Women and super
Did you know that more than 80 per cent of women currently end up with not enough superannuation savings to fund the lifestyle they want in retirement? In fact, the average superannuation account balance for women when they retire is around $150,000 less than the average for men. There are a number of reasons why this is the case. For example, many women take time out of the workforce to have children or care for family members, and they are also more likely to be in part-time or low-paid employment. No matter what the reason is, there’s no doubt women have a much bigger task when it comes to saving for their retirement. This is why it’s important all women take simple steps to help boost their super savings.
Super Sorter Power Hour
Taking sixty minutes today to sort to your super could add thousands to your retirement savings.
Here are three simple steps you can take:
- Check your super savings
Get to know your super better by checking your balance regularly, as well as the insurance and investment options you have to make sure they are the best fit for your circumstances.
- Simplify your super by rolling all your super accounts into one
Consolidating your accounts and/or tracking down your lost or unclaimed super could save you thousands of dollars in unnecessary super fund administration fees, which over time can make a massive difference to your retirement savings.
- Plan to save more
Even small additional contributions to your super over time can help boost your retirement savings by thousands of dollars. These extra contributions can help you catch up on the savings time you missed, for example when you take time out to have a baby.
Did you know one in five women do not know how to consolidate their superannuation accounts?
See our Consolidating your super page to find out how simple it can be.