What to do when you've retired

For confidence and peace of mind that your budget and plan are in the best shape possible, consider getting advice from an independent financial expert.

Use this Financial Planning Association locator tool to find a financial planner.

View a list of concessions, discounts and rebates to help with cost of living expenses in the Get personal, legal and financial help section.

The aged pension is a government payment that helps people with living costs in retirement.

The amount differs depending on your circumstances: 

• single
• couple combined and individually
• couples separated due to illness.

Many factors contribute to eligibility. Community Engagement Officers from Services Australia can help you:

• assess what services you might qualify for
• get supporting documents in order
• how to apply.

When you retire, you'll need to work out how to receive your super, either as a:

• regular income stream
• lump sum
• combination of both.

Any life insurance cover as part of your super could be impacted if:

• you withdraw the balance as a lump sum
• no contributions are made after a set period (conditions vary depending on the policy)

Talk to your fund manager or financial planner to work out which option works best for you.

The Australian Tax Office has information on different options when withdrawing super.

Many people choose to stay in their long-term home in retirement because of existing family and social connections. 

But as people grow old, their existing home may not meet the changing demands of aged care living. There are programs that provide money to help pay for modifications to your home like: 

• installing grab rails and ramps
• help with your garden and home maintenance
• arranging cleaning services.

For more information, see EnableNSW's Safe and Supported at Home (SASH) initiative.

People who retire often realise their existing home is far bigger than they need or it becomes a challenge to clean or maintain.

One option is to sell and downsize to a more manageable home or flat, which can have the added benefit of increasing your retirement savings.

When downsizing to a smaller home, think about how your needs might change over time, including whether the property: 

• can be kept clean with minimal effort
• has a garden that can be easily maintained
• is easily accessible from a street or driveway, or can facilitate ramps and grab rails
• includes space for guests.

You might also want to consider how close you are to: 

• family and friends
• medical services
• public transport
• hobbies, social and cultural activities

Social housing

Social housing is low-cost, secure rental housing for people on low incomes and includes:

• rooms in share homes 
• apartments 
• stand alone units or house 
• public housing (managed by the Department of Communities and Justice)
• community housing (managed by non-government organisations).

People living in social housing can be with their partners or families, or alone. 

Important information

There are currently long waiting periods for social housing in NSW. To talk about emergency housing options, contact Link2Home on 1800 152 152. 

Affordable housing

This is slightly different to social housing. Affordable housing is managed like a private rental property by not for profit community housing providers.

It is intended for very low to moderate income earners. Eligibility is based on income and the property you'd like to rent.

You do not have to be eligible for social housing to apply for affordable housing, though people who are eligible for social housing may also be eligible for affordable housing properties.

Renting a home

For advice to help you understand the rental market and how to secure and maintain a tenancy, see:

• renting a property in NSW and starting a tenancy at NSW Fair Trading
• private rental advice at Family and Community Services

If you need help setting up a private rental or paying rent

Check if you're eligible for rent assistance at Services Australia. 

Additionally, the NSW Department of Family and Community Services provides advice and help with:

• Rent Choice and bond loans
• affordable housing
• social housing
   

A retirement village can include accommodation in rooms, apartments, units or homes. You can either rent or buy the property.

Retirement villages are mainly occupied by residents over 55 years of age who've retired from full time employment.

There are different options for care in retirement villages, including:

• self-contained, for people who are able to live independently 
• serviced (or assisted living), which includes meals, cleaning and other services
• a mix of self-contained and serviced, allowing people to change if they need to

Some retirement villages also include optional support services, including: 

• social groups 
• health and fitness classes 
• specialised medical staff and equipment

If buying into a retirement village, consumer advocacy group, Choice, explains what to look out for, including:

• types of contracts offered
• entry and ongoing costs 
• potential exit fees and conditions

Moving from full or part time work into retirement can be a significant lifestyle change. 

Depending on your level of planning, retirement can bring a new set of emotional and mental health challenges. 

If you feel support is urgent, call Lifeline anytime on 13 11 14. You can also find additional mental health resources at:

• Mental Health Line – 1800 011 511
• Beyond Blue – 1300 224 636
• Looking after yourself and family at Red Cross Australia
• Crisis support at Lifeline – 13 11 14
• MensLine – 1300 789 978
• Kids Helpline – 1800 551 800.
• find a social worker through the Services Australia
• self help resources at the Centre for Rural and Remote Mental Health
   

Even if you don't qualify for the age pension, a Seniors Card provides discounts on travel and some retail services. Other government benefits that could be available include:  

• travel concessions
• cheaper medicines 
• reduced council and water rates

See Moneysmart for more information about benefits and concessions. 

