What's my best options ?
I'm 59 yo , got knocked out of my work 2 years ago due to a health issue , I was in construction of 30 years . I took break to get well but I cannot go back to my old work ( time for change ) I didn't think it would be that hard to get work but I soon found out at 59 yo it is !!
Now been diagnosed with prostate cancer low grade on watch & see program .
Ive finally got a job but its very low $ and its very physical and I dont see how I can do it for much longer for both reasons .
Ive travelled a bit in SE Asia and love it .
I'm single , no debt and assets of around 1.2 - 1.4 mill , very little super .
Was on Newstart for 6 months & cannot survive on that .
Only options I can see are
Try & find another job but will be on the same low $ I feel ?
Downsize the house invest more $$ try & find another job , semi retire .
Rent current property out & move to a cheaper country like Vietnam & retire if possible ?
Sell up & move OS & retire .
Cannot get the age pesion till 67 yo
Not sure if I have anough $ ? Thoughts ??
Interests are motorcycling , hiking , gym & camping .
you are going to discover you are not Robinson Crusoe but that won't make your decision any easier. I have several friends and relatives who are or have been in a similar situation. Among them they have explored most of the options you mention. None of them are openly expressing regrets about their decisions. All have been reminded that nobody is special and promised tomorrow so they have learned to appreciate what they have. On the plus side with more than a mil in assets you have more than one option to choose.
- inlaws semi-retired at 63, rented family home to adult child but kept a room, bought a $180k motorhome and travel 3 months at time, volunteer on newstart three months at a time with Ronald McDonald House ... loving it, will travel full time after qualifying for pension next year at 66
- a cousin retired to Thailand and lived the expat life ... loved it, recently died aged 77
- a friend planned to retire to Thailand and was building a house in Phuket ... diagnosed with cancer and died aged 56 before it happened for him
- a friend could not find work for three years, not eligible for Newstart so downsized to regional town and now running down savings aiming to hit the sweet spot at age 67 ... loving it, wished he had done it sooner
- a friend sold up in the city at 60 and now running a B&B on acreage near regional city ... she is engaged in local community and loving it
- a friend sold up in the city, bought a home in one of the RV parks, bought a caravan (already had a 4x4 ute) and put the rest in super while he is camping his way around the country doing the odd cash job
- a long term unemployed friend talked endlessly about travelling ... procrastinated too long, diagnosed with bowel cancer before he left and died five months later aged 59
- a long term unemployed friend (aged 60) recently received payout for workers comp and retired ... owns a house in western burbs, bought a caravan in the country and is spending rest of money on travel with trips planned through to 2021. Plans to access full pension when eligible.
- retrenched inlaws renovated and flipped houses in ACT ... retiring next year to golf course in northern NSW
- inlaws sold up in NT, bought home in Townsville to rent, bought camper trailer, topped up super and intend to stay on the road for six years or while health permits. Has a service pension and qualifies for age pension this year.
Think carefully about what you want and research it thoroughly. If I was in your circumstances then I would likely purchase a residence in a regional centre that offers good investment potential and tip the rest into super. I would then set aside the asset threshold to qualify for full pension and buy an account based pension when I turn 60 to take me through to 67.
Good luck with your decision.