Expat Pension adviser for Australians?

[Cracaphat]

[quote=AustinJapan post_id=4608 time=1559698438 user_id=300]
Info update.

Spoke to International Services at Centrelink

1) Got through almost immediately first time. (miracle?)
2) Can go back to Aus at 67 and get full pension if I am basically broke. (x/35 rule only applies if O/S., O/S = >186 days/calendar year)
3) Asset, Income tested. (Currently) Own 749.99KAu of property? = get pension, Own 750K? = get zero. (Threshold is indexed to CPI so will go up)
4) Any Japanese pension that is collected will decrease the Aussie pension collected although it is currently not dollar for dollar and in favor of the Yen you are getting.
5) Current rate for singles is 1900AU a month.

Thanks AustinJapan.
A couple years ago I wrote to Centerlink and a couple months later got a reply referring to the link you put up. I would only qualify for 9 of the 35 years when I reach 70,which isn't much money. Wasn't it if you combined your years of paying into the Japanese system, it would top up your number of years for an Aussie pension? I was hoping for that.

[AustinJapan]

Thanks AustinJapan.
A couple years ago I wrote to Centerlink and a couple months later got a reply referring to the link you put up. I would only qualify for 9 of the 35 years when I reach 70,which isn't much money. Wasn't it if you combined your years of paying into the Japanese system, it would top up your number of years for an Aussie pension? I was hoping for that.

Cracaphat,

I am trying to learn the a,b,c of it myself, but assuming you are under 52 years of age now, (i.e. born 1967 or later) it is my understanding that if you...

1) Go back to Oz at 70 you will get a full-Aussie pension as long as you stay in Oz 186 or more days a year - however, if you are receiving a Japanese pension, they will decrease your Aussie pension, BUT..not dollar for dollar. It is a sliding scale so that if you get say 80,000 yen a month from Japan and 80,000 yen equals 1,000 AU, your Aussie pension, which is currently 1900AU /month (provided you have diddly squat assets - exception, your own home) will be reduced by less than 1000AU. So if you would otherwise get 1900, they would deduct something less than 1000...you would be ahead!

2) Decide to live in Japan or somewhere else, you would get 9/35ths of the Aussie pension - which is $488 a month to which you could add your Japanese pension. BUT WILL THEY REDUCE YOUR AUSSIE PORTION EVEN FURTHER TO REFLECT YOUR JAPANESE COLLECTION? - I don't think so.

And Cracaphat, thanks for chiming in. Good to know there is somebody else 'out there'.

[AustinJapan]

Also Cracker, if you did not contribute to a pension scheme in Japan, I do not know your status with Aust. I know I lost three years down a hole when I cashed out three years of Japanese pension at one point. But that is different from being ineligible to contribute to a pension. I don't think the Aussie pension would just kick in for those years...but perhaps? If so, i would quit the J -pension plan if I could because the Aussie plan pays twice as much - more than twice, perhaps.

We just have to all think about a way to survive now. Gambarimashou

[Cracaphat]

Thanks AustinJapan.
A couple years ago I wrote to Centerlink and a couple months later got a reply referring to the link you put up. I would only qualify for 9 of the 35 years when I reach 70,which isn't much money. Wasn't it if you combined your years of paying into the Japanese system, it would top up your number of years for an Aussie pension? I was hoping for that.

Cracaphat,

I am trying to learn the a,b,c of it myself, but assuming you are under 52 years of age now, (i.e. born 1967 or later) it is my understanding that if you...

1) Go back to Oz at 70 you will get a full-Aussie pension as long as you stay in Oz 186 or more days a year - however, if you are receiving a Japanese pension, they will decrease your Aussie pension, BUT..not dollar for dollar. It is a sliding scale so that if you get say 80,000 yen a month from Japan and 80,000 yen equals 1,000 AU, your Aussie pension, which is currently 1900AU /month (provided you have diddly squat assets - exception, your own home) will be reduced by less than 1000AU. So if you would otherwise get 1900, they would deduct something less than 1000...you would be ahead!

2) Decide to live in Japan or somewhere else, you would get 9/35ths of the Aussie pension - which is $488 a month to which you could add your Japanese pension. BUT WILL THEY REDUCE YOUR AUSSIE PORTION EVEN FURTHER TO REFLECT YOUR JAPANESE COLLECTION? - I don't think so.

And Cracaphat, thanks for chiming in. Good to know there is somebody else 'out there'.

Thanks a lot AJ for breaking down the details.Really appreciate it.Dunno if I could afford to go back to Sydney @ 70,the way the cost of living is!! But maybe it'll calm down or I'll go live out in the sticks!! I reckon trying to get an Aussie pension is a better deal.The news here has been about a shortfall to be expected,said by an ossan govt minister. Got everybody packing it though!!
And good luck to yous too.It'd be so much easier winning the lottery,eh?

