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Find ways to grow your Retirement Income

Ask any retiree what they fear the most and chances are most will say ‘running out of money’

 

But there are ways to stretch your retirement income and things you can do to make your money last as long as possible.

Get advice as early as you can

Managing your finances can be hard work even if you have some financial knowledge. Ask for financial advice if you need help with investment strategies and to navigate our complex tax system.

Ask your adviser to explain different investment strategies, the level of risk involved and the potential returns you can expect.

Diversify your investments

With many retirees living up to 90 and beyond, it's a good idea to invest at least some of your money in assets that will grow over time, like shares and property.

This will help ensure your capital will grow in value to keep pace with inflation and your income needs. Spread your investments to avoid financial heartache in the future.

Manage your spending

A simple way to make your money last longer is to watch your spending. Use a budget planner to help you save for special items and keep your expenses in check.

Do you want to splurge straight after retirement then spend 20 years living on bread and water?

Take advantage of your entitlements

Even if you don't get the age pension, you may be eligible for other benefits, such as travel concessions, cheaper medicines and reduced council and water rates.

The Seniors Card will also give you discounts on travel and some retail services. Look into senior's concessions in over 55s – it’s your money.

Also see Centrelink's Commonwealth Seniors Health Card webpage for more information.

Keep on working

By continuing to work, you can leave your savings untouched for longer while adding to your super. The government has incentives to encourage people to work past the pension age.

Find out how part-time employment can extend your retirement funds. You can also transition to retirement.

Financial advice is recommended when it comes to managing your money in retirement.

By planning ahead and staying in control of your finances, you can enjoy a safe and comfortable retirement.

Emohruo Financial Services can help you plan for your retirement goals and objectives.  Make that appointment with us today!

 

 

What you need to know

Emohruo Financial Services are Authorised Representatives of AMP Financial Planning Pty Limited, Australian Financial Services Licensee 232706. 

 

This article contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person.  You need to consider you financial situation and needs before making any decisions based on this information.

 

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