Australian Pension

Welcome to the forum foddy777

There has been plenty posted on this topic over the years, my take on it all is as follows.

As long as you have been living in Oz for 2 years and receiving the pension then you can leave and get it overseas but at a reduced rate, you lose certain benefits like power rebates etc. no Medicare in foreign countries.

Only a suggestion but why not go and see social security or scour their websites and get it straight from the horses mouth?

Good luck.

Cheers, Steve.

@foddy777

Hello

I have my Oz pension paid into my Australian bank account then then transfer it by internet banking to my account here. I have been here 5 years, married and am a resident here.

Hope this helps. you could try private messenger on facebook.

regards   Bruce Gourley

    @foddy777
Hello
I have my Oz pension paid into my Australian bank account then then transfer it by internet banking to my account here. I have been here 5 years, married and am a resident here.
Hope this helps. you could try private messenger on facebook.
regards   Bruce Gourley
   
    -@GoDeese

Question: Since you are transferring payments to an Aust bank, can you justify full, not reduced, pension? After all you still have financial ties and u probably are not an immigrant here. How would your SS even know you are here? For sure you could just say you are a tourist who spends a lot of time here.

Hello @danfinn

I get full age pension less power rebate. That ceases 6 weeks after you leave the country, government agencies are inter-connected. Your passport tells everyone when you have left the country.

Hope this helps

regards  Bruce

@GoDees

Curious as to whether the Australian state pension is index linked to inflation when taken in the Philippines. I heard somwehere that its not. To have to wait 2 years in order to receive your pension abroad seems very iniquitious.

UK pensioners who move to Australia dont get the COLA increase but do in various other countries, Philippines included, as is the case with our American friends

             Had some friends from the Philippines who moved to Australia and became citizens, then they moved to the USA in 1999, he was a computer programmer, to fight the y2k problem, stayed for 6 years,  had to work for 10 years in the USA to be eligible for retirement social security.  They retired after returning to Australia, found out they made a big mistake by saving a lot of money, some in IRA's.  Said they were severely penalized because they had saved so much.  Said the way the law was written the only assets not included in the calculation was the primary residence.  Were very bitter about it all, now just hanging out in Australia.

https://moneysmart.gov.au/retirement-in … t-benefits

I suppose it's really a safety net for many but definitely living on the bones of your ass money.

I have mentioned this in other threads that the more tax you pay and the harder you work for retirement, savings, investments etc. the government penalizes you, as mugteck said it's hard to swallow and I too am bitter, feel cheated after 45 years of paying tax.

In saying that I would hate to be a battler trying to live on that amount in Australia.

The greedy pollies like always feather their own nest.

Cheers, Steve.

@bigpearl

I suppose it's really a safety net for many but definitely living on the bones of your ass money

My guess is that 50% of  western expats in the Philippines rely solely on their state pension. About a quarter of Brits when retired in the UK rely on the state pension. In the States that's nearer 40%. Given that the average western demographic that relocates to the Philippines are the C2DE's (controversial?) 50% maybe a tad optimistic Our American friends get a higher state pension than the Brits - no NHS in Phils.

@Lotus Eater

Please excuse my ignorance but what is "C2DE's"?

You know living in Oz for us a good year we averaged AU 60/65K per year, busy year 70/75K per year and owned the farm and cars, no loans and credit cards cleared monthly, what I would call middle class in Oz, asset rich/cash poor.

Here in PH. the same, what I would call middle class, no debts, own everything and live how we want, comfortable but not extravagant. We still spend AU 30K per year to have our lifestyle but when we first looked at retiring here 10 years ago it was (our budget) AU 20K but as we know prices rise.

Looking to live here on an  Australian Pension and then add renting a decent abode, car or bike purchase, lifestyle also comes into the equation.

There are plenty of cheaper countries but if/when you find the right partner the country matters little. Over all we are 50/60% economically living here and excess funds are reinvested,,,,,, like solar, growing the portfolio etc.

The Aussie pension could be tight to live here at a similar level prior to retirement but a sh1t load of money to the locals here. What we spend in a month most here don't spend in a year. sad but true, good people but like most workers squashed from the top but hey they all seem happy.

Wow and yet another rant.

Cheers, Steve.

    @Lotus Eater
Please excuse my ignorance but what is "C2DE's"?

C2DE is the UK version of the old India Caste system:

"Approximated Social Grade with its six categories A, B, C1, C2, D and E is a socio-economic classification produced by the ONS (UK Office for National Statistics) by applying an algorithm developed by members of the MRS Census & Geodemographics Group.

It applies to every Household Reference Persons (HRP) aged 16 to 64. If they are not the HRP and were working in the week before the Census, they receive their own Social Grade. If not a HRP and not working in the week before the Census, they receive the Social Grade of the HRP (source: MRS MRS Census & Geodemographics Group)."

@danfinn

“C2DE is the UK version of the old India Caste system:”

On a more prosaic level it is used as a marketing tool in the UK. Specifically by Advertising Agencies, Govt Agencies, and social research nco’s

    @Lotus Eater
Please excuse my ignorance but what is "C2DE's"?

You know living in Oz for us a good year we averaged AU 60/65K per year, busy year 70/75K per year and owned the farm and cars, no loans and credit cards cleared monthly, what I would call middle class in Oz, asset rich/cash poor.

Here in PH. the same, what I would call middle class, no debts, own everything and live how we want, comfortable but not extravagant. We still spend AU 30K per year to have our lifestyle but when we first looked at retiring here 10 years ago it was (our budget) AU 20K but as we know prices rise.
Looking to live here on an  Australian Pension and then add renting a decent abode, car or bike purchase, lifestyle also comes into the equation.
There are plenty of cheaper countries but if/when you find the right partner the country matters little. Over all we are 50/60% economically living here and excess funds are reinvested,,,,,, like solar, growing the portfolio etc.
The Aussie pension could be tight to live here at a similar level prior to retirement but a sh1t load of money to the locals here. What we spend in a month most here don't spend in a year. sad but true, good people but like most workers squashed from the top but hey they all seem happy.

Wow and yet another rant.

Cheers, Steve.
   

    -@bigpearl

You're a C1 Steve. Enjoyed the rant!

I think I'm a B but don't mind being classed as C1. I researched. Lower middle class that only spends AU 30K a year as that's all we need to live well here but makes 120 to 160K a year not lifting a finger, most of that not taxable and what is taxable falls under the tax free threshold. My kids will do well when I kick the bucket.

Aside I am off topic as I am self funded, apologies to the OP.

Cheers, Steve.