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The Gender Gap… continued

• Know the value in relationships. You might have taken five years off work to raise a family, while in the
meantime your partner’s retirement savings has kept growing. Have a honest discussion with your partner -
perhaps you could split the savings into two KiwiSaver accounts while your raising the kids, so your balances
are more even.
• If you’ve got an inheritance or something else you want to safeguard, look at taking out a contracting-out
(prenuptial) agreement.
• Women are less likely to push for a pay increase, or apply for a promotion. Have an open & honest
conversation with first yourself & then with your employer. Money talk is tough, but you owe it to yourself
to help close the retirement gap.
Article sourced from JUNO Autumn Edition 2019
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What is Equity?

Home equity is a homeowner's interest in a home. It can increase over time if the property value increases or the mortgage
loan balance is paid down. Put another way, home equity is the portion of your property that you truly “own.” You're
certainly considered to own your home, but if you borrowed money to buy it, your lender also has an interest in it until you
pay off the loan. Home equity is typically a homeowner’s most valuable asset. That asset can be used later in life, so it’s
important to understand how it works and how to use it wisely.

What can you do with Equity?
Buy your next home: You probably won’t live in the same house forever. If you move, you can sell your current home and
put that money toward the purchase of your next home. If you still owe money on any mortgages, you won’t get to use all
of the money from your buyer, but you’ll get to use your equity.

Borrow against the equity: You can also get cash and use it for just about anything with a home equity loan (also known as
a second mortgage). However, it’s wise to put that money toward a long-term investment in your future—paying your
current expenses with a home equity loan is risky.

Fund retirement: You can choose instead to spend down your equity in your golden years using a reverse mortgage. These
loans provide income to retirees and don’t require monthly payments. The loan is repaid when the homeowner leaves the
house. However, these loans are complicated and can create problems for homeowners and heirs.