Manage your pension
Just like with super, you can take control of your pension. It’s all about reliable tools and information to make sure you can depend on your super for as long as you can and even keep saving.
MONEY FOR YOUR RETIREMENT
It’s important to take care of the super money you have saved over your working life and, if possible, to save money after you retire as well.
Generally, we expect life in retirement to be a somewhat relaxed affair with plenty of time spent with family and friends. Throw in some travel, a new past time and perhaps more volunteer work and things can get busy, but in a more fun way.
While we hope not to have to stress about money, it’s important to take care of what you do have and, if possible, to save money after you retire as well.
As your retirement/pension fund, we can help you by providing information you need to manage your pension—through getting online access to make things more efficient and accessible, giving you information about the Age Pension to supplement your income, and by giving you some food for thought on estate planning.
To get you started, here are three quick tips on making the most of your money in retirement:
Diversify your investments
You may want to have at least some of your money invested in growth assets with higher expected long term returns such as shares or property, and spread your investments around using different strategies to reduce risk. It may help to get some financial advice based on your individual situation, so you can better balance the risks you face with the investment returns you need.
Find a part-time job
It might help to work a few hours a week at a relatively stress-free job, if you can and want to do so. Not only will it help to bring in a little extra spending money, it will also keep you active, both mentally and physically. The Australian government has incentives, such as the Work Bonus, to encourage people to work past retirement age.
Track your spending
Keep an eye on how much money you have coming in versus the amount you need to allow for bills and expenses. You might find some areas where you can easily cut back on your spending now to help you to enjoy your retirement in the future. Try using an online tool such as MoneySmart’s Budget Planner.
Getting online access to your pension account can make things so much easier, quicker and faster. Plus, it’s a lot less paperwork to manage.
A government income support payment, the Age Pension may be your main source of income or a supplement to help with the costs of living.
One step beyond retirement planning, this is about what happens to your assets, such as your home, investments, car, super and insurance.