Australian Women are less retire-ready: Survey

Single females are said to be 30 per cent less retire-ready than men due to longer life expectancies, lower income levels during their careers, and career breaks during child bearing years, the CommBank Retire Ready Index[1] showed.

The index revealed the average single female could expect to attain personal retirement savings equivalent to 47 per cent of her comfortable retirement requirements above the age pension, or just $35,000 a year.

On the other hand, the average single male could retire with savings equivalent to 78 per cent of his comfortable retirement needs above the Age Pension, or $39,000 per annum.

The gap between males and females with the same income is still higher for females because of their longer life expectancy.

Conclusion

We believe the key lesson to learn from this survey is that it’s never too late to obtain quality financial advice.

Good advice can always enhance your financial wellbeing.

So, if you need help with your superannuation, investments, mortgage, life insurance and/or retirement planning, seek help now from one of our advisers.
If you already have an adviser, but you know someone who needs help, invite them to see your financial adviser.

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[1] Reported in Money Management magazine 27 August 2015.

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