Question:

How can I maintain my current lifestyle when I’m no longer working?

Answer:

One of the ways to maintain your current lifestyle while no longer working is to have a steady amount of income that comes from either your superannuation, investment portfolio, or Social Security payments.

Step 1:

One of the most important steps is to understand how much you currently are spending, and estimate how much you will be spending in the future when you know you will be no longer working. This is something an experienced financial planner can help you with as you need to consider many factors to create a successful forward-looking plan. Otherwise, check out our cash flow management tool, Moneysoft: https://pfm.moneysoft.com.au/signup

Step 2:

Check out if you have access to Superannuation. You might be able to have access to your super to help you meet your expenses.

Once you’ve reached your preservation age and you retire from the workforce, you can access your super. However, if you access your super prior to turning 60, you may have to pay tax on any payments you receive, regardless of the type of payment you get (i.e. lump sum or pension). You might be able to access your super earlier: https://www.ato.gov.au/individuals/super/withdrawing-and-using-your-super/Early-access-to-your-super/

Step 3:

You might be able to qualify for Social security payments. The Australian Government provides a range of government benefits, payments, pensions and support services, through the Department of Human Services - external site (Medicare, Centrelink and Child Support) and the Department of Veterans' Affairs - external site. https://www.servicesaustralia.gov.au/