Aussies are living 10 years longer than we did 50 years ago with a combination of medical advancement, increased life expectancy and more active lifestyles well into retirement. Expectations of retirement are also higher, whether that be overseas travel, learning a new skill or spoiling the grandkids. This increases the need to look at ways of boosting your retirement savings before the need to draw an income from those assets.
Recent changes to boost retirement income may go at least some of the way to achieving your dream retirement and providing for a healthy, independent and good life in your later years. While there are some changes that affect self-funded retirees, the changes generally relate to those with Centrelink entitlements.
Here are the three main areas where changes have been introduced as of 1 July 2019.