Financial Tips For Older People

financial tips for older people

Australians have always been enjoying one of the highest life expectancies in the world. If you are planning for retirement, and are concerned about not having enough money to live this stage of your life comfortably, you are not alone. Study shows that almost 50% of us have unmet financial advice needs and 34% are worried they won’t have enough money to retire on. 

The Association of Superannuation Funds of Australia (ASFA) says that if you’d like a comfortable retirement you need to budget for $43,255 / year as a single and $61,061 / year as a couple. 

Retirement Planning

For older people, there could be a lot to think about when it comes to finances. Retirement, pensions, insurances, bills – it can all be too overwhelming. Like any new chapter in your life, preparation can go a long way in ensuring you’re emotionally and financially ready for the road ahead. When you plan for your retirement, here are 9 tips to consider: 9 tips for a successful retirement

Tax Planning

While planning for your retirement, it is also essential to keep in mind that tax planning could save you a lot during retirement. By the time retirement is reached, most individuals will have paid a significant amount in tax over their working lives. Therefore, you owe it to yourself to structure your affairs to minimise (or eliminate) tax once you stop working. Here are 7 tax strategies for retirement, if you haven’t already implementing them yet: 7 ways to reduce tax in retirement

Financial Planning

If you are having trouble planning finances for your retirement, always remember that the government is there to help. As a start, you can educate yourself about financial planning on the moneysmart website: Supporting older Australians with their money decisions

Other helpful resources:

How to find the right financial adviser for you

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