Your retirement income

People are living longer nowadays, with the average life expectancy well into their 80s. This means that if you choose to retire from work in your mid-60s, you’ll need to have financial security for the next 20+ years.

On the journey into retirement, understanding how you will generate an income is important. You’ll want to check if you are eligible for a part or full Aged Pension, Commonwealth Seniors Health Care Card, or other seniors cards and concessions.  You’ll also want to understand the best way to access and manage your superfund, exploring your options for generating income through an account based pension, annuity, lump sum withdrawal or any combination of these.

And, if you are investing outside super or selling a significant asset, you’ll also want to stay across the impacts this can have on your income and cash flow and how Centrelink considers this.

Finally, you may want to look at other ways of freeing up money to fund your retirement, something which can be done through downsizing your home or considering a reverse mortgage or equity release.

The latest on retirement income

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Retirement income essentials

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Buckling down to plan for your retirement may feel like a chore, but it could lead to some hidden financial treasures. Source: Getty
For the assets test, the house you live in is really the only thing that isn't taken into account. Source: Getty
It’s important you correct the values of your assets such as, bank accounts, investments, cars, and home contents regularly. The majority of your assets depreciate over time, providing an opportunity to increase your pension. Source: Getty Images
How to avoid the 5 biggest retirement planning mistakes
2.58 million Australians will benefit from a pension increase on September 20.
We would like to assume that your ability to holiday some time in the future is unquestionable. Source: Getty
Retirees stand to make some extra cash, if they play their cards right. Source: Getty
Children from a first marriage often miss out when assets are divided. Source: Getty
New super rules are here and they mean big changes for some Aussies. Source: Getty
Experts are now saying you don't need to be on top of the retirement savings income to start an SMSF. Source: Getty.
The new scheme aims to help older women buy a home and draw on some of the equity, if needed. Source: Getty
More older Aussies than ever before are calling time on their marriages. Source: Getty
Australians are being encouraged now to unlock their home equity despite not really knowing what that entails. Source: Getty.
Deciding whether or not to put money into a nest egg can be tricky. Source: Getty.
Unlocking cash after selling the family home could impact your pension depending on how you use it. Source: Getty.
Unless you plan on managing tenants yourself, the cost of a rental agent is one you should factor into any property investment.
When it comes to investments, you'd be wise not to put all your eggs in one basket.
This community writer's retirement plans were scuppered by Covid-19. Source: Getty (stock image)
Super duper! Julie spent many afternoons listening to discussions about the merits of superannuation. Source: Getty Images
Depending on your financial wellbeing, it might be better to unlock your funds as you get older by reinvesting in assets with more accessibility. Source: Getty.
Take these easy and detailed steps towards a better funded retirement. Source: Getty.
Don't let the financial market clear your plate by constantly moving your money around. Source: Getty.
Seniors Cards are a great benefit to over-60s across Australia with an array of savings to be made. Source: Getty
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