Staying confident
in retirement
as living costs change 

Rising living costs can feel more noticeable in retirement, especially when your income needs to last. The good news is that you may have more options, and more flexibility, than you think.

When costs rise, it’s tempting to act quickly. But big decisions about your home, investments, or income are usually better made with time and information. 

Before making a significant change, it can help to ask: 

• Is this a short-term issue or something longer lasting? 
• Are there smaller steps I can try first? 
• What support or information could help me think it through? 

Taking a long-term view can help you avoid decisions that feel comforting now but may not support you over time.

Before making any changes, it can help to understand where your money’s going. A quick look at your regular spending over the last two or three months can show:

• which costs have risen, and by how much
• what you really need (like health care, housing, utilities, and groceries) versus what’s nice to have 
• how much flexibility you have in your budget once essentials are covered.

This doesn’t need to be detailed or perfect. Even a rough overview can be reassuring.

From there, review everyday expenses such as energy, insurance, phone plans, and subscriptions. Prices and plans often change, and small tweaks across multiple costs can add up over time.

Many retirees are eligible for support they’re not receiving. It’s worth checking what’s available, even if you don’t think you’ll qualify. This could include: 

• the Age Pension, including a part-pension, which can provide a useful top-up to your income 
• the Commonwealth Seniors Health Card, which gives eligible retirees access to cheaper health care and other concessions 
• state-issued seniors cards and concessions, offering discounts on things like rates, energy, car registration, and public transport 
• energy and utility rebates. 

Services Australia’s free Financial Information Service can help you work out what's available.  

Hostplus Pension accounts have built-in flexibility. Reviewing how yours is set up can help you adjust your income as your needs and living costs change. Things to consider include: 

• How much and how often you’re paid – within the rules, you can adjust how much you draw and how often. 
• Your investment options – upon retirement, your money may still be invested for many years. Some exposure to growth assets, like shares, can help your account balance grow over time, giving you more flexibility to adjust your income if living costs change. However, it's important to balance this with your comfort with risk and income needs, and to seek advice if you're unsure.
• Using our retirement projection calculator – you can test small changes and see how they may affect your super and income over time.
• Staying across your pension in one place – with the Hostplus app, you can see your pension balance and payments, and track performance all in one place. Checking in from time to time can help you stay informed and feel more comfortable with how your account is working for you.

You can also speak with us at no extra cost to understand your options. 

If you'd like more flexibility, there are options beyond drawing more from your pension account: 

• The Work Bonus lets eligible pensioners earn some income without impacting their Age Pension payments. 
• The Home Equity Access Scheme is a government loan that lets eligible retirees boost income using their home’s value, generally at a lower interest rate than bank loans. 

These options aren’t right for everyone, so it’s worth understanding the pros and cons and reviewing the eligibility rules.

You don’t have to work this out on your own. We offer retirement support and advice, much of it included with your Hostplus membership.¹ 

You can contact us: 

• online, using our live chat  
• over the phone  1300 348 546
• by email 
• in person at one of our ServicePlus centres.

If you'd prefer that we call you, let us know your details in an email or live chat, along with a time that suits you.   

Confidence in retirement isn't about having all the answers. It's about knowing your options, and where to turn when you need support.