Super women

Let’s face it, women tend to face more challenges than men when it comes to superannuation.

Despite more women than ever entering the workplace, there is still a significant disparity between the retirement incomes of men and women.

Women tend to live longer than men but will, on average, retire with half the super balance of men and face unique challenges when it comes to retirement savings. 

Lower pay, time out of the workforce to raise children or looking after aging parents can make it difficult for women to accumulate enough superannuation to last through retirement.

Here’s how you can make the most out of both your existing and future superannuation.

Take your super seriously

If someone asked for almost 10% of your wage each payday, you’d want to know what they were doing with it. Just because superannuation is taken out before your pay hits your bank account, doesn’t mean it should be out of sight, out of mind.

Your employer should be making super contributions on your behalf equivalent to 9.5% of your wage. Check your super statements to find out:

  • How much super you have.
  • How your super is invested.
  • What fees you’re paying.
  • Whether your fund offers life insurance.

Maximise your super

Consider whether making additional super contributions is right for you. 

Ways to boost your super contributions include:

  • Pay part of your pre-tax salary into super via salary sacrifice or concessional contributions.
  • Make after-tax contributions out of your own pocket.
  • Ask your partner to make contributions on your behalf.

MoneySmart’s Super Contributions Optimiser can help you decide which option is right for you.

Track down lost super

If you’ve ever held a casual job or just gone with your employer’s default super fund instead of selecting your own, you may have several accounts and could be paying multiple fees and charges.

Log in to your myGov account to see all super accounts in your name, including ones you may have forgotten about.

Before you consolidate your super accounts, check with your funds to see if there are any exit fees or if you will lose insurance.

RACQ Financial Planning is presenting a seminar on the 23 March, hosted by women for women, to share key insights on how you can take control of your financial security both now and into the future. The seminar is part of a new series of financial wellbeing and is free to attend. To register visit racq.com/financeforwomen.

RACQ Financial Planning Pty Ltd is a Corporate Authorised Representative (Representative number 293929) of Actuate Alliance Services Pty Ltd AFSL 240959, ABN 40 083 233 925. Actuate is a wholly owned subsidiary of IOOF Holdings Limited ABN 49 100 103 722.

The information in this article has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained in the document is general advice and does not take into account any person’s particular investment objectives, financial situation or needs. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives, financial situations and needs. You should obtain and consider the Product Disclosure Statement or terms and conditions relating to the products mentioned, before deciding whether to acquire any products.