Five common financial mistakes SMSF trustees make just before retirement

Some people have been waiting their whole lives for retirement, but for others it may not be something they’re looking forward to. Not everybody wants to finish working, and there is always the question of how difficult it may be to fill a day when the initial novelty of doing what you want, when you want, wears off.

There is also the concern that your money may run out.

As the stress and worry build up, it’s easy to make mistakes. Here we take a look at five of the most common ones and how to avoid them.

1. Not being aware of your entitlements to pensions and benefits

Self-managed superannuation trustees are very used to doing everything themselves and some may not be aware that, even with a reasonable-sized super balance, they could still qualify for a small Age Pension payment and access to discounted services.

Even if receiving a very small Age Pension amount per fortnight, a Pensioner Concession Card will get you cheaper vehicle registration, rebates on electricity and gas, and cheaper rate payments.

People who are ineligible for the Age Pension could still meet eligibility criteria for the Commonwealth Seniors Health Care Card, which means they can access cheaper prescribed medicine and other medical benefits.

Like most things with Centrelink, applying for these benefits may not be an easy task so it’s important not to put it in the too-hard basket when it becomes difficult, as the end result will make a difference to your comfort in retirement.