As human beings, we have a natural preference for things to stay as they are. It’s a tendency psychologists refer to as status quo bias. But in a world where change is a daily reality, sticking to the status quo could mean getting left behind.

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. We’ve put together a list of resources to help you look at your retirement income plan with fresh eyes. 

Learn how to protect your income from poor share market performance

Volatility in domestic and global share markets can leave 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.

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

Flex your budgeting muscles and keep spending on track

Chances are your spending patterns change when there is economic uncertainty. 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 less 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 our 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% 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 receive 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, we’re 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 that are experts in retirement income.

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