The start of a new year is a useful time to review your finances, especially in retirement or semi-retirement when income is often fixed and expenses can change. Setting simple, achievable financial resolutions can help improve budgeting, protect savings and support long-term stability.

Review your retirement income and spending

Financial advisers commonly recommend reviewing income sources each year, such as superannuation drawdowns, the Age Pension, investments and part-time work, to ensure spending matches your budget.

How to make it happen

  • List regular income and essential expenses such as housing, food, utilities, insurance and medical costs.
  • Compare last year’s spending to identify areas where costs increased.
  • If drawing from super, check that your withdrawal rate meets minimum requirements and remains sustainable over time.
  • Speak with your fund or a licensed financial adviser before changing drawdown amounts.

Check eligibility for concessions and government benefits

Many over-60s reduce yearly living costs by ensuring they receive the correct payments and concessions. This may include the Age Pension, Commonwealth Seniors Health Card, energy rebates and PBS medicine concessions.

How to make it happen

  • Review your current card or payment eligibility, especially if your income, assets or living arrangements changed during the year.
  • Keep records of bank balances, superannuation statements and investments to support reassessments.
  • Contact Services Australia or a Financial Information Service officer if you are unsure what you may qualify for.

Reduce unnecessary fees and bills

Financial counsellors often recommend checking for avoidable fees, as small charges can accumulate over time.

How to make it happen

  • Review bank and credit card statements for unused subscriptions or duplicate services.
  • Compare electricity, internet and insurance policies and ask providers about loyalty discounts or senior rates.
  • Check superannuation fees and consider consolidating funds where appropriate, after confirming there are no loss of benefits or insurance impacts.

Build or maintain an emergency buffer

Even in retirement, setting aside a small financial buffer can help cover unexpected expenses such as car repairs, medical bills or appliances.

How to make it happen

  • If possible, move a portion of savings into a separate account earmarked for emergencies.
  • Aim to gradually build the buffer over time rather than making large one-off transfers that affect daily expenses.
  • Avoid using high-interest credit to manage unexpected costs where alternatives are available.

Review insurance and estate planning documents

Consumer and legal guidance recommends ensuring key documents remain up to date, particularly as circumstances, health or family needs change.

How to make it happen

  • Review home, contents, health and car insurance to confirm coverage is suitable for your current situation.
  • Check that your will, superannuation beneficiary nominations and enduring power of attorney are current and legally valid.
  • Seek legal or financial advice before making changes to formal documents.

Financial resolutions are most effective when reviewed regularly during the year. Keeping simple records, setting reminders and asking for guidance from qualified professionals where needed can help turn small adjustments into long-term financial stability.

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