Australian pension

[Iforbach]

Coming up to retirement ..off the cuff ....any Ozzie out there if you can help as to living in Asia on Australian pension ,( small savings ) 

,I believe it's reduced or will be after 6 weeks overseas ,,and can you stay permantley in Asia ,,,or do you eventually loose your state pension ,,thank you for any assistance :) 

[4MyEgo]

Ok, there is a whole lot here that is not clear.

 

Firstly are you living in Australia, that is the first question, because if you are and you reach the old age pension age, you can pee off to Asia and retire, so to speak, but having said that, you have to have worked for 35 years in Oz, that said, you will receive the full pension while living in Asia, they will cut subsidy for the electricity and other stuff that you wouldn't be using anyways after 26 weeks.

 

There has been talk of reducing this to 6 weeks, passed in the lower house, but not in the upper house yet, once it goes through, if it goes through, the cut to the electricity subsidy etc etc will get cut at 6 weeks instead of 26 weeks, that's my understanding of it.

 

Now if your living overseas and have been for over 183 days and are a non resident, you will have to return for a period of two years, yep go to jail, stay in jail, do not collect $200, when your 2 year sentence is up, you can fark off back to Asia with your full pension, less the cuts I mentioned above.

 

Also if you have worked for less than 35 years in Oz, it goes on a pro-rata basis, so if you have worked for 25 years it will be worked over 25/35 years and you will get what's due to you.

 

You can also stay anywhere you want without losing the pension provided you have the appropriate visa in place, if its Thailand, you would have to apply for an extension of stay based on retirement and have the 800,000 baht in a Thai bank account at least 2 months before applying.

 

Here is a link that might help regarding the pension: https://www.humanservices.gov.au/customer/enablers/age-pension-while-travelling-outside-australia

 

Hope that ass-ists.

Edited February 14, 2017 by 4MyEgo

[Iforbach]

Thank you so much for all your info ,,,,cheers much appreciated 

[simple1]

On 15/02/2017 at 0:48 PM, Iforbach said:

Thank you so much for all your info ,,,,cheers much appreciated 

At this stage the comment I have is it is not a requirement to have worked in Oz for 35 years for a full pension, the criteria is to have resided in Oz for 35 years for the Working Life age requirement, plus if currently living overseas, on return to meet the residency criteria and some other eligibility requirements.

 

https://www.humanservices.gov.au/customer/services/centrelink/age-pension

 

 

Edited February 19, 2017 by simple1