Hi Katherine I've been trying to find out if I travel around South East Asia for a year or so to find out which country I would like to retire in and then come back to Australia to apply for pension would I have to stay in Oz for the two years before my pension becomes portable or is there any length of time you can travel overseas before coming back to apply for pension
Great video Katherine. This residency rule catches out a lot of people who move overseas prior to pension age.It nearly killed a friend of mine who went back to Australia to apply for his pension and was told he had to live there for 2 years before it became portable. His whole life was overseas after leaving Australia 10 years earlier and spent 2 years in depression sleeping on his daughters lounge before he could rejoin his family overseas .
I am happy to hear your friend managed to get a relatively good ending to his Age Pension drama. Yes, we need to undersatnd the rules, before jumping into deep waters, or at least have a good backup plan. Thank you for sharing 😀
Something that needs to be considered when retiring overseas is your family home. If you decide to rent it out before going then at a later date decide to sell it you will now be an overseas resident for tax purposes and you will pay 45% in CGT from the date you purchased the home to the date you sell it. Don't get caught out on this one. It means having to make a decision to sell before you leave when it would be more sensible to rent just incase you want to return, but then again you might not want to return finding you are happy in the country you move to. Katherine you might want to expand on this one.
Hi Catherine,I’m 77 years of age and I must tell you that I have never come across someone that explains a topic as CLEARLY and PATIENTLY as you do. You ought to be congratulated for that. I have migrated to Australia in 1963 and worked till 2011 ( 48 hrs) and am on an A/P. If I were to relocate to Norther Cyprus,which is only recognised as a country by Turkey ONLY,how would this unusual situation impact my A/P,if at all? Your thoughts and guidance will be much appreciated.
Thank you Alex, I really appreciate your comment 🙂There is a Social Security Agreement between Australia and he Republics of Cyprus. If Norther Cyprus is part of the Republic, then you are covered and you could go to live there and take your Age Pension with you.
Thank you so much for your information I really need all in my intention to move back to my mother country and go through the right rule and regulation truly appreciated
Hi Katherine, love your videos! My mum has been using her long service / holiday leave and was travelling for the last 9 months. She will retire when she gets back to Aus in August and apply for aged pension. Does she count as a "foreign resident"? or does the fact she was employed during this time mean she can apply straight away?
Very good information Katherine , but can you just clarify for me that , as I am living in Australia all my life and when i become eligible for aged pension , i can move overseas straight away to a cheaper lifestyle , and there is no waiting period after pension approval ?? .thanks so much....
On the 2-year rule for portability for former residents, I assume that the 2-year period would be negated if one was to return to Australia 2 years PRIOR to claiming the Age Pension - say at age 65? During which time one could work, if they chose to. The 2 year rule only applies to anyone who has successfully claimed Age Pension. However, the 2 year period begins on the day you return to Australia, not from the day you claim Age Pension.
Thanks for another informative video, Katherine. I have been a permanent resident for over 30 years and assuming all the requirements are met for me to receive the aged pension, full or part, will I continue to receive the pension once I move overseas and do not re-enter Australia before the resident return visa expires? Thanks.
The law says you will receive full age pension if you met the requirement of working for 35 years. How about those who didn’t work at all and a stay home mum?
During the 2 year residency rule, can I travel to Cambodia for a 4 week holiday and still receive my aged pension while I'm away? I was told that my pension would stop when I leave and restart when I arrive back.
Thank you Katherine Great info 👍 I have some questions if I may ask. I my Thai wife has never lived in Australia but works in Thailand, if l came back for two years alone then returned will l receive single person pension? If not, is my wife’s income included ? I meet all other requirements. Thanks
Officially you are married, hence you would be receiving a couple rate, but only one person payment, and yes, your wife's income will be taken into consideration. Your wife will not be eligible though
Hi Katherine. Im 62 now. When im 63 i want to retire in Vietnam till im 67 when i will apply for the pension. when i go back to Australia at 67 , do i still have to wait 2 years before i can receive the pension? I have been in Australia since the age of 9.
Morning .So i live in the Philippines for the last eight years im 68 can i apply for Pension .......with out going back to Australia , started working at 13 and a half untill injured at work at 55 was on Disability Pension . Got cancelled when i came to the Philippines at age 60 . Do i have to go back to apply .......Thank you new Sub here .
Hi Bill, unfortunately yes, you will be required to return to Australia to apply, then you will need to stay in Australia for 2 years to regain your residency plus portability of the Age Pension indefinitely back to Philippines if you wish to continue living there.
![Superannuation Tax Changes at Age 60: What You Need To Know [Australia]](http://i.ytimg.com/vi/h7F7Fc_ZpnE/mqdefault.jpg)
Hi Katherine I've been trying to find out if I travel around South East Asia for a year or so to find out which country I would like to retire in and then come back to Australia to apply for pension would I have to stay in Oz for the two years before my pension becomes portable or is there any length of time you can travel overseas before coming back to apply for pension
May I ask which investments are good? I've been looking at a few different ones but want others' opinions as well
Great video Katherine. This residency rule catches out a lot of people who move overseas prior to pension age.It nearly killed a friend of mine who went back to Australia to apply for his pension and was told he had to live there for 2 years before it became portable. His whole life was overseas after leaving Australia 10 years earlier and spent 2 years in depression sleeping on his daughters lounge before he could rejoin his family overseas .
