Greetings from Aussie retirees

[Morricol61]

Hello all, I've just registered but have been reading and following threads for a few months now.

My early retirement is on a part time basis for now. I work 16 hours a week for 6 months of the year only, and can continue to work those hours for as long as I want. My husband doesn't work at all. We are debt free, own our own home and a rental property and because we have always lived frugally we expect to support ourselves until we are in our 70's, when we will be eligible for SS.

Life is good.

[38Chevy454]

Welcome to the forum. Not too many AU retirees on here that I can recall. You did not list ages, but it sounds like you have it worked out financially.

[Morricol61]

Thanks 38Chevy454 - Regardless or our country of origin, I think our situation is similar to many on the forum. We worked hard, paid off our debts, invested wisely and looked after our health. That has enabled us to retire about 10 years earlier than most of our countrymen.

Neither of us has ever held a high paying job, but that probably helped us to focus on our goals. We got into serious financial difficulties early in our marriage and it scared us straight. There's nothing like losing everything you own (and we didn't own much) to make you focus on what's important and deciding you never want to be in that situation ever again.

I look forward to reading about other people's journey to early retirement and commenting where I have a different point of view, or have something useful to say.

[Red Badger]

Welcome aboard and to ER!

I guess your dryer is the big yellow one outside?

Cheers!

[Gumby]

Welcome aboard. We're happy you're here.

[Mdlerth]

G'day, mate! Happy to have you aboard.

Your intro aligns with most of the folks here: eschew debt, save over spend, make sound investments, and you can retire securely.

Of course, many of the conversations here detail aspects of pre- and post-retired life beyond the merely financial. I look forward eagerly to the ones featuring an Australian perspective.

[Nodak]

Welcome aboard.

[Cassius King]

Happy to have you here. Sounds like you earned it and deserve it. Enjoy!!

[LastOfTheBoomers]

I've spoken to Aussies while traveling - and I don't know if this is specific to NSW - but the benefits for train travel and other things sounded amazing for older citizens.
It would be great if you could share some of them with the group.
Oh - and Welcome!

[braumeister]

Toowoomba. What a wonderful name for a town. I had to look it up, and see it's not that far from Brisbane where I have friends. Nice area.

Welcome, and I second the request to learn more about Australian life.

[evilanne]

Greetings Morricol61 Welcome to the forum...I'm sure there are many similarities but I would also be interested is how things are different in Australia. Best Wishes

[Morricol61]

Quote:

Originally Posted by LastOfTheBoomers I've spoken to Aussies while traveling - and I don't know if this is specific to NSW - but the benefits for train travel and other things sounded amazing for older citizens. It would be great if you could share some of them with the group. Oh - and Welcome!

Well, last of the Boomers (so am I, actually) each state has their own way of compensating aged and disabled pensioners in Australia. As I live in Queensland, I am only knowledgeable about our arrangements.

Pension Card holders receive discounts on public transport; entry to attractions and events; free treatment at public hospitals and the GP (the same as any Australian citizen); discounted medications; and around 10% off local government rates, electricity bills, and motor vehicle registration.

Australia has a very good public health system but our federal government has been offering rebates through the income tax system for about 20 years or more, to encourage people to take it out. More younger people have private health cover now, than when I was of a similar age.

As my husband and I don't have private health cover we have paid upfront for minor procedures, but it is not necessary. Our hospitals are very good and public patients receive the best of care and are often treated by the same doctor in the same ward as private patients. My husband I have each been hospitalized as public patients in a Brisbane hospital and we can't fault the experience.

His most recent hospitalization was earlier this year. His room contained a single bed and private bathroom. He was only there about 3 nights but he was comfortable and well looked after. I was hospitalised about 15 years ago and was in a 6 bed female ward. Two of the other patients in my ward were private, the rest of us public patients. We all received the same meals and were looked after by the same nursing staff but the private patients had their own doctors. My surgery was performed by a top Brisbane specialist. My 3 week stay, surgery and ambulance ride didn't cost me a cent but had I been in a private health fund, I would have had to pay for everything and claim a portion of it back from the fund provider.

As self-funded retirees, we don't qualify for pensioner discounts, although I was recently given a discount on a tourist service because I "looked old enough to be a pensioner" which was nice considering I won't qualify for the aged pension for at least 12 years.

[Morricol61]

Quote:

Originally Posted by Red Badger Welcome aboard and to ER! I guess your dryer is the big yellow one outside? Cheers!

YEP!!!

[evilanne]

Interesting that government is pushing private pay insurance through rebates. If treatment/care is the same...not sure what the motivation would be

[NomDeER]

Quote:

Originally Posted by evilanne Interesting that government is pushing private pay insurance through rebates. If treatment/care is the same...not sure what the motivation would be

I have family in Australia. As I understand it, the private and public insurance are not exactly the same. For example, for elective surgery, you'll get in sooner if you have private insurance. But, the main reason that people choose private insurance is because it actually saves you money if you have a higher income. You're required to pay a percentage of your income into the public system, but you can cap that to a limited amount if you buy private insurance. In that way, the system has more affluent people subsidizing health insurance for lower income people. Everyone has to pay a percentage of their income, but the minimum wage is significantly higher in Australia than in the U.S., so people can more easily afford to pay the health care tax.

I have in-laws for whom the Aussie health care system has worked very well for ER. Husband and wife both had relatively serious health problems in their fifties. They were able to retire early because of guaranteed health insurance. That gave them both the opportunity to do some of the things they had wanted to do in retirement before they both ended up with cancer.

I have other family members living below their means and planning for ER in their fifties in Australia. They both have pre-existing conditions, but will have no problems with health insurance even in their fifties and sixties.

Save

[Morricol61]

Quote:

Originally Posted by NomDeER I have family in Australia. As I understand it, the private and public insurance are not exactly the same. For example, for elective surgery, you'll get in sooner if you have private insurance. But, the main reason that people choose private insurance is because it actually saves you money if you have a higher income. You're required to pay a percentage of your income into the public system, but you can cap that to a limited amount if you buy private insurance. e

Spot on! That is why we never bought health insurance. Our combined annual income was never high enough to trigger the higher rate of income tax so there was no financial reason to opt into health insurance.

The government encourages us to take out private health cover in order to reduce the strain on the public health system but privately insured patients commonly seek admittance to public hospitals in any case, because it is cheaper.

We looked into it when our children were young. After finding out the total cost for braces, fitted and adjusted over 2 years, for our 13 year old and comparing it the cost of 3 years of health insurance plus the gap fees, we realised we would be better off by hundreds of dollars, paying the orthodontist ourselves.

[Nemo2]

Quote:

Originally Posted by Red Badger I guess your dryer is the big yellow one outside?

That's why the need an egg nishner.

[Morricol61]

Quote:

Originally Posted by Nemo2 That's why the need an egg nishner.

We actually installed one a few months ago. Last summer was the worst since we've lived here. Going by the law of averages, we probably won't have such high temperatures for so many days again, for years. But it's there ready to go, should the globe warm up some more.

[Nemo2]

Quote:

Originally Posted by Morricol61 We actually installed one a few months ago.

Didn't know if you were old enough to remember Afferbeck Lauder. (I still have a copy of Let Stalk Strine at home.)

[Morricol61]

Quote:

Originally Posted by Nemo2 Didn't know if you were old enough to remember Afferbeck Lauder. (I still have a copy of Let Stalk Strine at home.)

You're right about that. I have never heard of Afferbeck Lauder but I was able to work out your meaning fairly quickly. It was commonsense, not nonsense.