At Edge Advisory Partners, we are assessing the dramatic increase to the cost of living and general economic pressures. One of our Financial Planners, Alex Trinchera has put together some general tips for retirees to consider ways of improving their overall cashflow and financial situation.
- Reviewing spending and household budget –It can be important to take a step back, understand where your money is being spent and if there are any areas for improvement. Completing a budget regularly can assist people in improving cashflow and identifying unnecessary expenses.
- Eligibility for government benefits (Age Pension or Concession cards) – These benefits can provide crucial assistance to retirees by assisting with providing ongoing funding to pay bills and expenses but also enjoy retirement. It is important for people to assess if they meet the eligibility criteria for any benefits on an ongoing basis.
- Updating Income and Assets with Centrelink – When people are receiving a government pension, the payment amount is calculated based on a person and their partners combined income and assets. Ensuring these are up to date with Centrelink if this hasn’t been updated in a while may provide a well needed boost to the regular fortnightly pension. This is entirely dependent on the income and assets reported.
- Utilizing superannuation or investments – Ensuring that any superannuation or investments are being used effectively as these can potentially provide people with a regular stream of income for retirement. It is important to check with a specialist if these investments are suitable for your financial situation and attitudes to investing.
- Reviewing bill providers and bank accounts – In today’s climate, bills such as energy, gas and insurances are forever rising and can be beneficial to look at alternative providers to see if they offer more competitive pricing than your current provider. This can assist people in reducing costs in their household budget.
Similarly, shopping around at different banks for a better cash interest rate may provide people with the ability to earn a little bit more money on their everyday cash in the bank.
Finding ways to ease cost of living pressures and ensure you have enough income coming in to pay your bills and enjoy a comfortable retirement can be tricky. If any of these general tips are of interest to you or if you would like to speak to a Financial Planner about putting a plan in place, please contact our office on 03 5228 3555 to book a complementary meeting with Alex.