Show me the money!!
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:
- Income from super
- Investments outside super
- Part-time employment
- Social security - for example, the age pension
- Home equity release - like reverse mortgages or home reversion schemes
- Selling the family home
Making the most of your Income
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, we suggest you contact one of our Planners at Southern Advisory to maximise your retirement income. For instance, if you have a substantial amount of super and want to invest some of it, we can help with investment options and tax advice. Don't take out your super before getting financial advice because there are tax implications.
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.
Source: www.moneysmart.gov.au
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