Living costs

• age pension - how much you can get at Services Australia

Housing costs

• rent assistance at Services Australia
• help renting in the private market at NSW Family and Community Services
• housing and homelessness assistance at NSW Family and Community Services

Energy costs

• Energy Supplement at Services Australia
• seniors energy rebate at Service NSW
• apply for a gas rebate Service NSW
• pensioner's water rebate at Service NSW

Travel costs

• learn about seniors card travel concessions at NSW Transport
• find out about pensioner concession card travel concessions at NSW Transport 
• apply for a gold seniors Opal card at Service NSW
• check eligibility for pensioner concessions on vehicle registrations at Service NSW

Pensioner concession cards

• get a pensioner concession card from Services Australia

It is important that you know your rights and where to get legal advice and support if you need it.

• Human Rights Commission and Your Rights at Retirement
• Legal Aid NSW - information to promote and protect the legal rights of older Australians
• Financial Rights Legal Centre - advice and advocacy if you're in financial stress
• a focus on family law, parenting issues, domestic violence, sexual assault and discrimination at Women's Legal Service NSW
• Council on the Ageing (NSW) - advancing the rights, interests and futures of Australians as they age

Volunteers have rights and workplace protections like any other job, covering things like:

• occupational health and safety
• hours of work, breaks and rosters
• bullying and harassment

If while volunteering you feel you've experienced workplace discrimination, vilification, victimisation or sexual harassment, speak to the organisation about your experience and concerns, or contact the NSW Anti-Discrimination Board for more information.

BeConnected is an Australian Government program with a range of free courses and hobbies to help improve your online skills, covering things like:

• how to access the internet
• using digital devices
• keeping in touch with others

For slightly more structured learning, NSW TAFE offers 5 short courses to give you hobby inspiration.

You might also find a range of arts, crafts and hobby activities organised by libraries, meet-up groups and local councils.

Whether you're thinking of face-to-face learning or distance study, expanding your interests and goals can help you stay more connected, healthy as well as introduce you to new ideas and skills.

Get more confident with the web

If you need guidance in finding your way around the web, the Tech-Savvy Seniors Program at Telstra Australia provides free courses online and at participating public libraries in NSW designed to help you better use the internet, email and social media.

Continuing education

There are hundreds of short courses and vocational programs provided by universities and community colleges right across the state, with many offering courses specifically for seniors.

Whether your preference is for individual learning or more group based interactions, you'll find courses offered online or held in classrooms and workshops.

There is usually a choice of day, evening and weekend sessions covering topics from business to sports, languages, creative, music, lifestyle and a host of others.

TAFE NSW

You'll find a range of technical, creative and business related courses to suit many interests and skill levels. Choose between:

• short courses to upgrade existing skills, expand knowledge or gain new experience
• taster courses can be completed quickly and give you a taste of what it would be like to study and work in your chosen field

The University of the Third Age

U3A is a member organisation for active retirees who share knowledge and experience through a variety of courses.

It operates in 7 regions across the wider Sydney metropolitan area and throughout regional NSW.

• some members are presenters, others are students, and some are both
• all course presenters are volunteers who share the knowledge of their profession or interests
• find courses and locations at University of the Third Age Network NSW

Joining a social group, meet-up event or organised activity is an easy way to meet new people, especially if you've moved to a new area, and who share your interests.

• your local council may run activities for people in retirement
• NSW Seniors Activities Guide helps people living in regional NSW to find social clubs, sporting activities and more

With increasing employment options for more casual and flexible working arrangements, there are increasing opportunities to find or create a job after retiring. These roles could be:

• semi or regular part-time hours
• a freelance consultancy based on your past experience
• at call (like special event roles)
• temp, agency or seasonal work
• casual or shift work

Re-entering the workforce

Most roles will be advertised online. There are also specialist recruitment agencies like CoAct, a government funded partnership helping mature-age workers all around Australia to re-enter the job market

You can also look at options closer to your home like job boards, community organisations, word of mouth referrals and simply approaching employers directly.

For more information, JobSearch has a blog and resource centre with hints and tips on:

• searching for roles specific to older employees
• best-practice CV writing
• preparing for an interview, and more
   

For eligible pensioners, the Work Bonus scheme allows you to earn income from working without reducing your pension.

The bonus applies to employment income from:

• working in and outside Australia
• director’s fees
• commissions and fringe benefits
• self-employment that involves active participation

For more detail and information on how the Work Bonus scheme functions, eligibility requirements and reporting obligations, visit:

• Department of Social Services
• Department of Veterans' Affairs
   

Age discrimination can happen in recruitment and selection processes as well as the actual workplace.

It occurs when a person is treated less favourably, or not given the same opportunities as others in a similar situation, because he or she is considered to be too old or too young.

There are two types of age discrimination:

• Direct - when you've been unfairly treated because of your age, or because you're the relative, friend or colleague of someone of a particular age
   
• Indirect - when there is a rule or requirement that's the same for everyone but unfairly affects people of a particular age

What to do if you experience age discrimination

It's a good idea to document your experiences, then try speaking to the person or organisation directly to express your concerns.

There may be an official policy, channel or process (like Human Resources) through which your issue can be addressed.

