I often meet women in their late 50s or early 60s who quietly confess something like this:“I earn good money, but it just disappears. I still have a mortgage. The cost of living is ridiculous. My kids are grown, but they still need me. I feel like I’m spinning my wheels.”
If this sounds familiar, please know — you are not alone.
Over two million seniors rely on the Age Pension for retirement income, according to the Australian Institute of Health and Welfare (AIHW). Currently, you can start receiving the pension at age 66.5, but by the middle of 2023, you’ll need to be 67 or older.
You might think there’s not much you can do to increase the value of your superannuation in retirement. But with Australians now spending close to 30-years in retirement on average[1], our super needs to last longer than ever.
With careful planning, you can give a helping hand to your adult children financially, while still enjoying a comfortable retirement. In the past, wealth was often passed on through an inheritance. But with our longer lifespans, and the higher cost of living (especially housing), the desire to help our kids while we’re alive and well is increasing.
