Tools no retiree should be without

Tools to help you budget

It’s no secret that Australians are living longer. While that’s great news, it also means we need to find ways to make our money last too.

While you may already have years of budgeting experience behind you, these days keeping a budget doesn’t mean sitting down with a ledger or spreadsheet.

There are plenty of free and convenient online tools and apps available that make it easier than ever to keep track of your spending —even while you’re out and about. For example, you might like to try NAB’s budget planner or the NAB Money Tracker.

A realistic budget should include all your necessities, but also allow you to set aside some cash for pleasure too. And remember, your life circumstances will change, so you should adjust your budget from time to time too.

Tools to help you keep track of your income

Of course, managing your money in retirement is also about how much you have coming in — so it’s important to keep track of your sources of income.

If you’re receiving a pension from your superannuation money, you should check your fund’s performance regularly, not just wait for yearly statements. That way, you can keep informed about how much money you have, and how your investments are going.

To help you do this, MLC has created a fund profile tool, which gives you access to up-to-date information about where your super is invested, and how it’s being managed.

Your income might also include Centrelink benefits, such as an age pension or carer payment. You can keep track of your Centrelink payments without needing to go into a branch, by downloading the Express Plus mobile app on your mobile phone, tablet or laptop.

Tools for an active mind

It’s not only your finances that need attention once you’ve retired. You should also be looking after your health, and that includes your mind.

Studies have shown that brain-training courses can improve a participant’s memory, reasoning skills and processing speed as they age — even for years after they’ve completed the training[1].

Apps like Alzheimer’s Australia’s Brainy App are a fun way to keep your mind agile and healthy while keeping boredom at bay. And the good news is that many of these apps are free to download, so it costs you nothing to stay sharp.

Advice

While online tools are great, nothing replaces face-to-face help. So for good advice about getting the most out of your finances in retirement, make an appointment to visit a financial adviser today.

[1]Rebok et al (2014) Ten-Year Effects of the Advanced Cognitive Training for Independent and Vital Elderly Cognitive Training Trial on Cognition and Everyday Functioning in Older Adults http://onlinelibrary.wiley.com/doi/10.1111/jgs.12607/abstract