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There are a number of life changes that can impact retirement income – no longer receiving a pay cheque is a significant one.
For many people, retirement is when they stop commuting and clockwatching – and start to live a little. But the loss of a regular pay cheque can be disconcerting.
Stopping work doesn’t need to stop your income
Chris is a 70-year-old homeowner, who is concerned about running out of money as he moves from part-time work to full-time retirement.
Before speaking to his financial adviser, he wonders if he should...
1: Rework his budget for retirement and cut back on all non-essential spending.
2: Put his worries aside and invest in some high growth shares, optimistic that markets won’t be in a downturn when he needs the money.
3: Revisit his retirement plan to ensure that his retirement income is sustainable and, where possible, his Age Pension entitlements are maximised.
Transitioning from work into retirement can be a big change financially.