12 Nov Outliving Your Superannuation: Retirement Planning for Australians Living Abroad
By Jarrad Brown
For many Australians who have built careers in Singapore, the lifestyle is rewarding. The city offers world-class healthcare, vibrant multiculturalism, and financial opportunities that can fast-track savings. Yet for expats, one concern looms large: what happens if you outlive your superannuation?
Outliving your super is not a distant worry. Australians are living longer than ever, with average life expectancy now exceeding 80 years. At the same time, the cost of living continues to climb both in Australia and abroad. Without a clear retirement strategy, even disciplined savers can find their nest egg stretched thin.
Understanding your superannuation abroad
While living in Singapore, your Australian super fund continues to operate under Australian regulations. As your income and contribution patterns may change while abroad, it is important to review whether you should continue to make contributions whilst you’re overseas.
Many expats also hold multiple super accounts from past jobs. Consolidating them could in some scenarios reduce fees and make it easier to see how your retirement savings are performing. Most major super funds allow online access, so keeping tabs from Singapore is straightforward.
Bridging the contribution gap
Because your income in Singapore may not be subject to Australian super rules, it helps to consider creating your own “expat retirement fund.” You could channel savings into an investment portfolio or managed account aligned with your risk tolerance and time horizon. Singapore’s low tax environment can be advantageous here, allowing more of your money to grow without heavy deductions.
If you plan to return to Australia eventually, consider voluntary contributions to your super before you move back. Timing these contributions can help you benefit from Australia’s concessional tax rates on super savings.
Planning for longevity and currency risk
Retirement planning for expats is about more than just building a large balance. It’s also about preparing for longevity risk, the possibility that you could outlive your savings. Diversifying your investments across asset classes and currencies can help protect against inflation and exchange rate swings.
Many Australian expats in Singapore keep assets in both Australian dollars and Singapore dollars. This approach provides flexibility for future living arrangements and reduces exposure to currency volatility when converting funds later in life.
Healthcare and lifestyle costs
While Singapore offers excellent healthcare, it can be costly without insurance. Make sure you have adequate coverage, especially as you approach retirement age. If you plan to retire in Australia, research how your private health insurance will apply after years abroad.
Lifestyle choices also matter. The earlier you define your retirement goals, whether that means living in Australia, staying in Singapore, or splitting time between both, the better you can estimate your financial needs.
The bottom line
Outliving your superannuation is a real risk, but it is one that careful planning can prevent. Review your super regularly, stay informed about Australian tax and pension rules, and seek advice from a financial planner familiar with expat issues. A balanced, informed approach can help ensure that your years in Singapore not only enrich your career but also secure a comfortable and confident retirement.
Not sure where to start? Let’s have a first chat to map out a financial plan that will give you the retirement you deserve.
Jarrad Brown is an Australian-trained and qualified Fee-Based Financial Planner of Global Financial Consultants Pte Ltd providing specialist financial advice and portfolio management services to Australian professionals in Singapore.
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General Information Only: The information on this site is of a general nature only. It does not take into account your individual financial situation, objectives or needs. You should consider your own financial position and requirements before making a decision.
*Please note that Jarrad Brown is not a tax agent or accountant and none of the content outlined here should be taken as personal advice. You should consult your tax agent and financial adviser to review your current personal finances and financial goals to consider whether this strategy is appropriate for you.