WA Super News

Superannuation. For Her.

29/03/2019


Bored womanCrack out your pink pens and your lady-calculators, it’s time to talk superannuation.

We know. Boring. (And rather condescending if we’re honest, so let’s cut that right out). What isn’t boring however, is the fact that on average, women’s Super balances are 64% lower than men’s*.

Most women in Australia will not have enough Super to retire comfortably.

According to the experts of boring super, the Association of Superannuation Funds of Australia (ASFA), the average Super balance for women at retirement is $157,050**, falling well short of ASFA’s Retirement Standard, which is $545,000 for singles, or a combined $640,000 for couples. To make matters worse, both scenarios assume you own your home. Even worse again? 1 in 3 Australian women will have no Super. At all.***

Why? It’s complicated. Women typically earn less than men. We take on more casual and part-time positions, and we have more career breaks to raise kids and care for others. But on the bright side, we live longer than men. Oh, wait.

We’re going to assume that by now, you’re either very worried, incredibly angry, or half asleep. But stick with us, we’re here to help you make change. 

5 simple tips to boost your Super balance:
  1. Get a “status update” on all your Super. Make sure you know where your Super is, how much you have, and whether you’re on track.
  2. Find any lost Super and combine accounts ASAP – the extra fees are eating away your retirement stash.
  3. If you can, add an extra Super contribution, or set up a recurring additional payment#. If not, check whether you’re eligible for any Super help from the Government. A small amount now can make a huge difference later.
  4. If you aren’t working full-time and earn less than $40k, consider looking into spouse contributions. If you’re taking time off to raise the kids, for example, your partner can share their Super contributions with you, ensuring a more equal retirement, and giving you the financial safety net you’re entitled to.
  5. Call your Super fund and run through this list with them. Or give us a call.
Equality in boredom.

There’s clearly a lot of work to be done in the fight for financial equality, but as we like to say at WA Super, don’t get mad, get bored. If you take these steps to sort your Super today, it could be the most interesting, boring thing you’ll ever do.

WA Super, proud to be boring.
If you have any questions we’d be happy to help. Call us on 08 9480 3500 or email the team at info@wasuper.com.au.


* https://www.superguide.com.au/retirement-planning/gender-inequality-in-retirement-income

** ASFA - Superannuation account balances by age and gender - October 2017
***http://www.superguru.com.au/about-super/women-and-super

# There are limits on the amount you can contribute to your super each financial year. To find out more go to www.ato.gov.au or contact us.

Information in this article is general in nature and doesn’t take into account your personal objectives, situation or needs.  Before making a decision about WA Super, read our product disclosure statement at wasuper.com.au.

WA Local Government Superannuation Plan Pty Ltd ABN 64 066 797 162, AFSL 269006, as Trustee for WA Local Government Superannuation Plan ABN 18 159 499 614 (trading as WA Super).

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