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.
Recently, a financial company listed retirement ‘hot spots’ for retirees. It gave the impression that retirees were moving to these places. So, should you get yourself ready and relocate? Not necessarily.
Some city dwellers choose a tree change for their retirement. For them, living in the city or on the coast has no appeal. They want wide open spaces away from the city, where life trots along at a leisurely pace.