Retirement Wellbeing

Managing your retirement finances can be pretty daunting when you no longer have a regular salary to fall back on. There are so many questions and issues to think about including.

  • Are you getting, and maximising, all your Centrelink entitlements?
  • What should you do with your super?
  • Can you afford to do the things you always planned to do in retirement?

Every week we hear from our readers about the issues they struggle to stay on top of in regard to their retirement finances. So Alison, our very knowledgeable Head of Advice, has put together a five step checklist to help you improve your financial health and wellbeing.  So lets take a look at this checklist and how it has already helped come of our members.

Step 1. Determining your net worth

Nicole spoke with Sue (58) and Brian (60) about the impact of Sue being made redundant and whether they had enough money for their future retirement.  Showing Sue and Brian how to use the Retirement Forecaster they were able to see how much they were worth now and discussed options to think about for the future.

Step 2. Reviewing those non-negotiable expenses and spending needs

Geoff (68) was unsure how much he needed to cover his basic living expenses and booked a retirement health check consultation with Megan.  They worked through some different tools that Geoff could use to make it easier to split out the expenses he had no choice about (i.e electricity) vs some that he needed but had control over (i.e catch the bus instead of driving and paying for parking).  Megan then showed him how to use the spending levers on his retirement forecaster to understand his retirement health check.

Step 3. Thinking about those retirement goals (like a holiday)

Do you want to take that dream holiday?  Maybe you want to renovate that bathroom, clear the mortgage or help out the grandkids.  Sharon showed Vijay (63) and Sally (65) their current retirement wealth and discussed options with them for future consideration. 

Step 4. Understanding what your retirement spending looks like

Not everyone is sure about what retirement looks like for them.  It could be joining the grey nomads, working part time because you are not sure if you want to give up work entirely, selling up and moving so you can be closer to family and friends.  Whatever your journey looks like, understanding what your current retirement wealth looks like goes a long way to helping you decide.  Nicole, Megan and Sharon are here to help

Step 5. Understanding how Age Pension contributes to your income in retirement 

The Age Pension is the primary pillar of retirement income for many retirees.  Some will be eligible from age 67 some may not be eligible until another date in the future.  “Three ways the Age Pension gets better with age” highlighted that it becomes more accessible throughout retirement.  Megan, met with Jackie (70) and using the retirement forecaster showed Jackie her current spending vs spending a little more to enjoy more now.  Jackie saw that she could afford to do far more and was missing out on some of the things she wanted whilst she was still relatively young and healthy.

Book a Retirement Health Check

Our advisers can help you understand your situation by following the five step checklist to help you assess your retirement health.