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.
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.
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.
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:
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.
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.
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: