea
2. EUROPE - Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, Germany, Greece, Hungary, Ireland, Italy, Latvia, Malta, The Netherlands, North Macedonia, Norway, Poland, Portugal, Slovak Republic, Slovenia, Spain, Switzerland, United Kingdom
3. THE AMERICAS - Canada, Chile, United States of America
4. NEW ZEALAND
Videos mentioned today:
1. Retirement & Living Overseas: • Retirement and Living ...
2. Age Pension Explained: • Age Pension - Are you ...
To download the book 12 PRINCIPLES OF INVESTING:
ebook.aboutretirement.com.au/...
Contact details:
Katherine Isbrandt of About Retirement
Website: aboutretirement.com.au/
Email: [e-mail]
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#KatherineIsbrandt #AboutRetirement #RetirementLivingOverseas #RetirementAbroad #AgePension

[@AboutRetirementTV]

Please let me know what country you are considering moving into and why?

[@georgenem8867]

Have returned to Australia to live which is my country of birth and I receive an AMERICAN pension and was wondering how Centrelink reduce their age pension in regards to the fact of receiving US pension .?

[@AboutRetirementTV]

@@georgenem8867 it will be counted dollar per dollar, like any other pension from any other country. so if you receive $500pf, this is exactly what Centrelink will count under Income Test

[@johnlink7252]

Which video do you explain about the 2 year rules after being overseas for years, I want to know if I have to wait 2 years or do I have to live in Australia for 2 years before getting my pension after over 45 years of working in Australia and being a born Australian citizen

[@johnlink7252]

After being stuck during COVID-19 I am sort of used to living in Cambodia and at 64 no one needs my skills anymore in Australia, will I have to spend 2 years back in Australia before I can get a pension

[@chollypaderanga307]

Thanks Katherine! Your video is a great help .. very informative 😇

[@AboutRetirementTV]

Thank you Cholly 😀

[@NotYourAveargeAlien]

Katherine, you are a legend! Thanks

[@minimalliving8648]

great video. more video on this topic please!!!

[@oldmanJ]

Hi Katherine can you PLEASE keep us all updated on these future changes on retiring overseas as i was born in Australia and reach OAP in 6 years,67.Keep up the interesting informative videos.

[@jeffedwards5028]

Thank you, that was so informative. I have lived in Australia for 42 years, but am originally from the UK. I would like to spend my retirement in Spain or the UK.....Jeff

[@AboutRetirementTV]

Hi Jeff, I hear you, many Aussies drift to Europe, especially warmed parts of it, and Spain is a great option, not too expensive yet, comparing to other European countries, but providing a very good medical care, beautiful lifestyle and amazing weather, not to mention culture, history and incredible landscape. I think Spain has it all and is a great choice if one wants to be in Europe.

[@jeffedwards5028]

@@AboutRetirementTV Thank you for your reply. But if I move to Spain or the UK can I still get my Australian age pension as I have lived in Australia for 42 years....Thank you, i have found all your videos so helpful....Jeff

[@stevepollard2169]

@@jeffedwards5028 hi steve here, i believe that as you have lived here in australia for 35 years you will receive all your pension minus the small add ons about $70 per year. plus you may be entitled to some uk pension.

[@jeffedwards5028]

@@stevepollard2169 Thanks Steve

[@mickcarter3684]

Hi Katherine Liked your video but it was a little light on details mainly covering the reasons for retirement overseas I think most viewers would like to hear your advice on the finer details of dealing with centrelink to maximise their pension and ensuring it continues to bé paid while overseas Regards Mick

[@AboutRetirementTV]

Thanks Mick, that was just an introduction to find out if there is any interest of the topic at all, now that I got replies and many questions, I can continue overseas retirement with more details, so more videos are coming 😀

[@perthpete7906]

Great video. I think taxation of your superannuation becomes a big issue for us australians.

[@AboutRetirementTV]

Thank you Pete, I think it is a great suggestion, I will keep that on my "to do list" of future videos.

[@perthpete7906]

@@AboutRetirementTV thanks. Other countries (e.g. Germany and Japan) will tax your income stream. Whereas its tax free in australia. This creates a major hurdle.

