Considerations for retirees

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After all those years of hard work, the last thing you want to do is fritter it away your retirement savings too quickly. Here are some key considerations for retirees.

Take control of your super – What option is best for you when looking to access your superannuation? You could take it as a lump sum, an allocated pension or even as an annuity.

Not knowing your entitlements – Make sure you know what you’re entitled to. This could include the Age Pension, carer’s allowance, disability support or concessions on health and travel.

Spending like you’re still working – Find out about ways to manage your money in retirement as dipping into savings or super too often will quickly whittle away your hard-earned savings.

Not managing your investments – Retirement is not the time to become complacent about your investments. Now your retired you may also have more time to learn more about your investments.

Not managing your debts – Consider all your options for reducing your debts, as you may not have enough funds to last you through your retirement. If selling your home or an investment, ensure you’re aware of how this may impact your entitlements.

Spending your retirement savings on the kids – If you plan to give money to your children, be aware of how gifting or going guarantor might affect your tax and your lifestyle in retirement.

Taking expensive holidays – Make sure your choice of destination fits within your overall budget, bearing in mind you need your money to last the distance in retirement.

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