Australia’s sound welfare system is obvious to all. In recent years, more and more Chinese have immigrated to Australia to support their old age. However, many people do not know much about the pension system and situation in Australia, and they have no clue about the pension plan.
The retirement period is a crucial period for future retirement, because the decisions made during this time may directly affect the happiness and tranquility of retirement. Everyone needs to consider their actual situation when planning their retirement, not just having a good but unrealistic idea.
What kind of pension plan is it comprehensive and practical? Today, editor takes everyone to see what the old people who have lived in Australia in their old age have considered during the old-age planning. I hope to help you understand this situation.
The first aspect is to understand your retirement budget.
You need to know how much you need to live each month after you retire. This question is very important. It is unrealistic to guess or estimate how much money you can use. Xiao Bian reminds you that you must take inflation into account when considering this aspect! The annual inflation rate is about 3%-5%.
The easiest way to start creating a retirement budget is to look at your current expenses as a non-retirees. Take your past 3 to 6 months of utility bills, bank statements and credit card statements to calculate your expenses in the main areas of buying food, buying daily necessities, eating out and raising a car.
The fees for these categories may change a lot during retirement, but understanding the financial situation before retirement is a good start.
The second aspect is the production of retirement plans.
Making a plan sounds simple and boring, but a good plan will ensure that your retirement is smooth. When planning, consider deciding at what age to retire, how much money you need to save in order to live a comfortable life after retirement, and what to do after retirement. At present, the age of welfare in Australia is 65.5 years old, but if you think that the savings are enough, you can retire early.
There is a misunderstanding here. Many people think that there will be very little overhead after they are old, because they don’t go far, and they don’t go shopping, just spend on necessities. Many times, as you get older, you spend more and more money (such as health care), and you have the opportunity to confirm that your savings are enough to maintain the lifestyle you expect when you develop a retirement plan.
When considering medical aspects, it is necessary to decide whether to choose medical services in public hospitals or private clinics. Public hospitals are free for Australian permanent residents or citizens, but need to wait in line. The cost of a private clinic will be higher, but it is convenient to not queue. Some home renovations are also considered in advance, such as toilet racks.
Many people feel that they have no job and are vacant after they retire. They have no motivation every day. This can be avoided by planning a life hobby before retirement, such as participating in an elderly community and community activities, or traveling around.
Another very important decision is where to care for the elderly.
Chinese people’s habits are home-based care, do not want to go to a strange environment, see strangers every day. Especially in Australia, and the local elderly in nursing homes also have language and cultural differences, it is even more difficult to integrate.
The Australian Government has issued a Home Care Package to elderly people living at home, so that the elderly can enjoy their old age. Please refer to the Australian Department of Ageing website My Aged Care (https://www.myagedcare.gov.au/) for the application process.
The third aspect is to know the income of your retirement period.
Retirement income sources may include pensions (Superannuation), social security benefits (Age Pension), etc. If you haven’t started to withdraw your social security, you will need to check your plan and verify that the plan you and your partner choose is not feasible. If you don’t do any research at the time, contact your local Social Security Office and you may spend thousands of Australian dollars.
Some middle-aged friends feel that it is too early to plan for retirement, but it is never too early to understand the pension plan.
The Happy Life Home Pension Fund Management Agency hopes that everyone can understand these plans for the elderly in advance, so that they are not only responsible for their own lives, but also help their loved ones and friends to plan a good old age.