Levelling the playing field for women in retirement

September 1, 2015

The superannuation savings of women are forecast to be an average 35% below their male counterparts of a similar age when they retire. These alarming  figures are a reflection of the current 19% wage gap between women and men, and the time out from the workforce many women take when starting a family and caring for others. Yet women live an average of fivMorgan Wealth Logoe years longer than men.

It is vital that women commence superannuation savings from a young age and continue to contribute throughout their lives. Some important factors to consider when saving for a secure financial future are:

  • Establish a budget and cash flow plan that ensures sufficient income is directed towards savings
  • Diversify your investments across asset classes in order to reduce risk and promote balanced growth over the long term
  • Commence saving early and ensure your assets are actively managed, as the compound value of 1% per annum outperformance can add more than 20% extra to your super balance by the time of retirement
  • Become involved and educate yourself on the investment options available
  • Where necessary protect your income and assets with appropriate insurance cover

The unique financial challenges women face in securing a comfortable retirement are many. Single, elderly women now experience a high incidence of poverty and are at the greatest risk of entrenched poverty. Younger women can overcome the inequalities they face by seeking sound strategic financial advice and active management of investment portfolios to enhance wealth creation.

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