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5 Smart Steps Women Can Take to Feel Confident About Their Retirement

When it comes to planning your retirement, it’s completely normal to feel overwhelmed. But putting in a little bit of time and energy to know what to do can make all the difference. 

Retirement planning can help you feel more secure about your financial future, achieve financial freedom, and plan for the most dreamy retirement possible.

Unfortunately, so many women are at risk of being financially disadvantaged by the time they reach retirement. There’s a range of reasons women tend to have lower retirement savings. Keep reading to not only find out why but also find out what you can do about it today to feel more secure about your financial future.

The Power of Women

In Australia, women retire with a huge 42% less retirement savings than men. 

This can be attributed to a variety of factors:

  • The gender wage disparity making it more difficult to save
  • Lower pay also means a lower superannuation balance
  • Women are also likely to take more time off to care for children or other family members, meaning they will receive less overall pay (and again, super)

Unfortunately, these factors mean that achieving a comfortable retirement as a woman is more difficult. However, there are ways that we as women can effect change and retire on our own terms. 

Here are 5 smart steps you can take to achieve financial independence and secure your perfect retirement:

  1. Find and Integrate All of Your Super

How many super accounts do you have? You may have multiple accounts from your early working days and this may mean you have lost a lot of money on duplicate fees. 

Consider consolidating your accounts to save money on unnecessary fees. This might also help you avoid duplicate insurance coverage, cut your insurance rates, and simplify your financial management. 

When deciding which fund to keep as your one and only, compare the fees and charges of each of your funds. Fund performance over the last 5 to ten years can be helpful too.

If you decide to consolidate, make sure you check if any of your super funds have insurance policies that you may need to replace before you integrate them into a single fund.

  1. Top Up Your Super Balance Wherever Possible

Consider making extra, voluntary contributions to your super account to make sure you will have enough for your retirement. You may like to sacrifice your pay (salary sacrifice) or you can even ask your partner to contribute to your super balance if you have decided to stay home to care for your kids or a family member.

Because your super account generates compound interest, any additional contributions, no matter how modest, can add up over time and raise your total amount. The earlier you begin, the more you will benefit in the long term since your super will have more opportunities to grow.

  1. Keep Track of Your Super Balance

Keep track of your superannuation balance and consider your retirement alternatives. Consider the type of retirement you desire and how much money you may require to live that lifestyle. Will your superannuation balance be enough?

Always remember, knowledge is power.

When it comes to your financial future, it’s always best to know as much as possible so you can make the best decisions for your future. 

Thinking ahead can assist you in planning and can make a significant impact on your entire retirement lifestyle. You may also opt to plan by taking advantage of a financial masterclass for independent women

  1. Know Your Goals

Do you have money goals? If you said yes (most likely in your head), that’s fantastic! Knowing your goals is the first step to helping you reach them.

If you said no (again – likely in your head), think again. Many people have financial goals without even realising it! They don’t have to be specifically related to your finances, but ultimately, lifestyle goals are financial goals too.

If you want to be able to travel the world, then ultimately you need a financial plan to achieve that. 

If your dream is to upgrade or renovate your house, then this also requires some kind of money management plan. 

Maybe you just want to be happy, less stressed, and not have to worry about your money? No matter what your future lifestyle looks like, reaching your money goals is the way to achieve your dreams.

  1. Plan Ahead of Time

When is the best time to start planning for your retirement and your future? 


The earlier you start, the more opportunities you will have when you get to your retirement. 

So many women in Australia have lower confidence in their retirement than men, based on the annual Retirement Confidence Index conducted by AustralianSuper and Monash University.

But together, women have the power to change that. 

Everyone needs to learn how to achieve financial independence. Improving your retirement savings and achieving financial security can be challenging. But progress can be made, and financial freedom is possible with the right planning, knowledge, and guidance.

Got Money Honey invites you to our financial freedom masterclass built for independent Australian women. This 12-module online course will help you understand how you have the power to take control of your financial freedom. Start your journey today!!