What Women Need To Consider When It Comes To Super
Today we celebrate International Women’s Day and with this year’s campaign theme #BalanceforBetter – better the balance, better the world; what a great time to start working on maximising your super.
Whilst we are working towards correcting the balance between the genders, unfortunately, on average, women have much lower super balances.
Three key reasons why;
- On average women earn less than men.
- Women are more likely than men to take a career break to raise their children.
- Some women choose to return to work on a part-time basis until their children are older.
All this results in lower contributions and will have a greater impact on their super balance.
What can you do to maximise your super?
There are several steps you can take to start planning.
1. Get Super Smart
Understand where all your super is, how much super you have, what investments you are in, what fees you are paying and what insurances you have through your super fund and if they are adequate.
2. Look at growing your contributions
You can ask your employer to pay part of your pre-tax salary into super, this can be a very tax effective way of growing your super. You can also make further contributions out of your own pocket – also known as after-tax super contributions.
3. Spouse Contribution
Your partner may be able to assist you in boosting your super balance by either spouse contributions or contribution splitting.
4. Get help from a professional
Financial planning can be complex and overwhelming at times. At PrimeAdvisory we will work with you to give a better understanding of your options and get you on track to maximize your super balance for retirement.
A super story:
“PrimeAdvisory were really good at helping me get organised. I had 6 super funds, which were all over the place. They helped me get it sorted out so our net asset position was understood. It helped me know my total asset position and how much wealth we had. At 53, it was important to see a pathway to retirement, how we will fund it and maintain our lifestyle. Having an independent source to facilitate a discussion around finances with my husband also helped bring out the differences between our ambitions and what we want to do in retirement, lifestyle-wise. Working with Guy helps us have those conversations.” – Carolyn, 54, Financial Services Executive
To start a conversation about getting on track and planning for retirement contact us today on (02) 9415 1511.