The Catholic Leader Flipbook - Issue 5594 - March 22

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The Catholic Leader, March 22, 2020
SENIOR LIVING
Advertising
Feature
Here to
support you
Let retirement be golden age
Live
within your
means:
“You need
to live
inside your
income.
If you are
concerned,
play it safe
for a while
so you can
understand
where
hidden
expenses
may arise.”
THE Age Pension represents a significant part
of income for many pensioners in Australia.
Depending on your superannuation balance and
assets, the amount you receive will vary.
For those with little or no superannuation assets, living on a full
or part-pension can be tough.
There are a number of simple things you can do to ensure you
are making the most of your income.
1. Have a budget
Having a budget is smart. It enables you to know what you are
spending, how much you have and enable some level of future
planning.
Start with working out your expenses (include everything from
small to large costs) while also thinking about what may also hap-
pen throughout your entire retirement.
2. Be confident in your income
You need to live inside your income. If you are concerned, play
it safe for a while so you can understand where hidden expenses
may arise.
Either way, you should have a rough idea of how much you will
have.
A financial planner is a good person to talk to if you are con-
cerned.
We understand that cost may be a concern, but it may still be
worth looking into.
Your first appointment with our planners is complementary.
3. Make sure you are doing things that
make you happy
You may not be going to Paris, but that doesn’t mean that you
can’t take a trip locally.
Make sure you leverage family and friends, or spend more time
with your church community.
Whatever it is that makes you happy, ensure that it is a big part
of your life.
4. Give credit a miss
Avoiding credit cards is a smart way to not pay hefty interest
payments.
Although it may be tempting to use credit to get those things
you want, you need to be careful.
Interest payments can stack up quickly and really hurt you
financially.
5. Hold on to what you have
As you get older, it’s tempting to give money to family or
friends. But, firstly, you need to think about yourself.
Do you have enough to give away? What if something unex-
pected happens? You have worked hard your entire life.
Your retirement is your time! Don’t be afraid to say “no” if you
need the funds.
6. Speak to your superannuation fund
Keeping in touch with your super fund is a great way to ensure
you are across changes to the Aged Pension.
It is also a great way to keep up with any other changes to your
pension, and a way to get any questions or concerns you have
answered.
Contact us on 1300 658 776. We’re here to help.