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Travelling in retirement.

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What are the rules regarding superannuation for travelling retirees from your country?
9 years ago, October 21st 2009 No: 1 Msg: #90131  
B Posts: 11.5K
A bill passed in the NZ parliament today ruled that retiree Kiwis who decide to travel overseas will still be able to claim superannuation.

...retirees today were not content "to be regaled by the adventurous tales of the overseas experiences (OE) of their grandkids"


NZ Herald

Something to look forward to :-) Reply to this

9 years ago, October 22nd 2009 No: 2 Msg: #90227  
B Posts: 151
In my understanding, you can either withdraw your Superannuation fund as a lump sum payment or get it back as a regular income stream when you reach retirement age (55 - 60), whether you're living in Australia or overseas. Superannuation fund is a complement/supplement to the Government Old Age Pension. You can cash it in, pay off your mortgage, or use it to travel the world and live like a queen/king overseas with lower cost of living. You can pretty much do anything with your superannuation fund (I think).

The government old age pension however is means-tested. Even though you worked all your life and paid taxes, if you have too much assets and continuous income stream from other investments or business, you would not qualify for the old age pension. You also have to be living in Australia to receive the old age pension. But then again, the rules keep changing.

I’ve been paying 30-34%!i(MISSING)ncome tax ever since, which is the average tax here in Australia. This can be even higher if you are not an Australian citizen.

I also pay a percentage of my gross income towards my Superannuation Fund. My employer also contribute additional 12%!t(MISSING)owards my superannuation. There's no limit on how much one wants to contribute towards the fund. The fund is then invested for future growth. However, since the global economic crises, our private retirement investments had been shrinking by thousands for 2 consecutive years now. 😞 . So I reduced my superannuation contribution to minimum while the economy is still bad and will increase it again as it picks up.

If a person pass away before retirement age, the superannuation benefit and “anti-detriment” payment (taxes that the person paid) get paid to the person’s beneficiaries.

So that's my 2 cents 😉....and yes, I'm looking forward for my retirement to travel the world (though I'm also quite happy and content in my comfort zone ). The only thing I would hate to be doing is still be in the workforce in my golden years. So it's better to be productive now while I'm still young to have a cushy retirement. Retirees depending only on government old age pension really just get by, especially those who still have to pay rent.


Retirement...Ahhhhhh ! No more work, financial constraints and no more kids to take to school. Cheers to TOTAL FREEDOM !


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9 years ago, October 22nd 2009 No: 3 Msg: #90261  
Thanks for the clarification Johanna - I know that Superannuation in Australia is payable wherever you are, but the Pension can be cut if you are living overseas for an extended period - I cannot remember if it was 6 months or 12 months. However, if you still had an Australian bank account and you lived overseas, how would they know where in the world the recipient is? Reply to this

9 years ago, October 22nd 2009 No: 4 Msg: #90267  
B Posts: 11.5K
I'd say immigration systems would be connected up with it somehow, maybe. Reply to this

9 years ago, October 22nd 2009 No: 5 Msg: #90284  
I've just been doing some more research, and a big factor is the country you move to when you head overseas. According to the form, the pension is only payable to someone living in Australia - but is unclear if you still live here but spend a few months overseas at a time. Reply to this

9 years ago, October 22nd 2009 No: 6 Msg: #90317  
Hi,

I am new to this forum and this topic is perhaps moving around between my grand parents too as my grand father get retired and they are searching for retitement plan so that they can travel wherever they want to.

Also, some one told him about travelling to china and they are very excited about this as they just love to explore different cultures so they once want to travel to china and for this,

So, has anyone visited this site to explore the china and the services they provide to travel, so that I can able to give them all the information related to this. please, dolet me know about this if anyone know.


Thanks!!
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