It's time for Australian women to get even.
It’s a sad fact that on average, Australian women reach the end of their careers with significantly less retirement savings than their male counterparts. There can be a number of reasons for this – women traditionally take more time out of the workforce to raise families or care for elderly parents. And there’s that pesky gender 13.9 per cent pay gap.1
And less money for retirement means less financial security at a time when you need it most. As much as retirement marks the end of a career, it’s also the beginning of an exciting new phase in life with less responsibilities and more time to be living your best life.
So, with women making up the majority of Super SA’s membership and our unwavering commitment to gender equality across the board, we’re doing everything possible to even things up. And there are things you can do that can make a big difference to what’s in your pocket at the end of your working life.
You can learn a lot about where you are financially, and where you could be, by starting a conversation with trusted friends, family members, even your lunch buddy at work. This sharing of ideas and information can lead to new ways of building a bigger nest egg.
We’re all leading busy lives with jobs, families, study and Netflix. But it can be really beneficial to dedicate twenty minutes a week (okay… a fortnight) to thinking about your financial status and how you might improve it. As a good starting point, head to our Knowledge Centre which offers a range of tools and online education geared towards women. You can even book into a seminar with our experienced, highly trained and qualified team, who can provide you with information about your options.
Knowledge is power
Knowing where you are financially is a big step in knowing where you’re going. Here’s 5 quick tips that can help boost your super:
1. Find your lost super with the ATO
Lost super is a big issue if you’ve changed your name, address or job. But there’s an easy way to find it. Simply log into your myGov account and connect with the ATO.
2. Minimise the number of inactive accounts by consolidating them
You may be missing out on returns by having smaller amounts in different funds paying multiple fees. Log into myGov and consider bringing all of your super under one roof.
3. Understanding your fund’s fees and investment performance
Superannuation funds charge different fees and offer different returns. By understanding these differences, you could boost your retirement savings.
4. Salary sacrificing to super
By contributing your before tax salary into super, you may reduce your taxable income and may provide a cost-effective way to increase your super.
5. Find out if you're eligible for the super co-contribution scheme
This government initiative helps low-income individuals increase their super. Under the scheme, the government will pay up to 50 cents for every dollar to a maximum of $500 of your after-tax personal super contributions. Income eligibility thresholds apply.
Research shows most Australians (men and women) aren’t regularly assessing their superannuation and savings situation. It’s something none of us give much thought to until retirement looms large before us. But, by making your super a priority right now, you can put yourself in a much more comfortable financial position as you embrace the freedom retirement affords.
For more information to help you achieve the retirement you deserve visit the Women and Super section in the Knowledge Centre.
1 Data from Australian Bureau of Statistics (ABS), https://wgea.gov.au/data/fact-sheets/australias-gender-pay-gap-statistics
The superannuation schemes administered by Super SA are exempt public sector superannuation schemes and are not regulated by the Australian Securities and Investments Commission (ASIC) or the Australian Prudential Regulation Authority (APRA). Super SA is not required to hold an Australian Financial Services Licence to provide general advice about a Super SA product. The information in this publication is of a general nature only and has been prepared without taking into account your objectives, financial situation or needs. Super SA recommends that before making any decisions about its products you consider the appropriateness of this information in the context of your own objectives, financial situation and needs, read the Product Disclosure Statement (PDS) and seek financial advice from a licensed financial adviser in relation to your financial position and requirements. Super SA and the State Government disclaim all liability for all claims, losses, damages, costs or expenses whatsoever (including consequential or incidental loss or damage), which arise as a result of or in connection with any use of, or reliance upon, any information in this document.