Updated on XX September 2024
X min read
Thinking about living abroad once you retire? Use our simple guide for superannuation, the Age Pension, tax and health care to start your planning.
If you want to retire overseas with more bang for your Australian dollar, you'll need to do your research. And it's a good idea to check in with a financial adviser along the way.
Research like the Annual Global Retirement Index can make your planning easier. The index lists the 10 best places to retire.
Costa Rica took out the top spot for retiring in 2024.
You can also use our handy checklist below to start you off.
For Australian citizens or permanent residents, the super rules stay the same if you’re moving overseas.
You usually can't use your super until you reach age 60 and retire. Or you meet one of the other rules to access super.
Remember to change the contact details on your account when you move so your super fund can get in touch if needed.
If you have a super pension like our Retirement Income account, you'll need check for any tax impacts.
Here are a few options:
You can leave your super in your Australian super fund. That includes your Super Savings account if you're a member with us.
You can move the money in your Super Savings account to a KiwiSaver account through the Trans-Tasman Retirement Savings Portability Scheme.
You may be able to get your Australian Age Pension overseas but there are rules around it. Your payment rate might change based on:
If you leave for less than 6 weeks: Your Age Pension usually stays the same.
If you stay overseas for more than 6 weeks: Your Pension Supplement drops to the basic rate, and your Energy Supplement stops.
Learn more about living outside Australia on the Age Pension.
Retiring overseas can affect your taxes. If you’re an Australian resident for tax purposes, you’ll still need to lodge an Australian tax return.
There are also rules around things like:
your property in Australia
Medicare levy surcharge
health insurance
Check with the ATO to find out what you need to do as an Australian living overseas.
The ATO or a tax professional can help if you’re not sure about your tax situation.
The cost of quality health care is often one of the main concerns of retiring overseas.
Some countries offer publicly-funded medical services if you stay an Australian resident for tax purposes. It's called a reciprocal health care agreement.
These agreements may cover some of your medical costs. But each one is different, so you'll need to do some research.
Check how they work with your health needs.
Be prepared to prove you're from Australia and eligible for Medicare.
Think about getting your own travel health insurance.
Ready to start your overseas retirement plan? Here's a checklist for leaving Australia permanently and embarking on your next stage of life.
Advice about your super account is part of your membership with us. If you need more than that, we can refer you to an accredited adviser.
Not a member? Join now.
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