How can I make my money last longer?
One way to extend the life of your money is obviously to spend less. But first you should understand how long your money is likely to last. You may find you don’t need to cut back. Next, review your strategy at least annually with your financial adviser. Rules change, thresholds increase and you may become eligible for Centrelink benefits like a part age pension as your capital reduces. For example, the introduction of Term Allocated Pensions in 2004 provides new opportunities for retirees in some specific situations. Also review your investments regularly. Many people are retired for 20 years or more, meaning growth assets like shares and property can still be a viable part of their portfolio.

How can I maximise my income?
Maximising your income means making choices about issues like:
~ the balance between how much income you need, and how long your money will last;
~ the income stream that best suits you – whether it is an allocated pension, term allocated pension, term annuity, life annuity, collecting rent from an investment property or a combination of these;
~ the investment risk you wish to take – for example, whether or not you include investments like shares in your portfolio;
~ as well as understanding what Centrelink benefits you may be entitled to.
Other factors also come into play. A professional financial adviser can demonstrate the likely impact of the alternatives and help you choose a combination that suits your needs.

Am I missing out on government benefits?
Retired people may be eligible for numerous benefits from a whole or part age pension to concessions on health care and services. These are available through the Pensioner Concession Card, Commonwealth Seniors Health Card, Health Care Card and state-based Seniors Cards. Some retirees who could be receiving a part or even full age pension miss out, simply because they do not structure their finances to fulfil the requirements of assets and income tests. It is also important to understand which concessions you may be eligible for and how the rules apply. As a rough guide, it is estimated that the Pensioner Concession Card alone can be worth $1000 to $2000 in benefits per annum.

How can I help my family financially?
There are numerous ways to help your children and grandchildren financially, depending on your needs and theirs. Some retirees, for example, set funds aside to help pay for their grandchildren’s secondary or higher education or other needs such as a housing deposit. Again, depending on your family there may be different ways of structuring these benefits and each has its pros and cons. If you are considering ways to help your family through the direct transfer of assets to the next generation, it is important to be aware of “gifting” and other rules related to estate planning to ensure a tax-effective transfer. Estate planning is a complex area and specialist advice is important so you make informed decisions.