First home saver account facts

• Only first home buyers can apply.
• You must be between 18 and 65.
• Limit one account per customer.
• You must save $1000 a year to get the 17 per cent government contribution.
• You can't take the money out until you buy a home at least four years down the track.
• If you change your mind about buying, the money goes into your super fund.
• Earnings are taxed at 15 per cent.

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.

The super self-employed

By Jaeneen Cunningham

A report by the Association of Superannuation Funds of Australia (ASFA) says that Many self-employed Australians remain unprepared for retirement with little or no superannuation or other appropriate savings. According to the chief executive of ASFA, Pauline Vamos, the research has revealed a significant gap in the retirement savings of the self-employed when compared to wage and salary earners in Australia. The report shows that while the self-employed sector makes up over 10 per cent of labour force, 28 per cent of the sector has no superannuation at all, while a further 53 per cent has a super balance of less than $40,000.

We know small business is under greater financial pressure than ever but given the tax incentives aimed at boosting contributions, self-employed people should consider superannuation as part of a strategy to increase their retirement savings. If you're self-employed its imperative you dont let all the years of hard work slip away by not providing adequately for youself in retirement. Look at your expenditure and find a little to make those important contributions now!