More Tips for retirement

Getting older does come with its discounts. Remember to check on planes, trains and buses, at cinemas, restaurants, travel agents, the local council and even your bank to ensure you’re receiving all your senior entitlements.

If you’ve chosen to work past retirement age and meet the eligibility criteria, you may qualify for the Work Bonus (Pension Bonus scheme) through Centrelink. For more information regarding the Pension Bonus Scheme click here:

Make sure you’re not over-paying on fees and have selected the right investment strategy to suit your needs. If you’re not comfortable doing this yourself, why not make an appointment with your local Bendigo financial planner.

It’s worth the trouble. A saving of just 0.05% per year on your fees can add up to nearly $5,600 over the next 20 years¹

¹ Based on a $500,000 super balance at age 65, with an average return of 8% per annum and an income payment of $38,000 a year.

Once you reach your preservation age when you invest any large lump-sum or inheritance in your account-based pension plan, the income derived from it will be tax-free. In a standard bank account, you’d be taxed at your marginal tax rate on the income earned.