Statistics can give an indication of what an area is like in terms of a median age. But there’s nothing like going and researching an area well before retirement to see if it appeals.
The choice of where to live in retirement is important. So is getting it right the first time because it can be costly to sell up and move again if you make the wrong decision.
One of the dangers about deciding where to live in retirement is to pick a favourite place—often a holiday destination you’ve enjoyed—without enough thought. This can be a problem, particularly if you’ve only ever been there in the holiday season.
A growing number of people are retiring outside of Australia, with some Asian countries being popular choices. For some, it’s because the cost of living is much lower there. Others are moving back to where they lived during an earlier phase of life.
Where do you retire? Stay? Move? Downsize? Rightsize? Do you move interstate or overseas? There are so many factors to consider when rating ‘best’ places and we will all have different items on our lists.
Australia is fortunate to have so many great places to retire, and deciding whether to stay or move is a big decision. From the River Murray towns of Echuca, Yarrawonga, and Loxton, to the coast of Queensland, the wine regions of Western Australia, to the charm of Tasmania, there is much on offer. Moving in retirement, however, isn’t an easy decision and there’s much to consider.
We’re often asked ‘Where is the best place to retire in Australia?’ Rarely are we asked ‘Where is the worst place to retire in Australia?’ That is, until early one morning when we had a telephone call from a radio station.
Many of us have heard stories of ‘little old ladies’ who call cruise ships their home. Or read the joke that’s sent (and resent) about the ‘benefits’ of retirement living on a cruise ship. However, where and how we live in retirement isn’t a frivolous matter, and most people can only dream of cruising full time.
There’s no attempt to do the sums involved with granny flats here because each case is different. The aim is to point out the numerous financial issues surrounding Centrelink assessments. This means you need to have a formal, legally drafted agreement in place, referred to as a Granny Flat Agreement.
Considering a granny flat can raise complex issues relating to family matters, legal issues, Centrelink assessments, Income Tax and Capital Gains Tax. However, it might be worth doing.