7 March 2014

Women retiring on 40% less – can we do something about it?

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women retiringMany women are being left behind in terms of saving for a comfortable retirement.  A new survey just confirms what we already suspected and that is, that women are likely to retire on 40% less than their male counterparts.

 

We know that part of the problem is lack of access to quality advice. We see that many of our female client’s are great at planning and budgeting towards a goal if they are helped to set a plan in place. We know they focus on the targets and see the pride and often relief in some cases as their funding for a predominantly self sufficient retirement improves annually.

In recognition of international women’s day, we would ask you to help us generate awareness about the importance of planning, superannuation and the amount of savings women will need in retirement. An average single woman in Sydney will require about $41,258 per year for a comfortable lifestyle in retirement (ASFA Retirement Standard Dec 2013). For a couple that figure rises to $57,665 per year.

As Financial Planners, we have the knowledge of the system and ability to change these statistics, but with only 1 out 5 people seeking advice we know the opportunity to make a difference is being missed by many.

All we are asking is that if you have friends or family that you think may benefit from our help that you consider referring them to us for a Free Financial Health Check.  Would your friend, daughter or niece benefit? There is no obligation on their part to go any further unless they feel we can add value.

For our part we are trying to be more flexible in terms of availability and happy to meet female clients face to face, via Skype, over the phone or during their lunch break at a local cafe if they cannot get to our office.  We approach the initial conversation from a viewpoint of how to make the system work for them and guide them through the jargon.

We know that to a large extent the lower superannuation balances held by women results from women taking time out from their careers to raise a family or to look after aging parents.  We show how using super splitting, co-contributions, spouse contributions during those periods can help maintain a woman’s progress towards a stable financial future.  Check out just one of our articles on this Working mothers: Split your super.

So, as mentioned above, if you feel we can add value to a female friend or family member then please point them in our direction by phoning 02 9894 1844.  Better still, for those who you feel may be reluctant, please bring them with you to see us for a coffee and a chat.

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The author is an employee of Verante Financial Planning in Castle Hill, Corporate Authorised Representative of Magnitude Group Limited, Licence No 221557, Magnitude Group Limited ABN 54 086 266 202.

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