I am happy to hear your friend managed to get a relatively good ending to his Age Pension drama. Yes, we need to undersatnd the rules, before jumping into deep waters, or at least have a good backup plan. Thank you for sharing 😀
Something that needs to be considered when retiring overseas is your family home. If you decide to rent it out before going then at a later date decide to sell it you will now be an overseas resident for tax purposes and you will pay 45% in CGT from the date you purchased the home to the date you sell it. Don't get caught out on this one. It means having to make a decision to sell before you leave when it would be more sensible to rent just incase you want to return, but then again you might not want to return finding you are happy in the country you move to. Katherine you might want to expand on this one.
Yes, this is a difficult one, but I will tackle that issue as well very soon 😀
Hi Catherine,I’m 77 years of age and I must tell you that I have never come across someone that explains a topic as CLEARLY and PATIENTLY as you do.
You ought to be congratulated for that.
I have migrated to Australia in 1963 and worked till 2011 ( 48 hrs) and am on an A/P. If I were to relocate to Norther Cyprus,which is only recognised as a country by Turkey ONLY,how would this unusual situation impact my A/P,if at all? Your thoughts and guidance will be much appreciated.
Thank you Alex, I really appreciate your comment 🙂There is a Social Security Agreement between Australia and he Republics of Cyprus. If Norther Cyprus is part of the Republic, then you are covered and you could go to live there and take your Age Pension with you.
Thank you so much for your information I really need all in my intention to move back to my mother country and go through the right rule and regulation truly appreciated
Good to hear 😀
Hi Katherine, love your videos! My mum has been using her long service / holiday leave and was travelling for the last 9 months. She will retire when she gets back to Aus in August and apply for aged pension. Does she count as a "foreign resident"? or does the fact she was employed during this time mean she can apply straight away?
she can apply straight away. Don't worry, rules are not that strict and thank you for watching my videos 😀
Very good information Katherine , but can you just clarify for me that , as I am living in Australia all my life and when i become eligible for aged pension , i can move overseas straight away to a cheaper lifestyle , and there is no waiting period after pension approval ?? .thanks so much....
On the 2-year rule for portability for former residents, I assume that the 2-year period would be negated if one was to return to Australia 2 years PRIOR to claiming the Age Pension - say at age 65? During which time one could work, if they chose to.
The 2 year rule only applies to anyone who has successfully claimed Age Pension. However, the 2 year period begins on the day you return to Australia, not from the day you claim Age Pension.
Thanks for another informative video, Katherine.
I have been a permanent resident for over 30 years and assuming all the requirements are met for me to receive the aged pension, full or part, will I continue to receive the pension once I move overseas and do not re-enter Australia before the resident return visa expires?
Thanks.
Are permanent residents on pension eligible to continue receiving pension whilst living overseas but their RRV have expired ?
So as an Australian born and bred , can I leave Australia and claim the pension . If I leave Australia 2 years before claiming the pension?
The law says you will receive full age pension if you met the requirement of working for 35 years. How about those who didn’t work at all and a stay home mum?
I explained in the video that you are not required to actually work, or pay taxes at all.
Nobody should be receiving an Australian taxpayer's pension while living in another country period.
During the 2 year residency rule, can I travel to Cambodia for a 4 week holiday and still receive my aged pension while I'm away? I was told that my pension would stop when I leave and restart when I arrive back.
Hi David, yes, I believe this would be the case.
@@AboutRetirementTV thankyou, for your reply.
Thank you Katherine
Great info 👍
I have some questions if I may ask.
I my Thai wife has never lived in Australia but works in Thailand, if l came back for two years alone then returned will l receive single person pension?
If not, is my wife’s income included ?
I meet all other requirements.
Thanks
Officially you are married, hence you would be receiving a couple rate, but only one person payment, and yes, your wife's income will be taken into consideration. Your wife will not be eligible though
@@AboutRetirementTV ok 👍
Thank you very much 😊
Theses comments left by people sound very "scammy" to me..Let's stick to the topic..
they absolutely are, I've just deleted all of them, as not relevant to our discussion. Thank you Laurence 🙂
Hi Katherine.
Im 62 now.
When im 63 i want to retire in Vietnam till im 67 when i will apply for the pension.
when i go back to Australia at 67 , do i still have to wait 2 years before i can receive the pension?
I have been in Australia since the age of 9.
Morning .So i live in the Philippines for the last eight years im 68 can i apply for Pension .......with out going back to Australia , started working at 13 and a half untill injured at work at 55 was on Disability Pension . Got cancelled when i came to the Philippines at age 60 . Do i have to go back to apply .......Thank you new Sub here .
Hi Bill, unfortunately yes, you will be required to return to Australia to apply, then you will need to stay in Australia for 2 years to regain your residency plus portability of the Age Pension indefinitely back to Philippines if you wish to continue living there.
@@AboutRetirementTV thank you for your Help Katherine .......Have a Nice Day .