There are ways to stretch your retirement income to make your money last as long as possible.
Consider getting financial advice
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.
Diversify your investments
With many retirees living beyond the age of 90, 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 the budget planner to see how you currently spend your money and see where you can cut back to save for special items.
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. See our webpage on Over 55s your money.
Also see the Department of Human Service's Commonwealth Seniors Health Card webpage for more information.
Part-time work is a good option to ease into semi-retirement before fully retiring, or a way to keep extra income coming in. Here are some benefits of working part-time: