Take control early for a comfortable retirement
WE know women generally live longer than men, but new research shows the majority of Australian women are unlikely to work past the age of 65, making it more important than ever for them to take control of their finances early and plan appropriately for a comfortable and self-funded retirement.
If you haven’t really thought about this yet, it’s never too late. Let’s get started now. TAKE YOUR SUPER SERIOUSLY
A comfortable retirement is about maintaining the lifestyle you are working hard for now. It’s estimated a comfortable retirement costs around $60,000 a year for a couple.
Salary sacrifice is one of the most tax-effective ways to boost your super. Even if you are self-employed, you can make personal contributions into super (limits apply) for which you claim a tax deduction. START SAVING AND INVESTING
Think about how you can make your money start working harder for you.
The earlier you start putting money away into investing, the more time your investments have to grow.
The more regularly you add to your investments, the quicker they can grow.
You might even be able to use some equity you already have in your home to invest in other assets. Down the track, good investments can add up to a comfortable retirement. DIVERSIFY
A As all investments carry some level of risk, it’s important not to put all your eggs in one basket.
Having a diverse range of investments helps prevent losses during market downturns.
These different types of investments are less likely to be adversely affected by the same market developments. PROTECT YOUR FUTURE
What underpins all your investments is the ability to earn an income that pays for investment strategies and lifestyle.
Being adequately insured is extremely important for women and gives both financial security and peace of mind. Sam Stevenson is an authorised representative and credit representative of JSSJ Financial Pty Ltd, trading as Edge Advisory Partners, and is an authorised representatives of AMP Financial Planning Pty Ltd.