[AustinJapan]

Thanks AustinJapan.
A couple years ago I wrote to Centerlink and a couple months later got a reply referring to the link you put up. I would only qualify for 9 of the 35 years when I reach 70,which isn't much money. Wasn't it if you combined your years of paying into the Japanese system, it would top up your number of years for an Aussie pension? I was hoping for that.

Cracaphat,

I am trying to learn the a,b,c of it myself, but assuming you are under 52 years of age now, (i.e. born 1967 or later) it is my understanding that if you...

1) Go back to Oz at 70 you will get a full-Aussie pension as long as you stay in Oz 186 or more days a year - however, if you are receiving a Japanese pension, they will decrease your Aussie pension, BUT..not dollar for dollar. It is a sliding scale so that if you get say 80,000 yen a month from Japan and 80,000 yen equals 1,000 AU, your Aussie pension, which is currently 1900AU /month (provided you have diddly squat assets - exception, your own home) will be reduced by less than 1000AU. So if you would otherwise get 1900, they would deduct something less than 1000...you would be ahead!

2) Decide to live in Japan or somewhere else, you would get 9/35ths of the Aussie pension - which is $488 a month to which you could add your Japanese pension. BUT WILL THEY REDUCE YOUR AUSSIE PORTION EVEN FURTHER TO REFLECT YOUR JAPANESE COLLECTION? - I don't think so.

And Cracaphat, thanks for chiming in. Good to know there is somebody else 'out there'.

Thanks a lot AJ for breaking down the details.Really appreciate it.Dunno if I could afford to go back to Sydney @ 70,the way the cost of living is!! But maybe it'll calm down or I'll go live out in the sticks!! I reckon trying to get an Aussie pension is a better deal.The news here has been about a shortfall to be expected,said by an ossan govt minister. Got everybody packing it though!!
And good luck to yous too.It'd be so much easier winning the lottery,eh?

Crapa,
Same deal.

Thinking about if I should quit good job in Japan and try my luck in cashed up Australia just so that my Aussie pension goes from 16/35 to 27/35. Of course, circumstances could decide it for me. My Aussie pension would go from 45% to 77%. My Japanese pension would go from 324 monthly units worth, to 208. That is IF I decide to live in SE Asia or even here. If I live in Australia I get 100% from 67 years old, and I too would have to live in the sticks. There is also Medicare Card, an energy discount and pension rates for PT (if you can afford to live near a bus or train!)

On that basis alone it seems insane to stay here a day longer...but....

.. If I am blessed with fine health, hold on to my job I could potentially save/invest a modest amount in the last ten years of full-time employment....and if I quit now I would also lose the "farewell in retirement money" you get here (altho at this point, I don't know how much that would be)...

..but if I did manage to save a decent little package..(and it won't be much but better than nothing) the good working conditions, safety, cheap housing etc., here make it difficult to leave...but...

...the more I save the more the Aussie pension means testing will bite me back! ...

Conundrum...

I think SE Asia might be OK for me but perhaps that is also just a pipedream now..

I have pretty much given up hope that there are any Aussie/Japanese financial advisors out there who can help. (They obviopusly know the tricks but they can't say..SO frustrating!!) Aussies my age are naturally..eh..coy about the situation for the obvious reasons, and as somebody pointed out, 'be careful what you wish for" . So I think we are destined to live in a 'fog' to put it mildly.

Glad to be still kicking it of course, but boy, it would be good if there was a way to find out what is best. When people say, 'Everyone is in a unique situation and we all have different priorities, of course they are right, but they are also playing funny buggers because there are rules that apply to everyone (i.e. x/35 rule, 750K assets threshold) and there are sensible ways to work with these rules if you know how.

[AustinJapan]

https://www.humanservices.gov.au/indivi ... alia/29791

List of thresholds.

[Cracaphat]

https://www.humanservices.gov.au/indivi ... alia/29791

List of thresholds.

Thanx for the link AJ.It explains pretty clearly how it will happen,except things can change so quickly and put a person on edge.

Your situation is interesting.To go home or to not. You definitely don't want the Japanese pension pennies affecting what you'd get back home at all.But for the reasons you mentioned,staying and working here to eventually collect your "farewell retirement money" is something you'd like to pocket naturally. Unless there was a burning reason to go back home,I'd staying working until I'd had enough or was forced to bail.Between now and retirement,plenty could change,but saving and investing in things this site has topics on like Ideco and maybe Nisa can help top up your financial situation.Or living in Asia somewhere.Malaysia seems relatively easy to live in as a foreigner or as you said S.E.Asia.I reckon it comes down to your head and your heart.What does your head say? And what does your heart? If anyone can get them on the same page you can make things happen through effort.
You are the pioneer for expat Aussies in the information you're getting, which you said is growing in numbers.You're doing a good job mate sharing what you're learning.I'm sure it's appreciated,and not only by me.