Kate Christie buys Sicilian palazzo for $200,000, retires abroad cheaper
Australian retirees are increasingly moving abroad to retire. Forty-six countries now offer retirement visas. Living costs are much lower overseas.
More Australian retirees are selling up and moving overseas. The cost-of-living crisis is pushing them to look abroad.
The latest Global Retirement Index shows 46 countries now offer retirement visas. This gives older Australians more options than ever.
Kate Christie is a semi-retired author. She bought a renovated palazzo in Sicily last year.
The total cost was about $200,000. Kate Christie says groceries and food cost about 40 per cent less than in Australia.
Attractive destinations also include Uruguay, Mauritius, Spain, Latvia, Andorra, Italy and Greece. Migration specialists say a silver tsunami is sweeping the globe.
Retirees are looking for countries where their superannuation will last twice as long. The downsides are foreign bureaucracy and distance from family.
But for many, the maths works.
- About A$200,000 including renovations
- Palazzo purchase price
- 40 per cent cheaper than Australia
- Food cost saving
- 46 countries
- Retirement visas available
Why it mattersRetirees can now stretch their savings much further by retiring in countries with lower living costs. This means they can retire earlier or on smaller superannuation balances.
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