The three biggest issues for women preparing for retirement

Happy International Women's Day! Let's celebrate women's awesomeness and acknowledge the three big issues that are important for us to address to have an epic retirement with financial equality.

Today on International Women's Day, let's take a moment to acknowledge the three big issues that are important to discuss for a fabulous retirement. Let's not hide them under a rock but instead, be proud and empowered to put a voice to these issues and take steps towards equality. You deserve an epic retirement too!

First up, did you know that women generally live on average 4.7 years longer than men? That's right, and it means we need to plan for a longer retirement period. But fear not, because with careful financial planning, we can ensure we have enough savings and income to support our epic retirement dreams and cost of living. So, let's take action and plan for a longer retirement period. Start by creating a retirement plan that takes into account our longer life expectancy and explore options for generating retirement income like pensions, superannuation, and investments.

Secondly, due to factors like the gender pay gap and taking time off work to care for our families, women earn less than men over their lifetime. This means most women have lower retirement savings than their male counterparts. But don't despair, because it's crucial that we start saving for retirement earlier and explore ways to maximize our financial preparation for retirement. Let's take action and maximize our retirement savings earlier by negotiating for higher pay, contributing to our superannuation, and taking advantage of superannuation tax concessions as early as possible in life.

Lastly, women are more likely than men to take on caregiving responsibilities for our loved ones. While this is a beautiful thing, it can impact our ability to work full-time and save for retirement. So, let's take action and plan for caregiving responsibilities proactively by making arrangements for childcare, eldercare, or other family responsibilities. Let's explore options for flexible work arrangements or part-time work for the periods where our need to provide the care ourselves is unavoidable.

So, ladies, have you taken active steps to manage any of these three issues? We want to hear from you! Share your views and experiences in the comments below.