Dear Vanessa,
I have never felt so alone. From my divorce, I have been waking up in the middle of the night thinking about money. For the first time in my life, I am handling my finances on my own, and terrifies me.
I am 56 years old, I own my house directly, I have about $ 150,000 in Super and $ 50,000 in savings. Part -time work and win $ 50,000 a year, but I can’t shake the fear that it is not enough as I aged.
I don’t want to make mistakes that I will regret in 10 years, but I don’t know where to start. I need a plan.
I like how you offer hope because at this time, you could really use some.
Samantha.
Dear Samantha,
First, you are not alone. Many women are in this exact position after divorce: uncertain, overwhelmed and worried about the future. But here is the thing: it has options, and you can take control of your financial future, step by step.
Leader Money Educator Vanessa Stoykov
The good news is that you already have strong foundations: you own your home, you have savings and super. Now, it is about ensuring that these assets last and work for you in the long term.
A key question is whether your home is the right size for your needs. If you are open to personnel reduction, you could release extra cash to invest and strengthen your retirement savings.
It can even be eligible to contribute up to $ 300,000 in their retirement under the Drafting contribution schemethat allows Australians over 55 years of age to put the income of the sale of their home in Super without affecting the limits of normal contribution. This could significantly increase your financial security in retirement.
Beyond your home, you should also think about how your savings work. Leaving cash may seem safe, but it will not grow much over time. Investing even a part of this could help you build long -term financial security. A financial advisor can help you determine the best approach to your situation.
To have an idea of how much you might need in retirement and how long your money could last, you can use the RMONYSMART ETIREMENT PLANNING TOOL. This will help you start mapping your options.
This is what you should do below:
1. Increase your super
Even small additional contributions can make a big difference over time. If you can pay it, the salary sacrifice a little more will help increase your balance. Even contributing to $ 50 additional per week could lead to thousands more for when he retires.
2. Government Support Plan
Once you reach the pension age (currently 67), your assets and income will determine for what support is eligible. The previous retirement planner tool can help with this.
3. Get personalized advice
The best financial decisions are made with an adapted plan for you. I offer a free reference service that connects it with a trusted financial advisor that can help him advance with confidence. You can start here
You still have time to grow your wealth
At 56, he still has more than a decade before reaching retirement age. That is a valuable window to maximize your savings, invest wisely and prepare for financial security. Even small adjustments, such as adding to your super, reducing unnecessary expenses or finding ways to increase your income can make a large long -term difference.
Its salary of $ 50,000 per year provides a solid base, but it is worth considering whether to increase its hours or assume additional work (even temporarily) could help you build a stronger financial shock absorber. Even additional $ 10,000 per year, if possible, could give more flexibility when it is withdrawn.
I know he feels overwhelming at this time, but trusts me, you are already ahead because you are thinking about this now, instead of later.
With the correct plan, you can go from fear of financial trust and begin to wait for the next stage of your life with security and tranquility.
You have this.
Vanessa.
