WE SHOULD all be rewarded with a pot of glorious gold at the end of the retirement rainbow.
Many seniors will still be working but need to plan what their future will look like in retirement. Maybe that will include travelling, volunteering, looking after the grand kids or downsizing to a cheaper, more manageable style of living.
As with all major life changes, your regular income will change over time, so it's good to review your finances at the end of each financial year.
Some income sources during retirement to help with on-going expenses:
Age pension; Home equity release; income from Super; investments outside of Super; part-time employment; selling the family home.
Keeping an eye on your finances:
ASIC has an app, TrackMySPEND, which can give you a clear picture of your purchasing habits, and help gain control of your money.
You can record the following types of expenses - your weekly household budget, costs for special events like weddings or celebrations, work or travel expenses, coffees, lunches and any other cash expenses that you find hard to record.
This app allows you to - nominate a spending limit (per week, fortnight, month or year) and track your progress; separate 'needs' and 'wants' to identify opportunities to save; create 'favourites' so you can track frequent expenses; view your expense history; add 'tags' to categorise expenses and set spending limits for each category; create expense reminders sent as text messages to your phone; auto-fill expenses based on past entries.
Bonus features include free data backup to prevent data loss, syncing your profile and use on multiple devices, exporting data to a CSV file (for Excel, or other financial software).
For more go to: www.moneysmart.gov.au.
If you need financial assistance advice, particularly if you are in debt and have legal problems, there are community legal centres and Legal Aid that offer free legal advice and services.
Queensland - Legal Aid Queensland 1300 651 188 and NSW - Legal Aid New South Wales 1300 888 529 or (02) 9219 5000.
Women's Legal Services Queensland - 1800 957 957 or 1800 457117 (rural, regional and remote) and Women's Legal Services NSW- (02) 8745 6900.