ozuk Posted August 10, 2020 Author Share Posted August 10, 2020 (edited) 38 minutes ago, Toots said: I am thinking the same thing. What with the poster's ill health he/she says they are suffering from, lack of funds to live comfortably and not much hope of getting a job here plus the family not giving support ................... I can't see much point staying in Australia. Coming to Australia to be near family seems to have been badly planned. Well yes, but I didn't foresee a global pandemic which would mean I would get no return on investment. If I could have got even 4% a year I'd have been ok. It's the coronavirus that's really messed things up. When I arrived family told me not to worry as realistically I won't live longer than aged 70. I was bit shocked when I heard that as some people live well into their 80's. If I was to follow their advice I'll run out of money in about 12 years. Edited August 10, 2020 by ozuk 1 Quote Link to comment Share on other sites More sharing options...
ozuk Posted August 10, 2020 Author Share Posted August 10, 2020 8 hours ago, Toots said: Yes 5% was overly optimistic and it's tough if you don't have a job. Your family should help you out. Do they understand how worried you are? I asked for help but was ignored. I get the impression they don't care that this is a big worry. I'm seriously thinking that I may have to leave Australia. Quote Link to comment Share on other sites More sharing options...
Toots Posted August 10, 2020 Share Posted August 10, 2020 17 minutes ago, ozuk said: I asked for help but was ignored. I get the impression they don't care that this is a big worry. I'm seriously thinking that I may have to leave Australia. That is a real shame. You came all this way to be near them and they aren't offering any support? You know what they say, you can choose your friends but you can't choose your family. Hope things work out for you one way or another. 3 Quote Link to comment Share on other sites More sharing options...
Toots Posted August 10, 2020 Share Posted August 10, 2020 24 minutes ago, ozuk said: Well yes, but I didn't foresee a global pandemic which would mean I would get no return on investment. If I could have got even 4% a year I'd have been ok. It's the coronavirus that's really messed things up. When I arrived family told me not to worry as realistically I won't live longer than aged 70. I was bit shocked when I heard that as some people live well into their 80's. If I was to follow their advice I'll run out of money in about 12 years. Yes the coronavirus has mucked up a lot of things. I hope you live a lot more happy healthy years .............. whether it's in the UK or here in Australia. Many people are fit and healthy well over 70. 2 Quote Link to comment Share on other sites More sharing options...
Ausvisitor Posted August 10, 2020 Share Posted August 10, 2020 3 hours ago, Tulip1 said: I have investments in a pension pot and they’ve taken a bashing over the last six months. Hopefully they will recover but it is likely to take years, such is the risk with investing. I know that feeling, my pension pot dropped £35k in the first month of COVID. It's recovered now but it's still about £8k from where it was - in recent years it's been adding about £30k a year so realistically I've lost £23k in value so far this year (and it isn't over yet) 1 Quote Link to comment Share on other sites More sharing options...
Ausvisitor Posted August 10, 2020 Share Posted August 10, 2020 4 hours ago, ozuk said: No work allowed on the bridging visa. The problem is I don't have enough to buy a house or even an apartment. My original plan was to go to Spain as you can rent there very cheaply unlike Australia, but with uncertainty over Brexit I decided not to go as I wouldn't be able to stay there for more than 3 months. You were poorly advised (or read too much of the Daily Mail) in relation to Spain. Spain was (and is) still offering residency to any Brit who actually lives there so long as they apply before the transition period ends. The definition of living there is very loose and realistically people are getting it having rented for 3 months and being able to show they have 9 months left on a rental contract (so long as they can also show they've actually been in Spain during that time) 1 Quote Link to comment Share on other sites More sharing options...
MacGyver Posted August 10, 2020 Share Posted August 10, 2020 (edited) 2 hours ago, ozuk said: As I told immigration family don't keep in touch. Have only seen them once since last Xmas. They live 3 miles away but they don't call. Won't even respond to emails. They don't want me going to see them as they're paranoid about coronavirus. They were supposed to help me with the visa but I got no help and had to figure it all out which wasnt easy. They've been here 15 years so they know Australia better than I do. The reason I came here was because I wasn't sure I could stay in Spain due to Brexit. I wanted to go there as rent is very cheap and I could afford it, plus I like Spain. I need a warm climate, the UK was too depressing with the cold, wet weather for most of the year. So I came to Australia. I'm really sorry for your situation and hope you figure something out that makes you happy. While you're in Australia, have you thought about meet up groups with others that might be in a similar situation/have been in your situation in the past? I know covid makes things trickier but search for meet up groups like "X year old social Meetup" or "over 50s/60s UK in WA Meetup" etc. Like many that migrate, maybe a solid group of friends can become the family support we all need. You may feel a bit uneasy with these Meetup things but there may be a lot of good people also feeling weird about doing the same thing in the same place. That wouldn't solve your current dilemma but might offer the chance to have a good chat about it with someone over a pint/coffee/walk. Edited August 10, 2020 by MacGyver 3 Quote Link to comment Share on other sites More sharing options...
starlight7 Posted August 10, 2020 Share Posted August 10, 2020 You need to talk to someone about becoming destitute as you have no income. Not sure who because probably Centrelink won't want to know. Can you do 'voluntary' work with expenses paid perhaps? One of my grandsons had a financial problem a while back and he helped on a farm in return for food and lodging- not ideal but it might get round the work stipulation. Quote Link to comment Share on other sites More sharing options...
