Do you know the feeling of finding $20 in the pocket of a coat you haven’t worn in a while? Sure, it’s your money—you were always entitled to it—but it feels like a little win anyway.

Now, think how you’ll feel if you discover ongoing benefits or concessions that put real money in your hand after retirement. The great news is, there are plenty that may be available to you.

Here are some suggestions to get you started: 

Your superannuation balance will be one source of income after retirement—and is a powerful way to keep more money in your pocket. If you’re over age 60 and retire, you can access your super by shifting your super savings into a pension account. One of the best things about super is that any income streams or lump sums you draw from that account are tax free. Earnings on the investments held within the super pension account, such as interest and capital gains, are also tax free. That means more of your hard-earned savings are yours to spend, not passed on to the tax man.

Investments you hold outside a superannuation pension are still subject to tax at your marginal tax rate—although if your taxable income is below the tax-free threshold and other offsets, such as the Seniors and Pensioners Tax Offset, you may not need to pay tax outside super either—another win for your wallet.

Each State and Territory has its own concessions for pensioners and seniors, such as discounted utility bills, property and water rates, public transport fares, and motor vehicle registrations. You can check your local council’s website for information on what’s available in your area, and this useful table complied by Services Australia includes links to what’s offered in each state.

Source: Services Australia

In addition to the financial benefits available from various levels of government, private businesses often offer seniors deals and discounts—when in doubt, there’s no harm in asking. It could mean an extra trip to the movies or a big discount on a slice of delicious cake. Paying less for the goods and services you use every day will help to stretch your retirement savings further—without relying on windfalls from the pockets of your old clothing.

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