Wealth

Maximising retirement

Making the most of your money — so you can make the most of retirement.

Miximising retirement

Thinking of ways to ensure your money goes the distance?

Planning and ongoing management is the key to enjoying your retirement for many years.

Setting your goals

Finding a balance between enjoying your retirement and ensuring your money will go the distance is important. Planning and ongoing management are key. Whether you’ve just finished working or you’ve been enjoying retirement for many years, we recommend looking at your finances from a short, medium and long-term perspective. Follow the steps below and download our Financial Goals Tracker to help maximise your retirement.

Short term goals

Focus on the short term - the here and now. Are you happy with the income you can pay yourself? How long will this income stream last? For example:

  • clear any debts – ensure you pay off credit card debt every month and clear any outstanding loans
  • consider an account-based pension rather than taking your super as a lump sum - you may receive tax benefits
  • find out about any government subsidies you may be entitled to as a pensioner
  • set a budget and identify essential costs vs discretionary spend and create separate bank accounts so you don’t overspend.

Medium-term goals

Focus on your medium-term goals, usually the next 2-5 years. These might be financial plans to ensure your continued financial wellbeing during retirement. For example:

  • save for travel - estimate what you can afford to set aside and research destinations that suit your budget
  • downsize your home - getting the right advice is critical and a licensed financial adviser can help
  • develop and estate plan, which is more than just a will. A trustee company can work with you to take care of the legal and financial details, so your family understand your final wishes

Long-term goals

Depending on your situation, your long-term plans could range from the next 5 years to 20 years. For example:

  • move into an aged care residence and find the right accommodation to suit your needs
  • leave a legacy through establishment of a philanthropic fund
  • cover funeral costs through a funeral bond is a tax effective way to put money aside and accumulate funds to help make sure your funeral costs are covered