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Ten tips for older Australians



Here's 10 tips to help you if you're thinking about your long-term financial needs or planning for your retirement:


1. Set yourself financial goals and plan a budget that will help you meet them.


Your financial situation is likely to be different in retirement to when you’re working.

Go to... Start planning a budget now


2. Get involved with your super now – it’s your investment for your retirement.


Think about making extra voluntary contributions to boost your super balance if you can afford it.

Go to... Top up your super contributions in one of these 4 ways


3. If you’re thinking about a retirement income stream product, do some homework first.


For example, find out what options your super fund offers you when you retire. You’ll need to think about which product suits your needs, taking into account tax and social security (including the age pension).

Go to... Start your homework on retirement income streams now!


4. You may need to get professional advice about your financial options at retirement.


If so, only seek advice from a licensed financial planner – try to choose one who specialises in retirement planning, including the taxation and social security implications of your decisions.

Go to... FIDO's tips on choosing a licensed financial planner


5. For free and independent financial information contact the Financial Information Service (FIS) through Centrelink on 13 23 00


You do not need to be receiving a benefit to use this service.

New window Visit the Centrelink website.


6. Shop around for insurance – some insurers will provide cheaper cover


(for example on home contents or car insurance) for people in higher age brackets.

Go to... FIDO on insurance


7. Take care when considering products that allow you to release the equity in your home, such as ‘reverse mortgages’ or ‘home equity loans’.


These are loans and eventually the money must be paid back, with interest. Get advice that’s independent of the business arranging your loan, for example, a solicitor, before you decide.

Go to... Read how reverse equity products work


8. Keep up to date with developments in the financial world and how to spot the latest scams, which often target retirees.


Subscribe to our free monthly electronic newsletter, FIDO News, for regular updates and information.


9. Beware of unsolicited offers to buy your shares.


Some shareholders, especially elderly shareholders, have been targeted by unscrupulous operators offering to buy their shares for below-market value, or over very extended payment terms.

Go to... Read FIDO's warning now and be prepared


10. Be very wary of anyone offering you an investment opportunity that is ‘confidential’, or is said to be a ‘special deal just for you’.


These claims are illogical and are often associated with illegal schemes.

Go to... Find out about the tell tale signs of fraud among friends



Go to... Lots more info for retirees and people thinking about their retirement

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