Australian babyboomers retiring overseas.

A combination of a strong Australian dollar, weak housing markets in Europe and the US, and cheap airfares means there has probably never been a better time to consider retiring, or at least buying a second home, overseas.   Limited retirement funds – even depleted super balances – will go a lot further in a place where housing and everyday living expenses are lower, and healthcare is affordable and readily available.

Baby boomers who have enjoyed travelling the world and who have no intention of compromising their lifestyle in their later years are now increasingly considering retiring to another country.  With a more mobile global population and as many Australians have already moved country at least once during their lifetime, and may have citizenship or strong family ties elsewhere in the world, the prospect of retiring abroad is more achievable and attractive than ever before.

Australia has high property prices compared to the rest of the world, which means that selling up your home in a major city can potentially unlock enough wealth to buy two retirement properties – perhaps one being in your country of origin or a favourite overseas holiday destination. Many Australians are migrants, or the children of migrants, and so they continue to have extended family in their country of birth.  The chances are high that your parents or other family members were born overseas and you have contact with family elsewhere in the world.

It definitely makes it easier to consider retirement in a country where you are familiar with the language and social security system, have visited regularly and where you already have friends and family located.  However, the baby boomers are an adventurous and nomadic lot, and many are happy to make their retirement one more extended holiday, and make the leap anyway without this sort of knowledge, figuring they can always move on if they don’t like it.

Read more about the pros and cons and things to consider, and find useful links on the Seniors Housing Online news and information page.