Your money in retirement

Living longer means more life to enjoy. If you’re retired, or planning to retire, here are some ways to help make your money go the distance.

Claim your government entitlements

You may be eligible for government benefits such as:

  • Age Pension

  • Pensioner concessions

  • Health care benefits

  • Tax offsets

See Age Pension and government benefits.

Keep working, reduce hours or retrain

Continuing to earn an income, even part-time, can help your retirement savings last longer. If you want to keep working, options include:

  • Transition to retirement — if you’re aged 55 to 60, you can access some of your super while working. And you can continue contributing to super

  • Retrain or change career (myskills) — explore your options to retrain or seek part-time work

  • Work Bonus — if you get the Age Pension, you can earn $300 per fortnight before it is reduced

Get senior concessions and discounts

Senior concession cards can give you discounts on things like public transport, prescriptions, health care, utility bills and insurance.

See concession cards for information on:

  • Pensioner Concession Card

  • Seniors cards

  • Commonwealth Seniors Health Card

Consider downsizing or renting out space

Downsizing your home could free up money to pay off your mortgage or invest for your retirement. Or you could consider staying in your home and renting out a room or taking in a boarder.

Before going ahead with any of these options, check the tax impact and whether it will affect your government benefits. 

Start volunteering

Staying active is good for your mental and physical health. Volunteering is one way of doing this — enriching your life and giving back to the community. It can also connect you to new friends with similar interests.

See Volunteer Australia’s GoVolunteer website to find out more.

Get help with money if you need it

Reproduced with the permission of ASIC’s MoneySmart Team. This article was originally published at

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If you need help to deal with debt or money problems, contact a financial counsellor — a free, confidential service.

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