As the cost of living in Australia becomes increasingly burdensome, baby boomers can have a more comfortable retirement in Asia, says Connect ASEAN chief executive and founder Paul Tynan.
According to Mr Tynan – who launched Connect ASEAN this year to link small to medium-size enterprises across the Asia Pacific – Australian baby boomers should consider moving to a destination in Asia to capitalise on the cheaper cost of living.
"Living overseas will allow Australians to maintain their current living standards in their later years and I foresee many relocating offshore as politicians debate how best to balance their budgets and cost of living increases erode retirement nest eggs," he said.
"This will not be the retirement solution for every Australian baby boomer; however, Australians in growing numbers will explore this option in the years to come."
Mr Tynan also pointed out that while maintaining their Australian citizenship, retirees can keep their financial assets in Australia and access their money through overseas banking institutions.
"To me the future is clear: In order for baby boomers to maintain a comfortable lifestyle in retirement they will need to use the family home as a productive asset and not a long-term shrine or asset to be bequeathed to children and family," he said.
"It will challenge past norms and conventions whilst opening up new adventures that will provide fuller lives in retirement for baby boomers," Mr Tynan said.
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