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Unique Super needs of women

Financial professionals must recognise the different approach taken by their female clients regarding superannuation, a new industry report has found.

Women don’t want to be ’sold to’ but do require a more in-depth understanding of how their super is working, in order to feel financially secure.

The report found that one third of women feel financially insecure, and a similar amount find it hard to make financial decisions without doing extensive research on available products.

The report also found that 41 per cent of women do not feel they have enough wealth to fund their retirement, compared with only 29 per cent of men.

Posted on 4 June '12 by , under Business.

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Transition to retirement

The transition to retirement (TTR) strategy allows you to access some of your super while you continue to work.

You are able to use the TTR strategy if you are aged 55 to 60. You can use it to supplement your income if you reduce your work hours or boost your super and save on tax while you keep working full time.

  • Starting a TTR pension: To start your TTR pension, transfer some of your super to an account-based pension. You have to keep some money in your super account so that you can continue to receive your employer's compulsory contributions as well as any voluntary contributions you may be making.
  • Government benefits and TTR: The benefits you or your partner receive might be impacted if you choose to opt for this strategy. How and what exactly will change might become clearer upon discussing this with a Financial Information Service (FIS) officer.
  • Life insurance and TTR: In some cases, the life insurance cover you have with your super may stop or reduce if you start a TTR pension – check this before making any decisions or changes.

TTR can help ease your mind as you transition into retirement but it can be a bit complex. Before you choose whether you want to use TTR to reduce work hours or save on tax, or even if you want to use TTR altogether, you should figure out how this will impact all aspects of your finances.

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