How would it feel to have enough money in the bank to comfortably support yourself during your retirement? Do you rely on your partner to take care of the ‘money side’ of life? For many women, feeling confident is strongly related to having financial security and economic independence.
Even for women who have a partner, male or female, financial independence is important. Women’s biggest financial regret is letting their partner control the finances, according to a recent survey by Finder.
Wealth creation is a lifelong journey, but the path can take some dramatic twists and turns. This is especially true for women as they navigate the gender pay gap, the super gap, and the gaping hole in their earnings when they take time out to care for children or elderly parents.
Women live longer than men on average, which means they need more savings to fund their retirement. Unfortunately, women are still retiring with much smaller nest eggs than their partners.
With this in mind, the sooner you start re-directing income into super or other investments, the longer you can have for compound interest to work its magic. It’s never too early to start saving for retirement, even if you just put away small amounts. You could salary sacrifice into super, invest in property or build a share portfolio.