Super is one area where the gender divide is still very visible. Women on average currently retire with approximately half the super balance of their male counterparts, but live on average five years longer.
This can have serious implications for women's finances. Especially given that 44%1 of women rely on their partners as the main source of funds for retirement.
There are ways women can boost their super and improve their financial independence. Here are three simple things you can do to start building a better tomorrow.
We can help you track down any lost super you may have and consolidate it into your Catholic Super account. Having all your super in one account means you save money, since you're only paying one set of annual fees. It also allows you to manage your super from one convenient account, so you've got complete control.
Don't forget to always check if there are any insurance implications and exit fees from other funds before you transfer your super.
Personalising your investment options and choosing a more growth-driven strategy can make a big difference to your future balance. You can learn more about your investment choices here.
Not sure where to start? Our financial planners can give you the advice you need that makes all the difference. They do not receive any bonuses or commissions, so you can be sure we're here to help you achieve your financial goals.
When you salary sacrifice, you can pay some of your pre-tax salary into your super account. As well as boosting your super balance, salary sacrificing can potentially reduce your tax rate. Small additions to your super can add up, and even $20 a week can improve your retirement balance.
Simply contact your HR or payroll office and let them know you'd like to start salary sacrificing.
Personal finances are an important part of ensuring a more fair and equitable society, and we encourage all our members to take control of their super and plan for a better retirement.
