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Good planning – the key to financial security in retirement

By Hank Jongen

Department of Human Services

 

ALTHOUGH many people look forward to finishing up work, once you actually get their retirement can be both exciting and a little bit daunting.

It’s about finding a balance between your financial security, your lifestyle and personal wellbeing.

It’s finally your time – your time to relax or to travel.

Your time to explore a new hobby or reconnect with a forgotten passion.

Good planning can increase your financial security in retirement.

There’s a lot to consider and to organise – things like superannuation, other investment products and the Age Pension.

Everyone’s circumstances are different, so setting up a unique financial strategy will help you reach your goals.

Ideally, it should provide for things like a regular income to meet ongoing expenses, access to longer-term capital growth, as well as a cash reserve to cover emergencies.

Before you retire, I’d recommend you use our free Financial Information Service (FIS).

Our FIS officers provide free information and education so you can make informed decisions about your current and future financial needs.

Another thing to keep in mind is that on 1 July 2019, the Age Pension qualifying age increased to 66 years.

This means Australians born between 1 January 1954 and 30 June 1955 can apply for Age Pension when they turn 66 years of age.

The qualifying age will increase by six months every two years, until 1 July 2023 when it reaches 67 years.

You can submit an Age Pension claim up to 13 weeks before you reach the qualifying age.

To find out more about the things you should consider when planning for your retirement, visit humanservices.gov.au\olderaustralians or follow ‘Seniors Update’ on social media.