Build skills and re­la­tion­ships

Ma­ree’s vol­un­teer work is im­por­tant to ...

Money Magazine Australia - - ASK PAUL -

Q I am a 55-year-old sin­gle wo­man. I live in rental ac­com­mo­da­tion, pay­ing $653 a month. I have been un­em­ployed for some time (I re­ceive un­em­ploy­ment ben­e­fits) but keep busy vol­un­teer­ing at three dif­fer­ent places and try hard to keep my skills cur­rent and learn new skills while look­ing for full-time paid work. I have super of $37,000. I have re­cently re­ceived $30,000 from an in­her­i­tance and at this stage I have put it in a term de­posit but am not sure what the best place is for it and how to bud­get for my fu­ture.

Ma­ree, you are do­ing all the right things: you have some su­per­an­nu­a­tion and are main­tain­ing and build­ing your work skills. Im­por­tantly, vol­un­teer­ing also in­creases your range of re­la­tion­ships, which of­ten leads to work op­por­tu­ni­ties.

Right now I feel very strongly that the term de­posit is the right place for your money. You don’t want it in super as you can’t ac­cess it un­til re­tire­ment. Once you get work you can re­assess but that in­her­i­tance is very handy emer­gency money and in time to come it may be part of a home de­posit.

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