If you are considering retirement, here are some things to think about.
- The earlier you start preparing for retirement, the better off you are likely to be.
- Start with the end in mind. Assess where you are now and where you’d like to be.
- Think about potential different income sources. Our most asked question is: How much do I need to retire on?
- Seek help with investment strategies and to navigate our complex tax system. Develop a knowledge of different investment strategies, investment risk and the potential returns you can expect.
- Diversify your Investments
With many retirees living up to 90 and beyond, it’s a good idea to invest at least some of your money in assets that will grow over time, like shares and property. This will help ensure your capital will grow in value to keep pace with inflation and your income needs. Spread your investments to avoid financial heartache in the future.
- Manage your spending
A simple way to make your money last longer is to watch your spending. Use our budget planner to help you save for special items and keep your expenses in check.
- Take advantage of your entitlements
Even if you don’t get the age pension, you may be eligible for other benefits, such as travel concessions, cheaper medicines and reduced council and water rates. The Seniors Card will also give you discounts on travel and some retail services. You may also choose to keep on working. By continuing to work, you can leave your savings untouched for longer while adding to your super.
Your retirement income can come from many sources including:
Expect the unexpected
Set aside some money for emergencies and unexpected events when considering what combination of income sources will be most suitable for your needs.
Learn as much as you can about your income options before you make any decisions. By developing a flexible financial plan that uses a combination of income sources, you can make sure your retirement is comfortable. We can put you in touch with a financial literacy educator if you want.