Looking after your lifestyle as well as your wealth is important when planning for life after work. 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 the average Aussie family with budgeting to learning about complex investments to teaching kids the value of saving as part of the school curriculum, ASIC's MoneySmart site has everything you need to upgrade your finance knowledge.

      Aside from their valuable calculators, the MoneySmart website is a portal to help with financial education in all areas relating to money and investments.

  • Debt management
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      Don’t let debt manage you

      These days it’s so easy to obtain credit, which unfortunately makes it doubly easy 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 website has some great information on managing debt, as part of its vast store of information on financial matters. Check out their ‘Managing debt’ page 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 can potentially be an advantage.

      This can include:

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

      You can view the ASIC MoneySmart website for more details on income sources outside of super, and 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 hobby can bring much 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 you never had during your working career 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
      • Non-income tested 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.

      “Our seminars are conducted by Financial Information Officers, who can show participants how to make informed financial decisions and help you understand the consequences of those decisions in the short, medium and long term. It’s never too early to start planning!” – Centrelink seminar representative

      Sessions can 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. Simply click on your state’s seminars link and you can find out more about upcoming events in your region.

  • 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 and fulfilled. 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. See this CommBank article for more information.
      • 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 – see this article for more information.