[@AboutRetirementTV]

@@perthpete7906 yes, there are good and bad of every system

[@garywalton6915]

Hi Kathrine, we are loving your video's, we are looking at retiring in Italy we noticed you have lived there before Australia? We own our home which we would like to keep as a rental and buy a small house in Italy in the 7% tax area. We have Superannuation and probably wont be able to get the pension, my question is do we have to pay tax on our super again in Italy?

[@AboutRetirementTV]

Hi Gary, Italy is a beautiful country, so I am sure you will love living there. If you leave your superannuation in Australia, and live in Italy, your pension payments will be treated no different as if you lived here, so no tax is payable to the ATO, however how Italy is treating your income from Australia, that is a question you need to ask over there, as it s a different t tax jurisdiction, and I cannot advice on tax rules in another country.

[@danielodonoghue3529]

The social security agreement with UK was terminated in 2001 wasn't it??

[@AboutRetirementTV]

Yes Daniel, Centrelink office still lists UK as one of partners, but the agreement ended 1/03/2001 as UK decided not to CPI pension payments for retirees in Australia

[@spotvideo4413]

Trying to find confirmation on this: Australian old age pension states that if you have been overseas for an extended period (in our case 23 years) and return to Australia (68 & 70 years old couple) you must return for the obligatory 2 years stay in Australia before leaving again. Q1: Would we receive our pension during those two years? I have not seen this written anywhere. I was under the impression you had to "Wait" for two years before receiving our pensions. Q2: Are there any new rules or amendments to this horrid 2 year punishment?

[@iancurrie186]

Hi Katherine, I am new to your channel and love all the information. I have a question that centre link can't or won't answer. Once you retire and you start the age pension you have to wait a further 2 years before they will start paying your pension overseas. Thanks

[@Craig-hz6zr]

That is correct

[@iancurrie186]

@@Craig-hz6zr do you know why

[@georgenem8867]

How does Centrelink calculate age pension for returning Australian who is receiving an American social security pension here in Australia ?

[@stekinsley6572]

Hi Katherine,I will be looking at retiring to Thailand when i get to pension age.I will have 25 years residency in Australia and believe that after 6 months overseas my pension would reduce to 25/35ths of whatever pension i'm eligible for? If i return to Australia just before the 6 months so as to not see a reduction,how long would i need to stay here for it to reset so i can return to Thailand with another 6 months of full pension?Also,if i don't sell my Australian property,how would i be able to ensure it isn't counted as an asset after 12 months as i expect to probably move back here to live at some point?

[@AboutRetirementTV]

Hi Ste, many questions with answers that are not that straight forward. I will be preparing a new video on those topics, and I will include answers to your questions there

[@stekinsley6572]

@@AboutRetirementTV Thanks for the reply Katherine,I look forward to it.

[@smarttams]

Thank you I’m wanting to move to Italy for retirement

[@dereko3085]

Philippines is popular for affordable lifestyle and very cheap rent. If you are a single guy of any age you won’t be single for long! How do plan for early retirement there and still collect the pension at age 67?

[@jamjimbomba7644]

Hi Katherine, just a question, I’m 55 & done an early retirement overseas in Philippines.I’m Australian citizen & I’ve work in Australian for 32 years. My question is when the time come to apply for pension when I reached 67 years old & come back to Australia to apply. Do I have to stay in Australia for full two years before I can continue to receive my pension in Philippines? Pls advise. Thanking you in advance.

[@AboutRetirementTV]

Centrelink will assess your situation, but I believe it is very likely you might be required to stay in Australia for 2 years before you can leave again with your Age Pension entitlement for good

[@Craig-hz6zr]

​@@AboutRetirementTVif I'm living overseas and return to Australia 6 months or a year prior to pension age, will I then be able to avoid the 2 year rule?

[@saraw8104]

Kindly explain the 35 year rule to be eligible for full age pension.

[@AboutRetirementTV]

Hi Sara, yes, this one appears to be a recurring question, so I will prepare extra video to explain the rule

[@aussiebushhomestead3223]

We are considering moving to Israel. My husband has been receiving age pension for 2 years. He is Australian and soent his entire working life here. Can he still receive his pension while living in Israel? Thanks for your help.

[@barto50ty]

Thanks Katherine! ive just found Your video is a great help i love them i retire in 2027 can tell me when i full out the retireent form do i tick im maried my wife lives overseas thailand shes never been to Australia shes own her own house she works but will finsh work when i move thair does not have much financial assets when she finish work she wont get any pension.

