Retirement in The UK or Australia?
There comes a time for every retiree to choose where they want to retire and, of course, that can be a daunting task. Is it best to stay in your home country or travel abroad to spend those relaxing retirement years in an exotic, beach-filled oasis? There are so many different aspects to consider when retiring in Australia and the UK including the weather, the economy, the unique Aussie lifestyle and the financial systems.
In this article we’ll go over a few of the obvious differences between retiring in the UK and Australia.
Cost of Living
One of the most important things to know about Australia and the UK, when retiring is concerned, is that the cost of living is wildly different. When compared to the United Kingdom, Australia can be far more expensive especially for food, rent and fuel, though if you budget well enough the costs can be manageable.
A statistic that Australian retirees might want to be wary of are the median home prices. The average UK home price makes retiring in the UK so much more attractive, sitting at just over $400,000 or £232,554 whereas Australians can expect somewhere around $809,000.
This is where the bigger differences start to rear their heads. The Australian and UK lifestyles are quite different and that’s thanks to big differences in weather, restaurant prices and different approaches to outdoor living.
Australian retirees and seniors enjoy cheaper dining out costs and that’s where Australia’s massive foodie culture comes in. During retirement in Oz you’ll likely be eating out almost every few days with friends and family, whereas in the UK, you’ll more likely to spend a little more time indoors enjoying home cooking.
Another major difference is, of course, the weather. Australia and the UK are worlds apart when weather is concerned, and that means that lifestyles are a little different.
In Australia you’ll be far more inclined to go on dawn and dusk walks each day as you can be almost certain that the only things you’ll be dealing with are blue skies and sunshine, whereas the UK can be a little more dreary at times with well over 120 days of rain a year, whereas in most Australian capitals you’ll only need your brolly 60 to 80 days a year.
Budgeting for Australia and the UK
No matter where you plan on retiring, whether it be the UK, Australia or just about anywhere else, budgeting for the local economy is essential.
If you’re soon to be a retiree or are simply planning ahead, speaking long-term to a certified, professional financial advisor like ourselves or Financial Framework based in Perth, Australia is going to be essential to ensure you’re on track to retiring and sustaining the lifestyle you’ve always dreamed of.
Choosing to stay in the UK or Australia as a citizen will mean that you’ll be eligible for additional pension support and other financial perks, so be sure to check with your local government’s guidelines.
Find out more information here: https://financialframework.com.au/