Hey there, just thought I'd throw a question out to you all.....
How do you plan to finance/support yourself (comfortably) once you have retired when you're living in Australia?
What (if anything) financially does the state provide?
We are only in our mid-30's at the moment, but just wanting to make sure we cover ourselves financially for when we are of retirement age.
Thanks in advance guys
Jenny
__________________ Applying for 175 - Bricklayer
VETASSESS sent to agent 31.01.08
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Did practical skills assessment in 14th April - Lancashire
07.05.08 we passed our practical test!!!
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Location: From Bury,Manchester To Jimboomba, Brisbane
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Our investment is our property ,we managed to buy it mortgage free and it will be too much for us to look after when we are old and decrepid!lol,,we would either just sell it and buy something smaller or run away from the kids in a motorhome!lol
Cal x
When you come here you will be obliged to pay into a superannuation fund and your employer is also obliged to pay into your fund as well. There is a state pension but you have to have a really low income in order to be eligible for it. There are all sorts of incentives to get you to put more than the basic amount into your super fund - you can salary sacrifice (put the money in before income tax is taken out) into a super fund which has some distinct advantages if you are in the top tax brackets.
If you can afford it then as Cal has said, some people buy investment properties but it all depends on whether you have to pay major interest rates to mortgage them and then you are dependent on the real estate market. If you can buy it free and clear then you are laughing really. Meanwhile, your super is going to be at the mercy of the stock market so there are some very anxious about to be retirees who have seen their hard earned super decrease significantly over the past few months.
Also, any pension you have accumilated with your contributions here in Uk will be paid to you in Australia. I have checked with the Pensions office here in Newcastle and you just get in touch with them and they will pay it to you in Oz. At the rate the PCV are going at the moment we will be pension age by the time we get to Brisbane.
