After decades of growing your super, it can call for a very different mindset to start drawing down the money in retirement. But thinking about how to make the most of your nest egg is critical to this new life stage.
Still renting at 61, Alison has been advised to buy a home before she reaches retirement age in order to qualify for the pension.
Retiree investors don’t stress about money so long as those juicy franked dividends keep filling the jam jar.
Darryl is worried that war injuries from his time in the army will force him out of work in the next eight years, and he doesn’t want to make mistakes with his money.
You can downsize the family home to access more funds but this will not suit everyone. Indeed, some people may be better off upgrading their home.
If it’s all about spicing up your retirement, leaving Australia may not be the best way to do it.
Mark and his wife want to retire in nine years but still owe $300,000 on their home. Should they put their extra $800 a month into super or the mortgage?
The government’s message with the Pension Loan Scheme is clear: consume more of your assets (including your house) in retirement and leave less for the kids.