Caloundra on Queensland's Sunshine Coast has been a popular retirement destination for decades. With Brisbane being accessible by a short drive, and year-round sunny weather, it's not hard to see why.
Australia has long been a popular retirement destination for the 'Poms'. In fact, the country is such a draw for pensioners that there are currently over 230,000 British expats claiming their state pension there.
The seven best places to live in Australia are: Adelaide, Brisbane, Canberra, Hobart, Melbourne, Perth and Sydney. We've worked out which place is best depending on what you care about most, from culture and climate to job opportunities.
The average retirement age in Australia is 55
However, the average age people aged 45+ said they expected to retire – 65.5 years – was much later than the average retirement age. And on average, Australians can expect to live to 85 for women and 81 for men (ABS, 2021).
If you wanted to retire at 60 in Australia, would $2 million dollars be enough to retire with? For many people, yes, $2 million would be ample. Although for those who are accustomed to a more luxurious lifestyle, this amount may not be sufficient to achieve or maintain the quality of life they desire.
ASFA estimates people who want a comfortable retirement need $640,000 for a couple, and $545,000 for a single person when they leave work, assuming they also receive a partial age pension from the federal government. For people who are happy to have a modest lifestyle, this figure is $70,000.
Panama. Not for the first time, Panama tops the list of the world's best places to retire. Located away from Central America's hurricane belt, its warm tropical climate is tempered by breezes from the Pacific Ocean on one coast and the Caribbean Sea on the other.
Ecuador. If you're looking for a country where you can retire outside the US comfortably with $800 per month and experience one of the most ecologically diverse places in the world, then Ecuador might be for you. The go-to city for US retirees in Ecuador is Cuenca, which also happens to be a UNESCO World Heritage site.
With an overall score of 81%, Norway comes in at number one as the most retirement-friendly country on the list. Norway is at the top of this year's ranking for several reasons.
There are six regions where expats and immigrants typically live: the main cities of Sydney and Melbourne, the political capital of Canberra, the leisure capital of Brisbane and the nearby Gold Coast, the southwestern cities of Adelaide and Perth, and Hobart, capital of Tasmania, which offers some of the best ...
Canberra is the happiest capital of Australia, according to research.
The city of Perth has the best weather/climate in Australia. The city enjoys a temperate Mediterranean climate with hot and dry summers and mild but wet winters. Perth is also the sunniest capital city in Australia and is considered one of the hottest experiencing over 250+ days of sunny blue skies.
The Association of Super Funds of Australia (ASFA) claims it's $640,000 for couples and $545,000 for singles. The reality is most Australians retire with far less in super. Indeed, the average super balance for Australians aged 60-64 is just over $300,000. That may be enough.
The ASFA's benchmark retirement income is known as the ASFA Retirement Standard. For some Australians, A$500,000 in super and the age pension would be enough to maintain their standard of living.
You won't pay tax on your retirement income if you're aged 60 or over. If you're 60 or over, your regular income stream payments or lump-sum payments from your RI Allocated Pension and RI Term Allocated Pension account are completely tax free. You won't need to include these payments in your personal income tax return.
The ASFA Retirement Standard Explainer says a comfortable retirement lifestyle would need $640,000 in super for a couple, or $545,000 for a single person.
seniors and pensioners who, at the end of the relevant financial year, are 66 years of age or older (for example, to be eligible for the year ending 30 June 2021, a payee must be born on or before 30 June 1955)
Gold Coast is one of the cheapest places to live in Australia (89th globally). It is known for its high-standard education and academia and its budget-friendly living. International students will find the Gold Coast the perfect combination of study and social life, with its magnificent beaches and nightlife.