How to keep your retirement on track

Regularly checking in on your retirement plan is always a sensible strategy. Keeping track of your finances becomes even more important in times of economic uncertainty. Given the changes we’ve seen due to COVID-19, now is a good time to take a look at your retirement income plan with fresh eyes. Here’s a list of resources to help you.

Put your assumptions to the test
Making sure your retirement income is secure is an essential ingredient to a comfortable retirement. But many Australians rely on incorrect assumptions when making decisions about their money.

Are you 100 per cent sure you’ve got the facts? Take this quiz and see how much you know about retirement income.

Learn how to protect your income from poor share market performance
Recent events in global markets have put money in the spotlight for many retirees. According to the ABC’s COVID-19 Monitor, more than half of the Australians surveyed are ‘very’ or ‘extremely’ concerned about the economic impact of the coronavirus. In fact, they’re more worried about the economic impact than their own personal health risk.

The first quarter of 2020 saw significant falls in both domestic and global share markets, which may have left you feeling concerned about the impact on your retirement income. The good news is, there are steps you can take to feel more confident about your money.

Learn more about the risk of poor share market performance in retirement and explore options to help you protect your retirement income.

Flex your budgeting muscles and keep spending on track
Chances are your spending patterns have changed since 2020 began. Research for the first quarter of 2020 showed that overall, household spending behaviours were more conservative as significantly more consumers cut back on non-essentials. While many Australians are spending more on items like food and groceries, spending on eating out, holidays and travel has obviously fallen.

With fewer temptations for spending, now could be a good time to revisit your budget. Have any of your expenses gone down recently? Have you found there are things you can do without? What things have been essential to your lifestyle and wellbeing?

Staying on top of your budget is key to spending confidently in retirement. Use these spending planners to update your budget or create a new one.
Go to the couples planner.
Go to the singles planner.

Find out if your retirement income will last for your lifetime
With longer lifespans and less certainty in world markets, making sure your money goes the distance is more important than ever. It’s no wonder that 84 per cent of older Australians rated the desire for regular and constant income as very important. But how do you make that happen?

Our Retire with confidence online tool is a simple and easy way to get started. Put your retirement income to the test and get results that show:

  • how long your retirement savings will last
  • whether you’re eligible for the Age Pension or an increase in payments, and
  • how much annual income you could guarantee for life by adding a lifetime income stream to your retirement income plan.

Get help from the experts if you’re feeling uncertain
At times like this, it can be hard not to worry. In fact, humans are hard wired to pay greater attention to bad news, which can create anxiety for even the most confident investors. Talking to a financial planning professional can ensure you’re following a strategy to achieve your goals. We can assist by providing you with a list of financial advisers who are experts in retirement income.

Challenger is a YourLifeChoices preferred partner.

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