Friday, July 4, 2008

Women and their super

Women tend to be less concerned about superannuation even though they probably have a greater need for it in retirement. Women have a longer life expectancy, take greater time out of the workforce for parenting and, on average; working women earn less than men.

In general, women will have a need for more super to support a longer life but their circumstances mean they will generally have less in their accounts.

There are simple things women can do to boost their superannuation, including:
  1. Keep as few accounts as your employment circumstances will permit. Multiple super accounts mean more fees than necessary. Also, keep your address up to date with your providers to prevent accounts from going astray.
  2. Find lost super, especially if you've done a lot of casual or part-time work. You could easily have little pots of money in accounts you've forgotten about.
  3. Top up your super when you can afford it. Tax concessions make super an excellent way to save for retirement. Outside of your home equity, most people will save more through super than through any other way.
  4. Get interested in your super – read your 6 monthly or annual statements and keep track of how your super is growing. Balances may vary from year to year but over time, with steady and appropriate contributions, your super will grow into a tidy nest egg on which to enjoy a comfortable retirement.

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