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Checklist - preparing for retirement
Are you still intending to work (even on a part time basis) after the age of 65?
If you do plan to continue working, remember that you are eligible to continue to contribute to your superannuation up to age 75, as long as you meet the government prescribed work test.
Would you consider working beyond age 65 to qualify for a bonus from the Government?
The Pension Bonus Scheme is a voluntary scheme that rewards people with a tax-free lump sum bonus at the end of their working life, if they defer claiming an Age or Service Pension.
If you do plan to work past age 65, have you registered for the Pension Bonus Scheme?
To benefit you must register with the government then continue to meet a flexible work test for at least 12 months before claiming the Pension Bonus.
Do you have a current will?
It’s important that you have an up-to-date will governing your assets and financial affairs.
Are you in a position to qualify for the full Age Pension, or a partial pension?
Your eligibility to receive most Australian Centrelink payments including the Aged Pension is conditional on your income and asset levels. Even qualifying for the Commonwealth Seniors Health Card may be beneficial. A Financial Planner may be able to help structure your investments so that you are able to qualify.
What impact do the financial decisions you make have on your spouse’s financial situation?
If you are uncertain of the consequences of these decisions, contact your Financial Planner.
Do you need funds to pay off your home mortgage or other personal debt?
You may want to direct part of your superannuation funds towards this.
Are you planning to give some money to your children now?
Be aware of the Government’s ‘gifting rules’ and how that might effect your ability to qualify for the Age Pension.
Can you get a cheaper insurance rate for general insurance when you retire?
It may be worth checking this with your General Insurer.
Do you have an up-to-date budget to cover your retirement lifestyle, or does it need reviewing?
Ensuring you keep track of all income and expenses is particularly important once you stop full-time work.
In updating your budget, consider when you think you will be needing to replace the car, white goods, electronic equipment and other items?
Generally, items older than 10 years will need replacing in the short to medium term.
Are there major repairs, renovations or extensions needed around the house in the foreseeable future?
Ensure that you have funds allocated to cover any significant outgoings.
How often do you want to take holidays?
Allocating funds for holidays in your budget expenditure will help you save towards vacations in an orderly way.
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