There are more women in the Australian workforce than ever before, with women comprising 46.2 per cent of all employees. So why are we still retiring with around half the super savings of Australian men? Why are more than 80 per cent of us likely to retire with inadequate savings to fund our retirement?
The continuing gender pay gap is a major factor – on average, Australian women are earning 16.2 per cent less than men. This means we receive less super contributions at the start.
Women are still predominantly the ones who take breaks out of the workforce or work part-time to raise families and look after elderly family members, meaning we receive less or no super contributions for extended periods.
And after juggling work, family, household chores and exercise (sometimes), many of us are left with little time to think about things like super.
So on International Women’s Day – a day that celebrates our progress and achievements, and highlights the ongoing fight for gender parity – we’re urging women to find 60 minutes to sit down and sort out their superannuation. Taking an hour of action today could see you substantially better off when you retire.
What can you do in 60 minutes?
1. Check your super savings
Log in to your account or call us on 1800 640 886 to find out how much super you currently have saved. You should also check your investment options and your insurance cover to make sure you’ve got the right options for your circumstances.
2. Find and combine your super
Consolidating your super is one of the most important steps you can take to make the most of your retirement income, as you’re possibly eliminating multiple account fees and unnecessary multiple insurance premiums.
With Media Super, you can easily combine online or over the phone without needing any forms. All you need is your Tax File Number (TFN) and the name(s) or ABN of your other fund(s).
And if you’re not sure where your super is, you can register your TFN online and get us to run a ‘Super Match’ search – we’ll do all the work for you!
3. Look at making extra contributions
Making even small personal contributions over time can make a big difference to your retirement savings. Use our Contribution Calculator to explore your options and see the difference for yourself.
Depending on your income, you may be eligible for a Government Co-contribution or the Low Income Super Tax Offset.
For more information or to discuss how you can boost your super, call the Media Super helpline team on 1800 640 886.
Supplied: Media Super which is a sponsor of the conference.