Financial Services for Women
Superannuation is something that a lot of people don’t think about enough. As you can’t access it till you retire, it’s easy to put it low on the list of financial concerns.
However, your superannuation may be the most important source of retirement income, so even though your retirement seems a long way off, around 90% of women will retire with inadequate savings to fund a
When you consider the fact that many women will take time out of the workforce to raise a family and some only return on a part-time basis or not at all, your superannuation savings will be greatly affected by those years out of the workforce.
You’ve worked hard to build your current lifestyle, so you deserve to retire on your own terms. However, you still need to have a regular income to help you pay bills and cater for your spending patterns.
To live comfortably in retirement, the required amount is currently around $430,000 for a single person and around $500,000 for a couple1 (assumes part receipt of the Age Pension), though this may vary depending on your own
personal needs and objectives.
After a lifetime of working hard and accumulating your wealth, you will want to know that it is distributed according to your wishes. Many women do not want to think about making a Will or estate planning, but knowing that your loved ones are taken care of after you die could be a great comfort.
Without adequate estate planning and a valid Will, you can expose your family and dependants to serious, unnecessary risks and burdens, such as your Will being contested after your death, your loved ones having to administer your estate, your wishes not being legally enforced and the chance that your
dependants will not be looked after as you had wished.
Investing at any stage in your life can help grow your wealth and provide an additional income stream.
Before you start investing, it is important to identify your financial goals. Perhaps you may want to save up for a holiday or ensure you have enough for retirement.
Once you have defined your financial goals, you can then choose investments to suit your budget and lifestyle.
Before you start investing, you should draw up a budget to work out how much you can afford to invest, without having to compromise your lifestyle too much.