If you’re considering retirement it’s important to have some kind of strategy. Of course, thinking about retirement income can be scary, but the sooner you begin to make a plan, the more peace of mind you will experience.
Here are some tips we gathered from ASIC’s Money Smart website.
Most people accrue retirement income from a number of different sources. Of course, having more sources of income means your money will last longer during retirement. At least, in most cases.
Sometimes, one source of income may impact another. For example, if you sell your family property, this may lower or cut off your aged pension. For this reason, it’s important to know how each income source affects the other.
If you want to know how your Age Pension will impact your other income sources, ASIC recommends you speak with a Department of Human Services’ Financial Information Officer. (Head here for contact information.)
Here are other sources of income you may be able to draw from during your retirement:
The first step in your plan should be to work out what money you currently have, and what you may have access to in the future.
Create a list focusing on the following:
If you’re unsure on the last two points, ASIC has a handy calculator, which tells you when you are eligible to receive your super and age pension.
Contact a financial planner to discuss how you can most effectively plan for retirement. It’s never too late or too early to have this important conversation with a professional. Plus, you get the peace of mind you deserve.
Get started now.