Hank Jongen is a General Manager and Agency Spokesperson for Services Australia – the agency responsible for delivering Centrelink, Medicare and Child Support services. \u00b7 Services Australia\/Getty <\/p>\n
Retirement<\/a> is often the last thing people want to think about. Life gets busy, and planning for something years, or even decades away, can feel overwhelming.<\/p>\n But putting it off can lead to missed opportunities. For those approaching retirement age<\/a>, the good news is that it\u2019s never too late to start.<\/p>\n Sure, the best time to plan may have been 20 years ago, but the second-best time is now.<\/p>\n Whether you\u2019re years away or just around the corner from retirement, Services Australia<\/a> has helped me put together some important questions you need to ask yourself.<\/p>\n Ideally, you retire when you feel financially and emotionally ready.<\/p>\n When you\u2019ve built up the resources<\/a> to enjoy the lifestyle you envision for your later years.<\/p>\n That financial base may include superannuation<\/a> or investments, and it may also include support from the Age Pension<\/a>.<\/p>\n Some people choose to retire gradually rather than stopping work altogether, often referred to as a \u2018soft retirement\u2019.<\/p>\n This can offer both financial flexibility and a smoother emotional transition to this stage of your life.<\/p>\n To qualify for the Age Pension<\/a>, you need to be 67 or older, meet our residence requirements, and have income and assets under the limits.<\/p>\n If you\u2019re eligible, the amount you get will vary depending on your situation.<\/p>\n For example, a couple could currently receive a maximum of $1,732.20 per fortnight.<\/p>\n A common misconception is that you have to be fully retired to claim the Age Pension.<\/p>\n In fact, you can continue working and still receive part of the Age Pension, depending on how much you earn.<\/p>\n The Work Bonus<\/a> is designed to support older Australians to keep working if they choose to, while they get Age Pension.<\/p>\n It allows you to earn up to $300 per fortnight from employment without it being counted under the income test.<\/p>\n If you don\u2019t work, you\u2019ll have $300 credit added to your Work Bonus balance each fortnight until it reaches the maximum of $11,800 credit.<\/p>\n You can use your Work Bonus balance to offset eligible income if you start working.<\/p>\n This gives you the flexibility to take on casual or part-time work while continuing to receive a pension payment.<\/p>\n This \u2018soft retirement\u2019 approach can make a huge difference \u2013 not just to your bank account, but to your peace of mind.<\/p>\n Staying engaged in the workforce can also provide social connection and a strong sense of purpose \u2013 which I can personally attest to.<\/p>\n Whether you\u2019ve already thought about your superannuation or are just starting to consider it, it\u2019s worth exploring how your savings, investments and potential pension payments will work together to support you throughout retirement.<\/p>\n Story Continues <\/p>\n You have two main options:<\/p>\n Manage your own investments, using tools, calculators, and online information<\/p>\n<\/li>\n Seek professional financial advice, where a planner can guide you through options suited to your goals, risk tolerance, and income needs.<\/p>\n<\/li>\n<\/ol>\n Managing your own finances can be empowering but also comes with full responsibility.<\/p>\n Professional help, while it may involve a fee, can simplify complex decisions and help create a tailored plan to suit your circumstances.<\/p>\n For example, more conservative investors may prefer secure options like bank accounts and term deposits.<\/p>\n This doesn\u2019t necessarily require financial advice but getting help to clarify your investment style and timeline can be worthwhile.<\/p>\n If you’re not ready to take the plunge into retirement investment strategy just yet, or you’re not in a financial position to engage with a financial planner, there’s free help available.<\/p>\n Services Australia offers a free and confidential Financial Information Service<\/a> (FIS). FIS can help you understand the financial side of retirement, including superannuation, pensions, investments, and more.<\/p>\n The service doesn\u2019t provide personal financial advice, but it can provide factual, impartial information to help you make informed financial decisions.<\/p>\n You can contact them by calling 132 300 and saying \u2018Financial Information Service\u2019 when prompted.<\/p>\n If this all seems a bit daunting, a good place to start could also be the \u2018Retirement years\u2019 page on the Services Australia website<\/a>.<\/p>\n Get the latest Yahoo Finance news – follow us on <\/strong>Facebook<\/strong><\/a>, <\/strong>LinkedIn<\/strong><\/a> and <\/strong>Instagram<\/strong><\/a>.<\/strong><\/p>\n \n