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Managing money in retirement
Getting ready for retirement living

Managing money in retirement

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Managing money in retirement

Many Australians start to worry about maintaining their finances once it comes time to leave the workforce. However, there are plenty of options to help you enjoy a more comfortable and stable retirement.

If you’re considering transitioning to retirement living, it’s important to seek professional advice before making any decisions. You should find an independent, accredited financial adviser who you can trust.

Seeking referrals from friends and family can be useful, but always check that an adviser is accredited, too. You can search for accredited financial advisers here: Financial Advisers Register

You should also speak to your current Superannuation Fund provider for information on options within your current fund. Read more below about structuring your Super payments to suit your needs.

Living comfortably

It's hard to strike a balance between living a relaxed retirement and ensuring that your savings will last.

Because of this, many retirees can feel they need to live below their means. Oftentimes, being too conservative with your spending can come at the cost of a comfortable retirement.

The best way to navigate anxieties around money is to develop a spending plan. Keep track of your spending and allocate a budget for those monthly expenses. You might also be able to structure your Super to pay you monthly - like a wage (Super income stream). Seeking independent financial advice and planning ahead will help you stay on top of your bank account as you settle into retirement.

Do you need to downsize?

For some retirees, downsizing might be the best way to reduce your spending.

You might be holding on to a large family home which comes with expensive electricity, heating and cooling bills, high council rates and too much maintenance to keep on top of.

Sometimes it can be a good idea to sell or lease your home out and downsize to somewhere that works better for your lifestyle instead.

What are your downsizing options?

If you choose to sell your home, you have a few options.

Some retirees choose to move in with close relatives. You can be close with family, and have regular support with daily tasks. But this is not always an option.

You could also transition from a home to a regular residential apartment complex. The smaller space is easier to maintain and can work well for residents who no longer need so much space and so many rooms.

Or, moving into a purpose-built retirement community could be another option to consider. With additional amenities, support services, and activities catered to older residents, these communities can create an environment that works well for many retirees.

However, for some, staying in the family home is the right answer for them.

It all comes down to your individual circumstances and what you feel will best suit your health, wellbeing and lifestyle needs throughout your retirement years.

Many Australians start to worry about maintaining their finances once it comes time to leave the workforce. However, there are plenty of options to help you enjoy a more comfortable and stable retirement.

If you’re considering transitioning to retirement living, it’s important to seek professional advice before making any decisions. You should find an independent, accredited financial adviser who you can trust.

Seeking referrals from friends and family can be useful, but always check that an adviser is accredited, too. You can search for accredited financial advisers here: Financial Advisers Register

You should also speak to your current Superannuation Fund provider for information on options within your current fund. Read more below about structuring your Super payments to suit your needs.

Living comfortably

It's hard to strike a balance between living a relaxed retirement and ensuring that your savings will last.

Because of this, many retirees can feel they need to live below their means. Oftentimes, being too conservative with your spending can come at the cost of a comfortable retirement.

The best way to navigate anxieties around money is to develop a spending plan. Keep track of your spending and allocate a budget for those monthly expenses. You might also be able to structure your Super to pay you monthly - like a wage (Super income stream). Seeking independent financial advice and planning ahead will help you stay on top of your bank account as you settle into retirement.

Do you need to downsize?

For some retirees, downsizing might be the best way to reduce your spending.

You might be holding on to a large family home which comes with expensive electricity, heating and cooling bills, high council rates and too much maintenance to keep on top of.

Sometimes it can be a good idea to sell or lease your home out and downsize to somewhere that works better for your lifestyle instead.

What are your downsizing options?

If you choose to sell your home, you have a few options.

Some retirees choose to move in with close relatives. You can be close with family, and have regular support with daily tasks. But this is not always an option.

You could also transition from a home to a regular residential apartment complex. The smaller space is easier to maintain and can work well for residents who no longer need so much space and so many rooms.

Or, moving into a purpose-built retirement community could be another option to consider. With additional amenities, support services, and activities catered to older residents, these communities can create an environment that works well for many retirees.

However, for some, staying in the family home is the right answer for them.

It all comes down to your individual circumstances and what you feel will best suit your health, wellbeing and lifestyle needs throughout your retirement years.

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