Retirees can maximise their savings

Kerrin Falconer, financial planner says retirees can maximise their savings by rationalising their bank accounts and only have what you really need.

For term deposits, shop around. Institutions sometimes have funding gaps and will offer better-than-usual rates to fill that gap. A difference of 1 per cent on a $20,000 12-month term deposit can be about $200.

If you use credit cards, again make sure you have only the cards you need. Some cards charge an annual fee and if you don't use the card often, you can be paying up to $150 for nothing much.

Use those concession cards. Just about everywhere will offer seniors a discount, including general insurance. Make sure you keep a record of all medical and surgical expenses.

At tax time, you can claim 20 per cent of bills more than $1500 as a tax offset if you are in a position where you pay tax.

Source: Herald Sun