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It is a well-known fact that women tend to live longer than men, making it even more important for women to start saving for retirement as soon as possible.
For many of us it is hard to think past the end of the year, never mind to the time when you will be looking to retire.
While most businesses and organisations do usually have some sort of superannuation fund available – although bear in mind this may vary across industries – this should not be the only income stream you will depend on when you reach your golden years.
You need to be prepared for all eventualities and this includes the possibility that you may need to retire earlier than you expect.
Unfortunately – despite the changes in the world – women still do not receive the same wages as some men in particular industries.
While this is simply not fair it may impact the amount of money you are able to accumulate through a superannuation scheme and in turn how much you can save yourself.
These are just a few considerations and it is also a good reason why you might even need to think about saving for retirement earlier than your male counterparts.
Another challenge for women when it comes to saving for retirement is their ability to accumulate reserves often changes throughout their working lives. One of the main reasons for this is career breaks.
This is commonly down to a woman’s choice to stay at home to raise children.
Altogether, this is likely to create a gap in both their experience and income accumulation and thus is an additional reason it may take women longer to save.
Talking to a financial planner will help you to figure out what your options are and what is the best way forward for you.
Consider thinking through a couple of what-if scenarios – this will help you to be prepared for the future and you will thank yourself later for doing this today rather than putting it off until tomorrow.
Right now, you may be working a full-time job but this may change in the course of your life.
Being able to think beyond today will prepare you for all the potential twists and turns your life may take in the future.
Depending on your age retirement could be decades away but regardless of this fact you should still take retirement plans into consideration.
Despite your best efforts, years tend to go faster the older you become, which is why sitting down and figuring out what type of retirement plan is going to suit your needs best is vital.
This will help to ensure that you are able to sustain the lifestyle that you have become accustomed to throughout your retirement years.
It is wise to have a retirement plan in place which can support your individual needs and perhaps is not reliant on your partner’s superannuation scheme.
A little bit of forward thinking and planning now could mean you are in a more secure financial situation later on in life.
A chat to your financial planner can go a long way towards organising an investment strategy that will help to put you into an optimal situation in the future.
ipac is one of Australia’s largest financial advisory firms and has offices based across the country. A wholly-owned subsidiary of the AMP Group, ipac specialises in research and financial advice that helps clients lead happier, more fulfilling lives.