Lavers Posted August 10, 2020 Share Posted August 10, 2020 Get your money into gold Quote Link to comment Share on other sites More sharing options...
Marisawright Posted August 10, 2020 Share Posted August 10, 2020 16 minutes ago, Lavers said: Get your money into gold No point in that, the OP needs an investment that pays a regular income 1 Quote Link to comment Share on other sites More sharing options...
Marisawright Posted August 10, 2020 Share Posted August 10, 2020 5 hours ago, ozuk said: The reason I came here was because I wasn't sure I could stay in Spain due to Brexit. I wanted to go there as rent is very cheap and I could afford it, plus I like Spain. I need a warm climate, the UK was too depressing with the cold, wet weather for most of the year. So I came to Australia. There is already a solid agreement in place to allow Brits settled in Spain to stay, what a pity you weren’t advised of that. I suggest reviewing that idea as even with Brexit, you will be better off in Spain. 4 Quote Link to comment Share on other sites More sharing options...
Amber Snowball Posted August 10, 2020 Share Posted August 10, 2020 (edited) 4 hours ago, starlight7 said: You need to talk to someone about becoming destitute as you have no income. Not sure who because probably Centrelink won't want to know. Can you do 'voluntary' work with expenses paid perhaps? One of my grandsons had a financial problem a while back and he helped on a farm in return for food and lodging- not ideal but it might get round the work stipulation. I think that still classes as work and payments, albeit in kind. I might be making this up but work is anything that a person would normally be expected to be paid for. So even volunteering in a charity shop is out as someone in a shop would usually be paid. Sure I’ve read that some where.... might be to do with tourist visas.... Edited August 10, 2020 by Amber Snowball Added info 2 Quote Link to comment Share on other sites More sharing options...
Marisawright Posted August 10, 2020 Share Posted August 10, 2020 14 hours ago, ozuk said: I asked for help but was ignored. I get the impression they don't care that this is a big worry. I'm seriously thinking that I may have to leave Australia. I think you are right. I’m retired and I’m worried whether my savings will last long enough - and I’m a citizen, so I know I’ve always got the Australian welfare system to fall back on if I do end up broke. Whereas if you stay, you’ve got no safety net - no dole, no pension, no aged care, no free public transport, no free prescriptions. You won’t even get the full British pension that you’re entitled to, because it will be frozen. I think you need to look seriously at alternatives 1 Quote Link to comment Share on other sites More sharing options...
Parley Posted August 10, 2020 Share Posted August 10, 2020 13 hours ago, starlight7 said: You need to talk to someone about becoming destitute as you have no income. Not sure who because probably Centrelink won't want to know. Can you do 'voluntary' work with expenses paid perhaps? One of my grandsons had a financial problem a while back and he helped on a farm in return for food and lodging- not ideal but it might get round the work stipulation. He is far from destitute. He has a large amount of liquid savings which he wanted to invest to gain an income stream. Centrelink expects you to spend your own money before they hand out tax payers money. 2 Quote Link to comment Share on other sites More sharing options...
Marisawright Posted August 11, 2020 Share Posted August 11, 2020 (edited) 42 minutes ago, Parley said: He is far from destitute. He has a large amount of liquid savings which he wanted to invest to gain an income stream. I think @ozuk has about $360,000 in the bank. They've said they could live on $1,500 a month, which is $18,000 a year. On 5% interest, you'd need $360,000 in the bank to earn that much. That sounds like a lot of money, but if you're in your 50's and that's all you've got to live on for the next 20 or 30 years, it's not a lot. Bear in mind that inflation always outruns bank interest rates, so their needs will increase every year as the cost of living rises, but their income won't - so they'll have to start eating into their capital. I would think ozuk would be sitting pretty if they went back to the UK, or a country where they could get their full entitlement to the UK pension. Australia is not one of those countries. https://www.thewaystowealth.com/money-management/how-long-will-my-money-last-in-retirement/ Edited August 11, 2020 by Marisawright 1 Quote Link to comment Share on other sites More sharing options...
Parley Posted August 11, 2020 Share Posted August 11, 2020 I've watched a lot of Youtube videos from America which talk about the 4% rule. The theory being you invest your money in growth assets traditionally returning 6% or more a year and withdraw 4% each year to live on in retirement. The theory is your money should never run out before you die. But I think for this to be a good strategy you really need $1M so you withdraw $40K a year to live on (in year 1). 1 Quote Link to comment Share on other sites More sharing options...
