Retirement Planning

Thanks to better health care we are living longer. This means that you may spend more time in retirement than in the actual work force and you’ll need money to fund your retirement lifestyle – and a fair bit of it.

The good news is that there are actions you can take while you are working, as you are easing into your retirement and when you are fully retired that may assist you to reach your retirement savings goals and help make your money last you through retirement.

We want you to enjoy your retirement lifestyle instead of worrying about the next payment from Centrelink and this is why we like to begin sooner rather than later to prepare.

Transitioning into retirement

You no longer have to retire on the day you turn 65. The day you stop working is now in your hands. By using a Transition to Retirement (TTR) strategy you can take control of your retirement date, prolong your retirement or use it to turn a redundancy into a time of opportunity.

Managing your retirement

Reaching your retirement is a significant milestone, and it’s important you live the life you want to. There are still many ways to make the most of this stage of your life and you might have a few questions.

  • Where should I invest my money? Should you leave it in super or start a pension?
  • Make your money last. Do you have the right investments and have you structured your finances to maximise Centrelink benefits?
  • Do I pay tax in retirement? It depends on how the money went into your super, how you take money out and how old you are. We look at ways to minimise the tax impact while maximising your income
  • How much can I withdraw from super? What are the minimums and maximums that you can receive?
  • Preparing for residential care. Looking for aged care can be difficult and there’s lots to consider. Being aware means being prepared.
  • Estate planning. Good estate planning isn’t just about making a will. It’s a good way to take stock of your finances and where you would like it to go.

The benefits of retirement

If you’re approaching retirement, you may be entitled to many government (Centrelink) benefits. These may include:

  • Age pension: if you’re above a certain age and meet certain income and asset requirements, you may be eligible to receive the Age Pension
  • Pensioner concession card: you can access cheaper utility and medical bills, as well as discounted public transport
  • Pension bonus scheme or work bonus: lump sum payments if you’re above the pension age and still working
  • Seniors cards: you can receive discounts for a range of businesses
  • Government loans specifically for pensioners
  • Tax offsets
  • Low-cost bank accounts

For more details on how to get access to these government benefits, visit the Department of Human Services website.