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When people plan for their future retirement, money is often a concern. It might be tempting to settle in some third-world country where the cost of living is extremely low. However, these places generally aren’t known for the best infrastructure, healthcare, safety and housing – all important factors for retirees.
If you’re planning for retirement, you should consider someplace that gives you all these things and so much more. For many retirees around the world, Australia is an attractive retirement option.
Australian residents enjoy great weather, a moderate climate, affordable living and all the first-world amenities retirees enjoyed in their native countries.
Interested in retiring in Australia? Check out these seven undeniable reasons Australia is a fabulous place to retire.
- Affordable Cost of Living
There are a few cities in Australia – including Perth, Adelaide and Brisbane – that are quite affordable for expats and retirees. You can rent a 1-bedroom apartment in a central location in one of these cities for between $962 and $1,847 per month.
Of course, you also can choose a more rural location to retire and pay much lower rent. If your retirement income is at least $2,000 per month, you should be able to retire comfortably.
- Comfortable Climate
Australia has a comfortable climate. Most foreigners assume that Australia’s southern climate is hot and uncomfortable like south Asian countries such as the Philippines. They are mistaken.
Australia’s hottest days are pretty tolerable, and it’s cooler seasons are shorter than those in England or Wales. So, if you’re looking for a mild climate to spend your retirement, then choose Australia.
- Premium Healthcare
Australia has some of the world’s best healthcare facilities. Although it doesn’t offer universal healthcare, Australia has a mixture of government-funded healthcare and private insurance healthcare.
Australian citizens can take advantage of their national Medicare system, which covers all their in-patient care and about 75 percent of their primary care.
However, expats living in Australia will need to purchase private insurance. Don’t fret, however. The healthcare costs are considerably lower in Australia than in the United States.
- Affordable Housing
The Australian housing market is not as competitive as it is in the United States. This means you can find some really good deals on houses, especially if you’re looking to retire in the rural countryside.
Just be prepared to settle in Australia if you’re going to purchase a house, because it’s tough to get a big return on your investment if you ever want to sell it.
- Modern Infrastructure
The Australian government regularly renovates its infrastructure and ensures that it satisfies modern-day standards of public services, communications and transportation. Transportation options are numerous and varied to satisfy the needs of any retiree.
- Grand Adventure
Australia has so many diverse regions and climates. You will find beaches, deserts, cities, jungles, mountains, farmlands and so much more.
If you’re someone who wants to do a lot of travelling when they retire, you can do so right in Australia. Take a road trip and see everything the country has to offer.
- Retirement Visas
There are two types of visas you can apply for when planning to retire in Australia: the standard Retirement Visa and the Permanent Australian Retirement Visa.
Anyone older than 55 with no dependents can qualify for the standard Retirement Visa. However, this is a 4-year temporary visa that can be renewed for two additional years.
Unless you’re planning for the very end of your life, you’ll eventually have to return to your native country. You must also be healthy and have no criminal record.
If you need to stay longer than six years, then a permanent Australia Retirement Visa is required. To qualify for this visa, you need greater wealth since it is considered an investment visa.
If you retire in an area deemed a “Low Growth Region,” then you must have assets worth at least $500,000 and another $250,000 if you have a spouse. If you’re retiring in a “High Growth Region,” you need assets that are worth at least $750,000 and another $500,000 for your spouse.
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