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When I'm at work: retirement planning - Supported employee's workbook


Meeting 3 - How much money will I need when I retire?

What did we talk about at the last meeting?

What information have I found about retirement?

How much money will I need when I retire?

Let's talk about these things.

Will I receive the Disability Support Pension or Age Pension when I retire?

When you leave your work you will no longer be paid by your employer.

You might get the Age Pension instead of your Disability Support Pension if you are old enough.

When you reach a certain age you will also be able to receive your superannuation payment.

Have you thought about:

What happens to my superannuation when I retire?

While you have been working, you and your employer may have been putting money into your superannuation account. Superannuation is a type of saving. This money is available to you when you reach a certain age.

Your employer can tell you where your superannuation is and who is looking after your superannuation. You can contact this person to find out more about your superannuation.

Before you contact the superannuation people, plan and write down the questions you want to ask. Here are some questions you could ask.


You may already have a travel concession card or a health concession card. These cards are provided by Centrelink to help you pay for things like travel and health care.

Centrelink gives different concession and health care cards. When you retire you may be able to get other concessions or health care cards to help you.

You can talk to Centrelink about what you will be entitled to receive.

A brochure that will help you is called 'A guide to Centrelink concession cards'. It is available from your local Centrelink Customer Service Centre. Phone 13 23 00 or visit to get a copy.

How much money will it cost me to live when I retire?

When you retire you will need to manage your money very carefully.

Now is a good time to start thinking about how much money it will cost you to live each week and how much money you will receive each week. This is called budgeting -knowing how much money you will get each week and how much you will need to spend.

Let's practise making a budget

Write down how much money you are getting and spending each week in the table below:

(how much money I receive each week)
(how much money I spend each week)
Disability Allowance Rent

Other income
Total Total

Financial planning

When you plan for your retirement, part of that planning means making sure you have enough money to live on when you retire. This is called financial planning.

Financial planning can be complicated, so many people get professional people called financial advisors to help them.

Financial advisors can help you make plans for managing your money. They can also help you with plans for saving money. They may also have ideas about how you can invest your money until you need it during retirement.

Centrelink has a free financial information service, with financial advisors who can help you. You can contact this free service by phoning 13 23 00 or visiting

There are also private financial advisors who will charge you for their help. You can find a qualified advisor by visiting the Financial Planning Association website – You could also ask your family or friends if they can tell you about a qualified advisor they have used and are happy with.

Gathering information and getting advice

Think about how you will look after your money. You may know people who are willing to talk to you about how they manage their money.

You could make an appointment with Centrelink to talk with someone from the financial information service. When you make your appointment, explain to the Centrelink customer service person that you are planning for your retirement. Before you go to your appointment, write down the questions you want to ask during your appointment with them.

To contact Centrelink, phone 13 23 00 or visit

Don't forget to collect the names and business cards of people who have helpful information and advice.

Bring this information to your next meeting.

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