Marisawright Posted August 11, 2020 Share Posted August 11, 2020 1 hour ago, Parley said: I've watched a lot of Youtube videos from America which talk about the 4% rule. The theory being you invest your money in growth assets traditionally returning 6% or more a year and withdraw 4% each year to live on in retirement. The theory is your money should never run out before you die. But I think for this to be a good strategy you really need $1M so you withdraw $40K a year to live on (in year 1). If you read the article I linked to, it points out the flaws in that argument, because it takes no account of the one-off major events we all get faced with during our lives. Things like an expensive operation, or a global financial crisis, or needing a deposit for an aged care home. Quote Link to comment Share on other sites More sharing options...
ozuk Posted August 11, 2020 Author Share Posted August 11, 2020 I think the sensible thing to do would be to go to Spain, via the UK. I've been a few times on holiday so I'm familiar with the place. Assuming I'd still be allowed to claim a pension in future since I've stopped paying National insurance since leaving the UK, then I could afford it. 1 Quote Link to comment Share on other sites More sharing options...
Marisawright Posted August 11, 2020 Share Posted August 11, 2020 (edited) 1 hour ago, ozuk said: I think the sensible thing to do would be to go to Spain, via the UK. I've been a few times on holiday so I'm familiar with the place. Assuming I'd still be allowed to claim a pension in future since I've stopped paying National insurance since leaving the UK, then I could afford it. Apply for a pension forecast. If you don’t have enough contributions to get the full pension in your old age, you can make some extra payments to make it up, even if you’re not working and/or overseas. https://www.gov.uk/check-state-pension If you need to make extra payments, they'll give you all the details in the letter including how much and how to pay. Edited August 11, 2020 by Marisawright Quote Link to comment Share on other sites More sharing options...
Paul1Perth Posted August 11, 2020 Share Posted August 11, 2020 7 hours ago, Marisawright said: I think you are right. I’m retired and I’m worried whether my savings will last long enough - and I’m a citizen, so I know I’ve always got the Australian welfare system to fall back on if I do end up broke. Whereas if you stay, you’ve got no safety net - no dole, no pension, no aged care, no free public transport, no free prescriptions. You won’t even get the full British pension that you’re entitled to, because it will be frozen. I think you need to look seriously at alternatives I think the Aus pension is pretty generous TBH. You can be far from broke when it starts kicking in. Your house doesn't count in your assets which is a big plus. 1 Quote Link to comment Share on other sites More sharing options...
Marisawright Posted August 11, 2020 Share Posted August 11, 2020 18 minutes ago, Paul1Perth said: I think the Aus pension is pretty generous TBH. You can be far from broke when it starts kicking in. Your house doesn't count in your assets which is a big plus. ...but the OP isn't eligible for the Australian pension and never will be 1 Quote Link to comment Share on other sites More sharing options...
Parley Posted August 11, 2020 Share Posted August 11, 2020 49 minutes ago, Marisawright said: ...but the OP isn't eligible for the Australian pension and never will be If he gets PR he would get the pension after 10 years wouldn't he ? Quote Link to comment Share on other sites More sharing options...
Amber Snowball Posted August 11, 2020 Share Posted August 11, 2020 16 minutes ago, Parley said: If he gets PR he would get the pension after 10 years wouldn't he ? I think they are waiting for the remaining relative visa, so not likely to get pr for a while. Somewhere on here the op mentions their wait time of 35 or 50 years or something! I feel for the OP, it’s a horrible situation to find yourself in. 1 Quote Link to comment Share on other sites More sharing options...
Marisawright Posted August 11, 2020 Share Posted August 11, 2020 31 minutes ago, Parley said: If he gets PR he would get the pension after 10 years wouldn't he ? He said the waiting time for the visa he's applied for is 50 years (probably the Remaining Relative visa). So he will spend the rest of his life on a bridging visa. No rights to anything. BTW I don't know whether ozuk is male or female. 1 Quote Link to comment Share on other sites More sharing options...
Ausvisitor Posted August 11, 2020 Share Posted August 11, 2020 5 hours ago, ozuk said: I think the sensible thing to do would be to go to Spain, via the UK. I've been a few times on holiday so I'm familiar with the place. Assuming I'd still be allowed to claim a pension in future since I've stopped paying National insurance since leaving the UK, then I could afford it. How is your Spanish? Spain whilst welcoming to Brits to in the tourist hotspots, does require some Spanish language knowledge unless you always want to be paying the "Expat premium" for everything. We have a holiday home out there and used to think we didn't need to be able to speak the language, but now our daughter is fluent in Spanish we've noticed repair bills, suggestions of tradesmen etc. are all cheaper because she does the talking and her accent is indistinguisable from a Spaniard (it helps she learnt in a less desirable area of Spain so she has that accent and all Spaniards assume is you learn Spanish as a foreign language you wouldn't learn it with that accent - think of a French person learning to speak English but learning it with a deep Cornish accent) 1 Quote Link to comment Share on other sites More sharing options...
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