Women Are Unique

21 August 2013

Let NOW be the time you refocus on your Financial Plan 

What's Your Plan for Retirement?

Whether you are young or mature, single, have a partner, are career focused or a full time Mum, it’s important that you take control of your financial future. Over the past decade women have started to take more control of their finances, yet many have still not commenced their own wealth foundation.  Hopefully after reading this article you will see just how important it is to plan ahead.

Here are some facts to get you thinking…

  • Women nationally are paid 17.6% less than men (ABS gender pay gap November 2012).
  • Paid child care was worth $112.4 billion to the Australian economy; yet unpaid child care (stay at home Mum’s) equates to $650.1 billion (AEC Group ltd study September 2012).
  • Women aged 58-62 have an average super balance of $95,000, compared to men aged 58-62 with an average balance of $210,000.
  • 16% of marriages end in divorce between ages 40-44.  This is prime age to begin retirement planning (Marriages and Divorces August 2011).
  • Statistics show that women have a longer life expectancy.  ABS 2011; women live to 84.2 and men a mere 79.7.
  • Women also often have irregular work patterns due to stopping work to raise a family.  Whilst this is a rewarding and enjoyable time, it has a substantial impact on your finances, superannuation and retirement planning.

Don’t panic, here are some simple tips to take control of your finances:

  1. Review your superannuation and undertake a retirement analysis with an expert. Will your super and future contributions meet your retirement goals?
  2. Review your insurances, including Death, Trauma, Disability and Income Protection.
  3. Educate yourself on all things financial – if you’re not sure, start taking control. If you have bank accounts, credit cards, home and personal loans you should understand where you sit with each of these. A good financial planner will help guide you if you don’t know what you’re looking for.
  4. Take control of your budget by setting goals and creating good financial habits. Use our budget planner as a guide.
  5. Find a financial planner who you trust and understands your goals.

Financial success starts with understanding, so let that be your first step.

If you want to discuss these issues, call our office on 4041 2055 for an obligation-free, no-cost meeting with one of our financial advisers.

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