Transitioning to retirement

If you are considering moving into retirement, or working part time and transitioning into retirement after your redundancy becomes effective it pays to start planning and considering your options now. It is important to seek professional advice before making any decision about retiring but the information below may be able to help you to ask some useful questions.

Centrelink has information that is a good place to start when considering your individual situation, you can visit their Age pension and planning your retirement page to find out more.

Centrelink also has Financial Information Service (FIS) officers you can speak to by calling 132 300. If your situation is more complex than can be dealt with by phone, the FIS officer will organise a face-to-face appointment for you.

You can also attend one of the Centrelink Financial Information Service seminars that deal with information about retirement and are held at various locations around Victoria. Click here for further information and dates of seminars.

Consolidating your superannuation

You can find lost superannuation by using the Australian Tax Office’s SuperSeeker service.

You can find money in lost bank accounts, shares and life insurance policies by visiting the Money Smart.

Financially planning for your retirement

The Finance section of this website has information about budgeting and financial counselling that you should use while planning for retirement. More specific to retirement budgeting information can also be found on the Money Smart websites’ superannuation and retirement page.

And importantly, lifestyle and personal planning for your retirement

Undertaking this new period in your life can be an exciting experience that you look forward to but a big change in your life can also bring on unexpected emotions such as feeling lost or depressed when you suddenly don’t need to get up for work every day and have extra time on your hands.

Self-care and planning your new life is as important as caring about and planning your finances during this time. Planning for your spare time (such as a holiday, or thinking about hobbies or volunteering you would like to undertake) can help you to look forward to the transition but it is also good to keep in mind that any negative feelings that may arise during this time should not be ignored. See the Dealing with change section of this website for further information and contacts to link you with a service that can help you negotiate the personal side of transitioning to retirement.