Income sources in retirement
Most retirees get income from at least a couple of sources. In
addition to super, your retirement income may come from many other
sources and each source has its pros and cons.
Your income sources
Your retirement income can come from many sources including:
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Making the most of your
These income sources can be combined so your money lasts longer
and you have a more comfortable retirement. It's worth remembering
that one income source can have an impact on another. For example,
if you decide to sell the family home, your age pension may be
reduced or cut off.
Depending on your circumstances, you may want to seek financial
advice to maximise your retirement income. For instance, if you
have a substantial amount of super and want to invest some of it, a
finance expert can help with investment options and tax advice.
Don't take out your super before getting financial advice because
there are tax implications.
For information on how your different income sources will affect
your age pension, speak to a Department of Human Services' Financial Information
Service (FIS) officer. FIS officers can also talk to you
about taking control of your finances and help you plan for your
retirement. Best of all, their services are free.
Expect the unexpected
There are many uncertainties that even the best calculations
can't predict, including a change to tax laws, market crises,
unexpected illness or a move to a new home.
Set aside some money for emergencies and unexpected events when
considering what combination of income sources will be most
suitable for your needs.
Learn as much as you can about your income
options before you make any decisions. By developing a flexible
financial plan that uses a combination of income sources, you can
make sure your retirement is comfortable. Planning ahead is more
likely to give you a secure future than buying lottery tickets.
Last updated: 12 Oct 2016