[@anthony7091]

Good luck!

[@normanhogermeer1177]

I held a indeffinit visa and an absorbed person visa both were revoked by 501 act, I wiorked in Australia for 22 years. approximatly how old age pension will get per month. I dont own anything.

[@AboutRetirementTV]

Hi Norman, it is hard to answer, as it depends. I just don't have enough information about you to reply definitely.

[@pauly11961]

I would like to retire back to my homeland Scotland when I reach retirement age (67). I have lived in Australia since 1970 and worked my entire adult life here. Will I have to serve the two years after turning 67 before I can move to Scotland? Will I get a full or reduced pension?

[@Craig-hz6zr]

No you won't have to. The 2 year rule only applies if you've lived outside Australia, then return at 67 to claim the pension

[@tonypitonealuni]

Hi Katherine, My name is Tony Pitone and I was born in Samoa and I'm currently working and would be retire next year and I've decided to retired to Samoa and need your help regarding this matter regarding my age pension will it affect me in any way, thanks.

[@AboutRetirementTV]

Hi Tony, lovely to hear from you. If you would like to have a personal chat, just email me to: [e-mail]

[@Swagman1957]

Appreciate all your videos. Could you please address retirement in the Philippines. 1. Considering renting family home to my sister at low rate. 2. Return to Australia for 2 months each year. Our home is paid off and we will have no other assets or investments except for superannuation. Thank you so much.

[@sarjitsingh8224]

How much do you charge for continue services while I remain overseas.

[@AboutRetirementTV]

Hello, costs really depend on complexity of work, feel free to email me directly to [e-mail] to discuss

[@suphatrachaiyasit7531]

Exactly because it's to expensive here to retire thailand phillippines Bali Vietnam

[@AboutRetirementTV]

Hi, thank you, those are some of the most popular countries to move into 😀

[@suphatrachaiyasit7531]

Thanks your going to get very busy there is thousands of people like me that cannot pay rent here in Australia on the age pension it's just not enough so I have no choice but to go to thailand where I can get very cheap rent per month about 300 a month is easy to find

[@AboutRetirementTV]

@@suphatrachaiyasit7531 that level of rent sounds very affordable indeed. And let's be honest, Thailand is beautiful and pretty close to Australia, if one needs to return.

[@colinnorthey3143]

Hi Katherine a question I am currently in the Philippines with my filipina wife age 65 yrs. 67 yrs in March 2024. Worked over 35 yrs in Australia but will return 6 mths before my 67 th birthday so I can apply for my aged pension. Do I have to serve 2 yrs in Australia to have my aged pension portable so I can return to be with my wife in the Philippines and continue to receive. I understand also I would only receive the couples rate not single. Thank you kind lady for your assistance.

[@owenbrowning8754]

Is the philliphines covered by centreline entitlements?

[@catalinahatcher4190]

The social securrity system and Australian goverment I think they have aggreement or treaty when it comes pension in the Philippines. How come Philippines is poor country, most filipino helped their family, is there is compasionnate

[@ozguy3667]

I am 54. I want to retire at 60. I have over $500K+ in super plus $500K+ in a share portfolio. How do I move the full franking credit shares into my super?

[@AboutRetirementTV]

this requires good tax and retirement planning. the best thing is to book a meeting with me and we can go over the tax history of your shares and see what should be done and how to plan around those shares and your tax

[@smarttams]

I’m wanting to live in northern Italy where my roots are from

[@wellysalim1610]

Bali

[@tungduong4947]

I like to ask in Vietnam please

[@jemarfori]

I want to retired to Philippines.

[@AboutRetirementTV]

Hi Justin, thanks for watching. May I ask why Philippines? I had few people mentioning exactly the same 😀

[@jemarfori]

@@AboutRetirementTV My social life was in the Philippines. I’m 64 and my wife is 63 years old. My wife have super balance of define benefits of 450k and accumulation of more than $250K. I want to retire now but we don’t know the best for us. We been in Australia for almost 33 years now.

[@AboutRetirementTV]

@@jemarfori As Philippines does not have Social Security Agreement with Australia, I would recommend to start proper planning, so you know every single step year after year, not to miss out on income or Age Pension if it is possible to get it for you. You really, really, really need some good planning advice

[@jemarfori]

@@AboutRetirementTV who and where I can get good advice?