Women and Super
Simple steps you can make today for a better financial future
On average, women retire with 47% less super than men in Australia¹. That’s a big difference.
There are several reasons for this: women are more likely to take time out from the workforce, work part-time, and have lower earnings.
However, there are simple things that you can do today that can make a big difference to your retirement savings and help close this gap.
Take control, 8 simple steps to improve your retirement savings
1. Consolidate your super accounts
Having more than one super account means you’re literally throwing away hundreds of dollars every year. Over your working life this can add up to tens of thousands of dollars wasted. That’s just crazy! It’s so easy to find out if you have more than one super account and roll them into your First Super account. Find out how.
2. Contribute a little extra
Sometimes it’s not enough to just rely on the contributions from your employer. If you can spare it, even $10 a week can help boost your super. There are two ways you can make extra contributions: after tax or before tax. Learn more.
3. Government super boost
If you’re not on a high income, you might be eligible for a super boost through the government co-contribution scheme. Learn more.
4. Partner contributions
Are you taking some time out of the workforce? If you are taking sometime out of the workforce, your partner (married or de facto) can make extra contributions to your super account on your behalf and may receive tax benefits for helping you out. Learn more.
5. Get advice
Our in-house financial planners genuinely take pride in helping members plan for their retirement. Whatever your age, it’s never too late or too early to speak with our financial planners. There’s lots of information they can provide that’s part of your membership and won’t cost anything extra. Get in touch and request a 30-minute retirement health check to see if your super is on track.
6. Investment choice
Is your super invested in the right option for you? Are you invested in conservative when you should be in growth? Contact us and we can help you understand the different investment options and help you chose what’s best for you.
7. Check your insurance
It’s a good idea to regularly check your level of insurance cover so that you’re financially prepared for any unexpected life event that impacts your personal finances.
8. Changing jobs?
Have you recently changed jobs or thinking of moving to a different company? Did you know you can take us with you to your new role? Not only are we an industry fund with our members best interests at heart, but we have strong long-term investment performance.
Together, we can help you reach your financial goals.
¹Super Guru – Women and Super
Useful financial resources
• Super Guru – Independent resource to help you understand and maximise your superannuation
• Industry Super – Gender Equity and Super
• MoneySmart – Take control of your money and build a better life
• ATO – Understanding Super
WE’RE HERE TO HELP. SO LET’S TALK.
If you have any questions on this or any other super matter, please call our Member Services Team on 1300 360 988 or email us.