AT THE beginning of every year , especially in February , I get a certain kind of phone call . It will be someone from our Filipino-Australian community ( I ’ m going to call us Fil-Oz , for short ).

They would be aged between 55 and 65 years , and they would be calling from their workplace or as they commute home after work .

The celebrations of the festive season are behind them and they are facing another 11 months of work , bills , work , bills with the odd holiday here and there .

We will wish each other a ‘ Happy New Year ’ and they will ask me the question : “ When Can I Retire Sheila ?”

WHAT ARE WE WORKING FOR ?

Most of us are working hard at our jobs and business , hoping that at some point in the future we will be able to drop our tools , handover work files , and leave behind the world of being paid for our labour .

We are all working to make more than enough to live on .

I write “ more than enough to live on ” because we need to earn more than we need right now .

By SHEILA CABACUNGAN

This extra money , when invested and grown over time , turns into our wealth , and our wealth provides the money we can live on in retirement .

Simple , right ? It ’ s just not that easy .

BALIKBAYAN RETIREMENT

I first introduced the concept of Balikbayan Retirement to our Fil-Oz Community in 2016 through the Fil-Oz wealth forums we held in Blacktown Library .

For our non-Tagalog reading folks , the term balikbayan means “ returning to your home country ” and it ’ s made up of the Tagalog words balik ( return ) and bayan ( country ).

The unique opportunity we have as Fil- Oz is that we have the ability to retire in two countries .

And as a child of first generation immigrants who arrived in the 1970s I totally get the appeal .

For my parents , over 40 years living in Australia hasn ’ t meant that they are no longer Filipino .

This used to bug me growing up . I identified as ‘ Strayan ’ - complete with the “ Oi Oi Oi ” accent and the love of Vegemite .

As an adult and with the heart of a child who can appreciate how audaciously courageous my parents were , I can see the appeal of returning to the home country with Aussie dollars in hand , ready to live that balikbayan lifestyle .

If you ’ ve ever done a decent holiday in The Philippines , you know what I ’ m talking about . The Aussie dollar has more spending power in Palawan than it does in Penrith . There ’ s the shopping , the food , the pampering , the weather , the beaches , the rest of Asia within daytrip distance the laid back ‘ bahala na ’ attitude to life .

Imagine living that 365 , or even 150 days of the year .

PLANNING YOUR BALIKBAYAN RETIREMENT

There ’ s so much to consider if you want to enjoy a Balikbayan Retirement .

• Like where are you going to live in the Philippines ,

• Who will manage your affairs in Australia and ?

• How will Centrelink assess your Age Pension Entitlements ? •

Sheila Cabacungan is a certified financial planner practitioner and has over 21 years of experience as a certified financial planning and self-managed super fund specialist adviser .

WITH average Australian home prices sky rocketing over the last few years , more and more people is opting for the extended family living arrangements .

In Sydney , one in four people live under similar arrangements ; in Australia it is one in five .

There are many reasons as to why people have opted to live this way , some common ones are :

AFFORDABILITY Australian real estate is not cheap . By combining the household income between family then people are able to borrow more from the bank to be able to buy the right property that meets their needs .

It also makes cost of living much more affordable since it is shared amongst the family .

CARING FOR OLDER OR DISABLED FAMILY MEMBERS

Affordability of sending parents to

By JERONE BALAGTAS

Mortgage Broker

nursing homes can be a big expense and for most it is not one within budget .

Therefore having the elderly with them is the only option .

CONVENIENCE OF CHILDCARE ARRANGEMENTS

With the cost of home prices and living standards at high , it is now more prevalent that both husband and wife work to help support the daily expenses .

With childcare being so expensive more and more people are opting to have family live with them to help look after their children and avoid childcare costs .

CULTURE This one is where Filipinos can relate , we look after our elderly and we enjoy living with our parents , it is customary and for most our obligation .

Depending on the budget and how families wish to live together there are a few ways of having this arrangement , the more common one is to build a granny flat , or a duplex , or a dual occupancy home .

GRANNY FLAT

A granny flat is an additional dwelling , typically the same size as or smaller than a studio apartment , usually situated in the backyard of an existing property .

Typically , granny flats is a low cost option ( usually around $ 110K- $ 120K ).

DUPLEX

A duplex is two adjoining properties on the same title ( but can also be sub divided into two titles ).

Each side of a duplex is typically identical to the other , as this maximises building and material efficiencies .

Each duplex unit can be owned by each family ( one unit owned by the kids and the second owned by the parents )

DUAL OCCUPANCY

Dual-occupancy properties are similar to duplexes in that they consist of two properties on the one land , but they do not necessarily have to be adjoining .

For example , on a larger block , say , in a rural residential area , two properties may exist on the one block of land .

Dual-occupancy properties typically share infrastructure such as entrances and driveways .

Again , each unit can be owned by each

family ( one unit owned by the kids and the second owned by the parents )

DUAL-KEY Dual-key properties are properties with floorplans that allow for an area of the residence to be locked off for separate use . Each resident may share common facilities such as the front door , but have access to separate areas of the property for their living quarters and kitchen facilities .

As properties get more expensive and as cost of living increase , arrangements like these may soon become much more prevalent as families look at alternative ways to own their Australian Dream .

Parents that are planning to retire and down size may find this option viable , they may have kids that also aspire to buy their own property but just cannot get enough income or deposit , these options may be worth discussing with them

I ’ ve helped many customers buy and build the various options . If you need help and assistance please feel free to give me a call . •

Jerone is a local successful Filipino mortgage broker and one of the Executive

Director of the One Solutions group , he has 16 years experience in the accounting / finance / banking industry . He walks the talk as he is a successful avid property investor himself .