Nov 2007
Does the word retirement conjure up images of palm-fringed beaches in your mind, or perhaps it’s the simple things; spending time with your family and enjoying life? Women today are outliving men by five years on average, and retiring with a nest egg less than half the size. For most it seems that retirement reality is far from the sun-drenched dream.
The average retirement payouts in 2006 are likely to have been $130,000 for men and $45,000 for women according to a report released by the ASFA (The Association of Superannuation Funds of Australia). With the life expectancy of women around 83 years, and men around 73, for many of today’s women those images of enjoying the good life seem very far fetched.
Given women in general spend less time in the workforce than men, are less likely to be paid overtime, and more likely to have caring responsibilities interrupt their working life, it’s no surprise they are so far behind.
Do you know how much is required for a comfortable retirement? Are you saving enough?
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References (accessed 5/11/2007):
http://www.asfa.asn.au
http://www.ofw.facs.gov.au/downloads/pdfs/factsheets/finance.pdf
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