Although many people contribute to superannuation, or are beneficiaries of compulsory superannuation, the contributions typically fall short of ensuring retirees will be able to maintain their current standard of living. Budgeting is a simple way of helping people to smooth-out their cash flow during their “financial life-cycle”.

Women often earn less than men but live longer which makes it difficult to save sufficient funds for a comfortable retirement. Consequently it’s generally accepted that woman should contribute more into superannuation to achieve the same standard of retirement benefits as men. It is important for single and married women to plan for their retirement. Unforeseen events mean that women should plan independently for their old age instead of relying on someone else