1 Start Your Retirement
8 Steps
- Add up all your potential sources of retirement income (such as Age Pension, super pension and investments held outside super).
- Spend some time playing with ASIC’s MoneySmart retirement planner calculator to work out how much income you can expect to receive from these sources.
- Set an annual budget for all your household expenses to ensure you don’t overspend your retirement income.
- Compare the ASFA Retirement Standard’s detailed quarterly report of retiree expenditure with your budget and actual spending.
- Check out Services Australia’s Financial Information Service, which provides information and support to help make decisions about managing your finances in retirement.
- Investigate if you qualify for home help (such as cleaning or personal care) or discounted tradespeople and home maintenance support services through your state government.
- Apply for the Home Equity Access Scheme if you find it difficult to live on your retirement income. This top-up for your retirement income is open to both Age Pensioners and self-funded retirees.
- Visit the Department of Health website to learn about the free vaccines available for Australian aged 65 and over.