How to manage money going into retirement

We can help you plan for retirement and meet financial challenges when you’re retired.

Think about life in retirement

There are many things to consider about life in retirement. Some of these things could include:

  • where you want to live when you retire
  • if you want to travel overseas or around Australia
  • if you want to keep your car
  • if you’d like to join a social group
  • if you’d like to do volunteer work.

Visit Volunteering Australia to find out more.

Where to live when you retire

Where you want to live when you retire depends on things like:

  • if you own your home
  • costs of any major housing renovations or maintenance
  • your health
  • your connection to family or the community.

Travel when you retire

If you’re planning to travel when you retire, you might want to think about:

  • where you want to travel
  • how often you want to travel
  • how long you want to travel for
  • the costs involved.

For some people retirement means less travel. If you have a car but will be driving less you may want to consider if you’ll keep your car. Some things to think about include the:

  • costs of running your car
  • ease of public transport in your area
  • cost of public transport in your area
  • community transport services in your area.

There’s a lot to consider before making big decisions and this list is a good starting point.

Plan for your retirement

Good planning can increase your financial security in retirement.

Once you’ve worked out how you want to live consider setting up a suitable financial strategy. Ideally, your strategy should provide things like:

  • regular income to meet your regular expenses
  • access to long term capital growth
  • a cash reserve to cover emergencies
  • a balance between risk and return.

Your financial strategy in retirement is unique to you because it will help you reach your goals.

Make it a priority before you retire to use our free Financial Information Service (FIS). Our FIS officers can give you information about financial matters.

You may want to talk to a financial adviser. Watch the video to see what you need to know when choosing a financial adviser.

Get other help

There are many tools you can use to help you manage your money before and after you retire.

Our payments and services

Centrepay is a free voluntary bill paying service. Deductions come from your Centrelink payments. You can use them to pay many types of bills, such as child care, electricity bills or rent.

The weekly payment option can allow you to get your income support payment weekly. This can help you if you find you it hard to budget for a fortnightly payment.

Check if you’re eligible for the Work Bonus so you can earn more income from work without reducing your pension.

ASIC online tools

Use the Australian Securities & Investments Commission’s (ASIC) MoneySmart simple money manager on the how to budget page. It’s a great start in helping you set a budget.

Someone to help

Our social workers can help you with counselling, support and information, during difficult times.

The National Debt Helpline offers free financial counselling. Don’t wait to call them if your money is worrying you.

To get help in your area you can find a financial counsellor on the National Debt Helpline website.

They can suggest ways to:

  • improve your financial situation
  • negotiate repayment options
  • get help from other services such as a gambling helpline, personal counselling or community legal aid.

They can also provide advice about:

  • repaying debts
  • debt collectors or debt recovery through the courts
  • house eviction or disconnection of electricity or phone
  • uninsured car accidents
  • tax debts
  • unpaid fines.

You can nominate an Enduring Power of Attorney to manage your assets and financial affairs. You may want to if you can’t do it yourself due to illness, an accident or a victim of abuse. Read more about Powers of Attorney on Australia.gov.au. Our Financial Information Service officers can explain it more to you at our free FIS seminars.

Read about memory loss, dementia and your money on the Australian Securities and Investment Commission’s MoneySmart website.

Fair and affordable banking and loans

Check if you qualify for a no interest or low interest loan from Good Shepherd Microfinance. These loans provide safe, fair and affordable credit for essential goods and services.

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Page last updated: 13 September 2019