It is through planning and setting goals that determines what you will need to retire with. A plan will help to keep you on track to reach your goals. Failing to plan your retirement properly could leave you with much less funds than you hoped for. The Australian government offers an information service online to give you, the retiree some financial guidance. You can access this service by going to www.moneysmart.gov.au.
In your retirement years, you may have income from many sources including superannuation, other investments separate to your superannuation such as property or shares, an aged pension, and profit from the sale of your home. Many people choose to do a reverse mortgage on their home to give them freedom to live the way that they want to in their retirement years.
It is important to remember that one income source can have a major impact on another income source. For example, the profit from the sale of your family home may significantly reduce your entitlement to an aged pension. It is important to stay informed and if you believe that you will be eligible for an aged pension then it is worthwhile contacting the Department of Human Services on 132 300 to find out which income sources can impact on your aged pension.