Planning for your life after work includes looking after your lifestyle as well as your finances. Here are a few things to think about when looking forward to what 'retirement' means for you.

  • Financial literacy
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      Get equipped with the knowledge to take control of your finances

      From helping families with budgeting, to learning about complex investments, to teaching kids the value of saving, ASIC's MoneySmart site can help boost your finance know-how.

      In addition to valuable calculators, the MoneySmart website is a free and comprehensive financial education portal to help with virtually all areas relating to money, savings, super and investments.

  • Debt management
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      Don’t let debt manage you

      These days it can be so easy to obtain credit, which unfortunately makes it easier to fall into debt difficulty. But when you’re armed with the knowledge and tools to help you properly and realistically oversee your finances, you can work towards being debt-free or making your debt more manageable. 

      ASIC’s MoneySmart has some great information to help you take control over your debt management – check out ‘Managing debt’ for details.

  • Wealth in other ways
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      Maximising income in retirement…outside of super

      When looking to sources of income outside of super, one possible area is diversifying savings and assets. Just like super, diversification within investments may potentially be an advantage.

      This may include:

      • Capital growth investments like shares and property
      • Term deposits and interest-based savings accounts
      • Managed funds

      ASIC's MoneySmart provides more information on income sources outside of super. Remember, however, it's always a good idea to consider financial advice before you make any investment decisions.

  • Health & lifestyle
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      Your retirement, your way

      There are lots of things you can do in retirement to live your ideal lifestyle. Below is a list of possibilities, but this is where you come in – make your retirement your own!

      • Bring your passions to life: a new or existing hobby can bring enjoyment and fulfilment to your post-working life
      • Help your community: volunteer for a local charity or national organisation with a cause close to your heart
      • Head back to school: retirement affords you the time to learn about subjects you’re passionate about
      • Enjoy time with those close to you: spend time with your children and grandchildren; set up regular social activities or get-togethers with friends in your community.

      Government concession cards: Helping older Australians in retirement

      Centrelink offers several types of concession and health care cards for seniors to help offset the decrease in income that usually comes with retirement. The type of card you may be able to receive depends on several factors:

      1. the type of income support payment you receive
      2. your age
      3. whether you have dependants
      4. other requirements.

      Below are some current concession and health care cards – note that each has its own eligibility requirements and concession aspects:

      • Commonwealth Seniors Health card
      • Ex-Carer Allowance (Child) Health Care card
      • Foster Child Health Care card
      • Health Care card
      • Low Income Health Care card
      • Pensioner Concession card

      For more details on concession and health care cards, visit Centrelink.

      Centrelink retirement lifestyle seminars

      Centrelink offers a program of free seminars for seniors interested in learning more about how to manage their retirement.

      Sessions may offer some insightful lifestyle tips around making the most of your pension, retirement accommodation options, and managing your money, in addition to several other topics of interest. 

  • Career
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      Build your own retirement ‘career’

      You may be fully retired, but that doesn’t mean you can’t have a rewarding career to keep you motivated. There are other ways to maintain that connection to the workforce or keep that daily ‘energy’ going!

      Options can include:

      • Turning those hobbies into income: you can cultivate your hobbies into a new career, adding extra funding to your retirement. 
      • Using your past skills for the good of others: this can be part of charity work; for instance if you were an accountant you could do some volunteer bookkeeping for your chosen charity. You could also consider becoming a mentor to help guide younger generations in your professional capacity.