There are several types of income that you will receive when you become a retiree. It is such a great relief to be making money even when you're in retirement. The extra income you get will help you live a comfortable life for the rest of your days.
You can get a decent retirement income if you make some smart decisions in your working life. The type of income you get when you are a pensioner includes:
1.Annuities
An annuity is a great way for you to turn your super as well as other savings into a consistent stream of income that you can enjoy as a pensioner when you retire.
A pensioner can take the money they had saved in their working years and invest it in annuities to get consistent income over time.
You need to do your homework on various options offered in annuity income before you sign a deal.
2. Age Pensions
This is also a great source of income which applies to the people who have reached the pension age of 66 years and above.
However, this can only be accessed by those who meet certain criteria. You must be under the asset test limit and income to qualify for the age pension. The asset and income test determines how much you are going to get.
The amount you receive on the age pension is determined by several factors such as whether you are married or not.
3. Employment
Another great source of income is employment. Retired people can seek casual employment if they wish to earn some money. This is made possible through the various incentives they get.
Some of these incentives include work bonuses and reduced rates. Pensioners can work on a part-time or casual basis to get extra money during their retirement.
4. Investments
One of the best ways to earn money in your retirement is through the investments you make. Superannuation is the best option for a retirement investment.
You can get your superannuation money at the age of 55 to 60. Depending on the fund rules, you can sometimes withdraw a lump sum amount to clear your debts or invest.
These income sources will help you to enjoy your retirement. Do you want to succeed in your finances? Get money-saving tips from Shoebox Books. Shoebox Books will help you with financial advice, bookkeeping as well as other related services.
Contact Shoebox Books today for more financial services and information.
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