Flourish Health & Wellbeing eMag - Latest Edition - Flipbook - Page 49
The Money Side:
Planning a Micro-Retirement
Micro-retirement isn’t just about mindset – it takes smart
financial planning. Here’s what to consider:
Budget Wisely
Es琀椀mate your total costs for
the break and add a bu昀昀er.
Consider everything – rent
or mortgage, food, travel,
insurance, and emergencies.
Many people save for a year
or two in advance to fund
the 琀椀me o昀昀. Some
also reduce costs by
travelling on a budget or
reloca琀椀ng temporarily to
lower-cost regions.
Superannua琀椀on
While you’re on a break, no
employer is paying into your
super. Over even a six-month
or 12-month break, that adds
up. You can minimise this by:
• Making voluntary super
contribu琀椀ons before or
a昀琀er your break.
• Using spouse contribu琀椀ons
or contribu琀椀on spli琀�ng if
your partner is working.
• Exploring government
co-contribu琀椀ons if your
income drops below certain
thresholds.
• Check with your super fund
to see what op琀椀ons work
best for your situa琀椀on.
Insurance
Most super funds provide
default insurance (like
income protec琀椀on or life
cover), but this may lapse if
no contribu琀椀ons are made
for 16+ months. Contact
your fund to opt in and keep
cover ac琀椀ve, or seek private
insurance during your break.
Also, if you’re travelling
overseas, ensure you have
health or travel insurance in
place – Medicare won’t cover
you abroad.