If this is not practical or possible, you can contact:

• Anti-Discrimination Board of NSW
• Legal Aid 

With more time and a potential pool of savings at their disposal, a growing number of retirees are taking the opportunity to start their own small business.

There is a range of government support services and advisories to help in what can be a challenging process.

The NSW Government provides a dedicated Business Concierge as part of its free Easy to do Business service, as well as:

• guidance on how to plan, structure and develop a business
• help in resolving set-up and operational issues
• advice and details of workshops and events to help you start or grow a small business

The Federal Government also has a 'Starting a business' checklist. 

Understand cash flow

When starting a small business, it's essential to understand and take charge of your business finances. 

Being able to effectively manage cash flow is key to the long term survival of any business, but also crucial to your overall retirement plans and finances.

If you need help, consider:

• speaking to a financial adviser familiar with small businesses
• Moneysmart's financial advice toolkit for new business owners
   

It doesn't matter how old you are or what your physical condition is, it’s never too late to get active. Find ways to improve your health and fitness at:

• myDr.com.au - healthy ageing in your 50s and beyond
• Get Healthy NSW - a free telephone-based health coaching service
• Nutrition Australia - how to maintain healthy eating habits as you age
• NSW Health - information and tools to help increase your physical activity

From your 50s and onwards, there are recommended screening measures you should consider to address the common health challenges that comes with ageing.

• GetHealthy is a free telephone-based health coaching service that provides support and motivation to help achieve your lifestyle goals.
• healthdirect has information on a range of risk factors that can contribute to certain diseases, like heart disease, stroke, diabetes, kidney disease and cancer.

healthdirect also suggests most people in their late 50s and beyond should follow these preventative measures: 

Annually

• dental check-up
• regular skin cancer checks
• an osteoporosis risk assessment
• an eye test on reaching 65
• consider a flu vaccination every year (over 60)

Every 2 years

• a heart disease risk assessment 
• a blood pressure check 
• a mammogram (women)
• a check for bowel cancer
• an eye test up to age 65, than annually thereafter
• a blood glucose test (every 3 years)

Every 5 years

• cholesterol and lipids checked
• a cervical screening test (women)
   

You can appoint one or more people to execute your will, including either: 

• a person, or people, that you know (for example, your spouse, siblings, or children over the age of 18)
• a private organisation or trustee
• a solicitor
• the public trustee (NSW Trustee & Guardian)

Some things to consider when choosing someone as your executor:

• how complicated your estate will be to administer
• how much time the have to administer your estate
• if they are willing to be the executor 
• if they are comfortable working with finances or legal processes 
• if choosing them will cause conflict within your family

Before you appoint someone as your executor, talk to them about what’s involved, and if they want to take on the responsibility.

How complicated will your estate be to administer?

Complicated estates take more time and effort to administer. 

Your estate will be complicated to administer if you: 

• have a property where tenants have a legal right to live in the property after you die(eg. a life estate)
• are receiving money as a trustee of a trust
• are leaving an ongoing trust as part of your will

It might also be complicated if you:

• have a self managed superannuation fund
• have an investment property
• have assets in different countries 
• have assets in more than one state
• own assets with multiple owners 
• are a director of one or more companies 
• have debt on an asset that is greater than the value of the asset (eg. a mortgage)
• think there could be a dispute over your estate

If you think your estate will be complicated to administer, you might consider appointing:

• a private solicitor
• NSW Trustee & Guardian

These organisations charge a fee to act as your executor. How much they charge will depend on the size and complexity of your estate. 

To make sure your will is valid, it's best to get a solicitor to help you write it.

You can write a will on your own but if there is a mistake it might not be legally valid.

If your will is not valid your estate will be distributed according to a set formula called ‘rules of intestacy’.

To contact a legal professional, you can either:

• find a lawyer at the NSW Law Society
• make an appointment at NSW Trustee & Guardian

There is a cost involved if you use either of these services.

Update your will any time there are big changes in your life.

Situations where you might want to update your will include:

• buying a house
• getting married
• separating or divorcing from your partner  
• having a child
• retiring from work 
• being diagnosed with a serious illness

It's also important to update your will if someone included in the will dies. This might include:

• an executor
• a beneficiary (someone listed to receive your assets)

Many people store their will at home. If you store your will in your home make sure:

• it's in a secure location
• your executors know where you have stored it

You can also leave your will: 

• with your solicitor
• in a safe in a bank
• with NSW Trustee & Guardian

It usually costs to store your will with a lawyer, banks, or NSW Trustee & Guardian. These costs are often charged on a yearly basis, and can also involve a charge to access your documents. 

If you don't make a will or your will is not legally valid, your assets will be distributed according to a set formula called “rules of intestacy”. 

This process will be different depending on:  

• If you have living relatives
• If you don't have living relatives 

If you don't have living relatives, it's likely that your estate will be passed on to the State. 

Your will can also state who you would like to look after your dependent children when you die. This person is known as a legal guardian. 

If you want to include a legal guardian in your will: 

• get legal advice
• speak with the person you want to appoint as legal guardian