When it comes to strong, independent women, we know how to take care of ourselves. Or at least we think we do.
It’s undeniable that naturally, we are warriors who instinctively know how to get it done. Our bodies know how to fully recover after giving birth to our babies.
When it comes to providing for our household, we always make sure there’s food on the table.
But our financial future? That takes a major back seat.
On average women live five years longer than their male counterparts. Most women alive today will make it until their mid 80’s.
Despite the longer life, less than one-quarter of women surveyed by Raskin Global are confident they have enough money to live comfortably during retirement.
And rightly so.
Women take more time off throughout their careers than men to take care of their children and parents.
On top of that, women only make on average 78% of what their male counterparts make. That means not only do women live longer, but they have less money and less resources to work with during their retirement years.
So what now? Don’t give me the problem, without the solution.
Forget solely depending on government subsidized retirement benefits. It’s time to take control and save for your own future. Yes, even if you have a husband.
We talked to Bessie Hassan, Money Expert at Finder of Australia , a website dedicated to helping people navigate hard decisions like insurance and finance says women are less adept at negotiation, which in turn majorly impacts their financial future.
“Our research found that 51% of women don’t negotiate for a lower interest rate on their home loan compared to just 41% of men,” she says.
“As a result, a greater proportion of men (21%) had refinanced their mortgage compared to just 16% of women.”
Hassan says the earlier you start planning for retirement, the better.
Enter the Compound Effect
“It’s important that women get into good financial habits early on so they can set themselves up comfortably for their twilight years,” she advises.
“This could mean locking funds away in a term deposit or other high-interest savings accounts, investing in property or other financial instruments such as shares or bonds, consolidating debt or cutting back on unnecessary costs.”
“Realistically, women should start to plan for their retirement during their 40s and 50s, however the time at which they should start preparing for retirement depends on their personal situation.
How many kids or dependents do you have?
What’s your income level?
And what do you want out of your retirement? These are all important questions to analyze the answers to.