It's not always about the money...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.
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, the MoneySmart site has everything you need to upgrade your finance knowledge.
Aside from their valuable calculators, ASIC’s MoneySmart website is a portal to help with financial education in all areas relating to money and investments.
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.
A good place to start when looking ahead to possible sources of income outside of super is to diversify your savings and assets. Just like your super, diversification within investments can be a key advantage outside of super.
This can include:
You can view the MoneySmart website for more details on income sources outside of your super.
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!
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:
Below are some current concession and health care cards – note that each has its own eligibility requirements and concession aspects:
For more details on concession and health care cards, visit Centrelink.
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.
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, whether or not it brings in money.
Options can include: