Superannuation sits within a broader issue of gender equality in Australia. Women generally earn less and take more career breaks to care for family. Often, this leaves them with less saved for the future, compared to men.
The super gap amongst our membership
Having enough super may not just affect the lifestyle we lead in our later years, but also the healthcare and aged care options available to us. For women, this is an even more urgent issue: they’re playing catch-up.
4 common obstacles that women face
In conversations with our members, we see some common obstacles when it comes to getting on top of retirement saving and planning. We’ve investigated some of these roadblocks, and want to share suggestions that might help you overcome them.
I don’t have time to focus on my money
In the rush of everyday life, it’s easy to forget about something that seems a long way down the track. Why not take the opportunity to shine a spotlight on the issue. And, an ideal trigger for scheduling a dedicated hour to start sorting out your super.Find my super
I don’t earn enough to save for retirement
If you’re working part-time or have a tight household budget it can seem difficult to save for retirement. You can still make a difference without taking too much of a hit to your hip pocket.Earn a co-contribution
I’m too focused on today to worry about tomorrow
The long-term nature of superannuation makes it easy to put off until later. But don’t forget, small actions do make a difference so the earlier you start, the easier it is.Get my super together
I don’t know where to start
With so much jargon and so many rules and regulations, it’s easy to put super in the ‘too-hard basket’. But we are here to help. We have a range of cost neutral, easily accessible options to help you get started on your financial journey. We also understand that retirement might not be your primary focus right now, and that’s ok, there are things you can do at all stages in life to help improve your tomorrow.Take a simple quiz
What now? How can women take action on their super?
More control over your money may provide you with more choices for your life. Understanding and managing your financial position helps you achieve goals, plan for the future and support others. That’s why getting a handle on money and boosting your understanding of savings and investments is important. Yet, women often leave it to the bottom of a very long ‘to-do’ list.
It’s also often hard to think about the long-term future, when today, tomorrow and this year could present plenty of their own challenges. But the nature of long-term savings, such as super, is that the earlier you take small steps, the easier it is down the track. This provides a longer period of time for your money to grow.
How you can improve your super balance
Age: under 35Show more
The big challenge is making your finances and saving for the future feel important, when the future can often feel like it’s such a long way off. But small actions now can make a big difference later. This is a good time to:
- Learn the basics – There are plenty of easy-to-understand resources to help you when you start a new job, get married or take a career break.
- Register online – You can do things like check your balance, consider investment options and insurance in our member portal. Once you register, it’s easy for us to stay in touch and help, wherever you live and whatever job you may take later in life.
Age: 35-44Show more
This is a busy time when we are building careers, managing families and often paying a mortgage too. However, it’s also an important time to put the right foundations in place for your future. This is a good time to:
- Check your balance – As life gets busy, it’s easy to lose track of your super. If you’ve registered with us for emails, we’ll send you your statements or you can check your balance any time through our online member portal.
- Get your super together – If you’ve had several jobs by this age, you may have multiple super accounts. This multiplies the fees and insurance premiums you’re paying, so it’s a good idea to get all your super into one fund. The good news is, combining your super is quicker and easier than ever before. The good news is, combining your super is quicker and easier than ever before with our search and combine tool.
Age: 45-59Show more
This is a time for action, as retirement is closer than ever. Taking an interest in your super at this age will help you feel ready for the future. This is a good time to:
- Run the numbers – Use our super projections calculator to see how you’re tracking or use the savings calculator to see how extra contributions can add up down the track.
- Make a plan - Speaking to a financial planner may help you develop a plan for the future and feel more confident about how to get there.
Age: 60+Show more
With retirement just around the corner, super is more important than ever before and we’re here to help you prepare. This is a good time to:
- Speak to a professional – A financial planner can give you the information you need about your options in retirement, from setting up an income stream through to your eligibility for the Age Pension.
- Talk to your loved ones – Today’s retirees are more active than ever. So now is the time to think about what your life after work will look like. Will you be caring for grandchildren? Will you help your kids get on the property ladder? What about aged care? Begin conversations with your loved ones about these topics to help ensure everyone understands your plans.
Now that you’ve made the leap to retirement, looking after your savings is top of mind.
- Understand aged care options – It’s important to have options if your health declines. The more information you have, the better prepared you will be if you need to look at aged care and its associated costs. Read about the key questions to consider for aged care.
- Keep active – Staying healthy is important to having an enjoyable retirement. Think about how your superannuation income stream can support activities that keep you busy, from travel to social outings, or use the Federal Government’s free online resource for health tips and advice.
Resources to help
Access tools and information to help you make the most of your money. Or if you prefer to speak to someone, we're here to help.