Still Trying To Save For Your Retirement?
Most women haven’t even paused to consider how they will fund the longest holiday of their lives. If you retire at age 65, chances are that nowadays you will still be living for at least another 20 or 30 years. Medical science and research is progressing to a point where we can expect many of the so called “killer” ailments to be cured in our life time.
According to the Bureau of Statistics, there will be 1.1 million women over 60 living alone by 2031, up from 0.6 million in 2006. According to the 2015 Intergenerational Report, female life expectancy will rise to 96.6 from 93.6 today while male life expectancy will increase to 95.1 from 91.5. Today, in a woman’s final decade, they outnumber men by three to one.
They’re compelling statistics.
So clearly, there needs to be a plan around how that long holiday called “retirement” will be funded.
What this means is that women need to understand not only how to earn an income but to invest some of that income wisely so that their money will outlive them.
Women invest very differently to men. Women value strong investment performance but equally place significant value on the intangibles of consistency and security. They’re more compelled by ‘making it last’ than ‘watching it grow’.
Women traditionally have been drawn to investing in residential property as it is a tangible asset and has provided strong returns and capital growth.
Having a property mentor is one way of maintaining an investment focus and achieving short and longer term investment goals. Align yourself with other women who have achieved success in their investment journey and follow their lead.
The most important message is to make investing a priority and start to invest when you have a full time income. If there’s uncertainty or confusion around investing then get some education around it. Believe that you can achieve your dreams one step at a time and move towards it. You deserve it!