LIVING IN RETIREMENT
One of the biggest fears retirees face is whether or not they will have enough savings in retirement, each year Australians are living longer due to improvements in medicine and changes in lifestyle.
During your working life you receive regular income in the form of a salary or business income. In retirement, this regular income stops so you need to draw on your savings to meet your lifestyle costs.
We can help set up your savings so you still receive regular payments, just like a salary. This is called a ‘retirement income stream’. The type of income stream you can start at retirement depends on whether your savings are inside or outside of superannuation savings.
What is the Age Pension?
The purpose of the Age Pension is to make sure you have enough income in retirement. It is a fortnightly payment made by the Australian Government to help you meet the cost of living if your retirement savings are below a certain level.
To be eligible for the Age Pension, you must have reached a certain age. If you satisfy the age criteria, your current level of wealth is then assessed to determine whether you can receive a payment. You are also assessed on whether you are single or a member of a couple, and you own your own home.