The hidden money strain for women carers
Women are often in a care squeeze, looking after several generations, but that need not mean a financial squeeze.
In 2025, the ABC reported that about 1.5 million Australians are part of the sandwich generation, supporting ageing parents while caring for children.
According to Women's Agenda, these multi-generational carers tend to be women, who can be left feeling stretched thin. These caregivers spend about 15 hours a week on unpaid care for ageing parents, plus another 15 hours looking after children, according to Australian Seniors. These commitments can impact women's careers and employment.
The good news is, there is a way for women aged 50 and older to feel more confident about devoting their time to caring for family members while still enjoying the security of a regular income.
A lifetime income stream: Regular income with financial confidence
One solution is a lifetime annuity, also known as a lifetime income stream. As the name suggests, it is an investment that pays a guaranteed income for life.
Women aged 50 and older can invest in a lifetime annuity using non-super savings. Put simply, it is a way to turn a lump sum of cash, such as personal savings, into a regular income stream that lasts for life.
This can help relieve the stress of balancing personal finances. By simplifying household budgeting and easing the pressure of juggling multiple responsibilities, it can give women greater confidence to spend, rather than worrying about their financial future.
While lifetime annuities are not new, they have evolved considerably in recent years. Today, a woman can receive income for life from an annuity and choose for her partner or adult child to continue receiving that income after she passes away.
In a similar way, elderly parents may choose a lifetime annuity to boost their retirement income. When they die, the income stream can pass to their adult caregiver. It can be a meaningful way for parents to thank the child who devoted time to caring for them.
The flexibility to bring forward returns
Generation Life's investment-linked lifetime annuity, LifeIncome, includes additional innovations.
The LifeBooster feature provides flexibility to bring forward future investment returns. This can result in higher income in the earlier years, when women may be more likely to lead an active lifestyle or still have adult children living at home.
There are also potential Centrelink benefits. When caregivers reach age 67, lifetime annuities may receive concessional assets test treatment for Age Pension purposes. This can mean qualifying for payments that were not expected, or increasing supplement entitlements.
The result is that a lifetime annuity can provide regular income and greater financial confidence. This can allow a woman to focus more on her loved ones, with less anxiety about her own financial security.
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