Did you know that around 90% of women 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 $90,000 less than the average for men.*
There’s no doubt women have a much bigger task when it comes to saving for their retirement than 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 lower-paid employment.
No matter the reason, 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.
So what can you do?
CHECK YOUR SUPER
Check your balance regularly and consider the investment options you have to make sure they are the best fit for your circumstances and timeframe to retirement.
SIMPLIFY YOUR SUPER
Consolidating your accounts and tracking down any lost or unclaimed super could save you thousands of dollars in unnecessary administration fees, which over time can make a massive difference to your retirement savings.
BOOST YOUR SUPER
Even small additional contributions to your super over time can help boost your retirement savings by thousands. 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.
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Fionne McKillop is principal financial planner at McKillop Financial Planning and owns her own law firm McKillop Legal, which is expert in estate planning, business succession and commercial law.
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This article was prepared by Integrated Planning Systems Pty Limited ABN 21 051 429 184 trading as McKillop Financial Planning, an Authorised Representative of GWM Adviser Services Limited ABN 96 002 071 749 trading as MLC Financial Planning, Australian Financial Services Licensee, 105 – 153 Miller St, North Sydney NSW 2060, a member of the National Australia Bank Group of companies. The information is current as at 29 September 2016.
The article does not take into account your personal objectives, financial situation or needs. Accordingly, you should consider how appropriate the information is to you with regard to your personal circumstances. You may wish to obtain an adviser’s assistance, tax and/or legal advice to make this assessment. Before buying any financial product, you should read the Product Disclosure Statement (PDS) for that product and consider the contents of the PDS before making a decision about whether to acquire the product.
Opinions constitute our judgment at the time of issue and are subject to change. Neither, the Licensee or any of the National Australia Group of companies, nor their employees or directors give any warranty of accuracy, nor accept any responsibility of errors or omissions for this document.
* Source – The Association of Superannuation Funds of Australia Limited ABN 29 002 786 290