Australian Bureau of Statistics data shows that the average educator will retire around 59 years old and with health outcomes for older Australians improving teachers need to carefully plan how they will allocate their retirement funds.
Specialist teacher financial advisory company The Moreton Group has crunched the numbers on some of Australia’s most popular destinations to find the top 5 most affordable places for teachers to enjoy a long retirement.
Victor Harbor, South Australia
Victor Harbor’s gorgeous seaside scenery and close proximity to Adelaide are not the only reasons this coastal oasis is a popular destination for retirees. The cost of living in regional SA is the lowest in Australia, with 2020 data showing the average retiree spending 10.51% less than the national average. Victor Harbor is also among the more affordable places to purchase property in retirement, with the median value of its house market $541,104 as of April 2022
Those looking to make the move to Victor Harbor can also expect to make plenty of like minded friends, with 42% of the population over the age of 60
Known for its vibrant food and arts culture, Launceston is the perfect destination for retiring teachers wanting to experience city life within good proximity to the coastline. Due to the recent property boom, Launceston is among the more expensive property markets for retirees to enter, with the median value of the housing market sitting at $741,121.
Tasmanian retiree spending on groceries, transport and other essentials is 8.45% lower than the national average. Teachers looking to retire in Launceston are encouraged to put away additional savings if they intend to enjoy the city’s food and wine offering on a regular basis.
Those who enjoy warm climates, fishing, boating, and water sports will be welcomed into the Echuca community. Echuca provides idyllic riverside views at a relatively affordable price, with the current median value of its house market $583,369. The cost of living in Echuca is also quite affordable, with retiree spending in regional Victoria is 8.13% below national average.
With more than a quarter of the population over 60, newcomers can join Echuca’s various clubs and associations to find fast friends.
Esperance, Western Australia
A tourist hotspot, Esperance is a favourite for retirees, with 28% of the population aged 60 or over. Those planning to stay active in retirement can spend their golden years exploring Esperance’s incredible beaches and national parks, and with multiple flights in and out of Esperance Airport every day there is no excuse for the children not to visit. Retirement dollars are set to stretch in Esperance, with retiree spending in regional WA to be 7.63% below the national average. Esperance is also the most affordable housing market for retirees to enter, with the current median property value $343,984.
Nowra, New South Wales
The beauty of Australia’s bushland meets all the amenities of a city, it's no wonder Nowra has become one of the largest cities in the Shoalhaven Region. Boasting medical facilities, shopping, eateries, and golf courses, the city has become a fast favourite of retirees, with almost a third of the population aged 60 or older.
A house in Nowra will set newcomers back around $685,817 according to recent property market data and is the perfect homebase for active retirees looking to day trip to Kangaroo Valley and Jervis Bay. Retiree spending also averages 6.36% below the national average in regional NSW, allowing room in the budget for exploring Nowra’s thriving food and beverage scene.
Cameron Dickson, Managing Director of The Moreton Group said the most common question he receives is, “How much superannuation do I need?”
“We recently surveyed our clients and found that female teachers between 45 and 54 years are heading to retirement with an average nest egg of $230,900, and male teachers with an average of $160,000,” Dickson said.
“Finding how this money will stretch in retirement is not as simple as taking your super amount and dividing it by how many years you expect to live. Unfortunately, no one can predict how much the cost of living will rise or what exact care we will need in old age.”
Dickson said getting personalised advice is the only way to get a clearer picture of what someone will need in their retirement.
“The Moreton Group helps those nearing retirement build a clear and realistic roadmap so they can live life on their terms.”
This article originally appeared as a press release from the Moreton Group.