Thriving in retirement: Strategies to optimise superannuation and sustainable living

16 January, 2024 |

Entering retirement is a significant life event, requiring thoughtful strategies to maximise the benefits of superannuation while maintaining a sustainable and fulfilling lifestyle. But with rising costs of living, that balance can be challenging. In this article, we explore how you can make the most of your super, while living within your means.

Evaluate your retirement lifestyle

Begin by assessing your current lifestyle and spending patterns. Understanding your needs and wants allows you to create a realistic budget that aligns with your income. Consider factors such as housing, healthcare, leisure activities, and travel.

Implement a sustainable withdrawal plan

Develop a structured withdrawal plan for your pension account. Financial planners can help create a personalised plan based on your individual circumstances, and to learn how Vision Super can help, head to our Advice page.

Take advantage of government pensions

Make sure you are receiving all eligible government pension benefits. Stay informed about changes in pension policies, and explore opportunities to optimise your pension income. Government support can significantly contribute to your overall financial well-being. Updating Centrelink regularly with your assets and liabilities means you are always receiving the correct amount of assistance.

Downsize or consider equity release

If suitable, downsizing your home or exploring equity release options can free up additional funds for your retirement. This may be particularly beneficial for covering healthcare costs or funding lifestyle choices without compromising financial stability. Find out more here: https://www.visionsuper.com.au/downsizing-in-retirement/

Review and update estate planning

Regularly review and update your estate plan, ensuring it aligns with your current wishes and circumstances. This includes updating beneficiaries, reviewing wills and Powers of Attorney, and considering the most tax-efficient strategies for passing on assets to heirs. To update your superannuation beneficiaries, log in to your account on our website: visionsuper.com.au

Stay informed about superannuation changes

Keep up to date with any changes to superannuation rules. Being aware of updates allows you to adapt your financial strategies, potentially taking advantage of new opportunities or adjusting your approach to mitigate any negative impacts. For example, Vision Super’s quarterly newsletter contains key information to help you stay informed about super, during every stage in your working life, and you can also check in with the news section of our website for the latest here: https://www.visionsuper.com.au/news/

Explore senior discounts and benefits

Take advantage of senior discounts and benefits available in various sectors, including healthcare, transportation, and entertainment. These discounts can contribute to reducing overall living expenses.

Prioritise health and wellness

Invest in health and wellness activities to maintain a high quality of life. While healthcare costs are inevitable, preventative measures can minimise long-term expenses and contribute to an active and enjoyable retirement.

For many, strategic financial planning involves optimising superannuation, exploring diverse income streams, and adapting to evolving financial needs. By staying informed, making conscious lifestyle choices, and leveraging available resources, retirees can enhance their financial well-being and experience a fulfilling and sustainable retirement. Remember, it’s never too late to make informed decisions that positively impact your golden years.

Vision Super is here for you

Planning your financial future doesn’t have to be overwhelming. Vision Super’s friendly staff are here to help you on every aspect of your super, from the simplest question through to a comprehensive financial plan. To learn more, head to our Advice page or call us on 1300 300 820 Monday to Friday 8:30am to 5pm.

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