How to manage money going into retirement

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

Think about retiring

Retiring is all about you. About balancing your financial security with your personal wellbeing.

There are many things to consider about life after paid employment. Some of the things you should consider when you think about retiring 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.

Where to live when retiring

Where you want to live when you retire depends on many things, including:

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

Travelling when retiring

Some people like to travel in their retirement years. If you’re planning to travel 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.

Life in retirement

Retirement may also provide you with the opportunity to volunteer. Visit Volunteering Australia to find out how you can join in.

You may want to join a social group.

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.

Use online tools

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

Speak to someone

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.

Financial Counselling Australia provides a free, confidential and independent service.

You can find a financial counsellor on the Financial Counselling Australia 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. Australia.gov.au explains what they are and what they can do for you. Find out more at one of 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 Shepard Microfinance. These loans provide safe, fair and affordable credit for essential goods and services.

Page last updated: 5 November 2018