Women face unique challenges when it comes to retirement savings. Women are known to be lower pay earners, time out of the workforce to raise children, and running a single-parent household, make it challenging to build a reasonable amount of super.
There some simple strategies women should consider.
- Super is good for you
- Start to understand
- Options available to grow your Super
- Track down lost super
- Women of all ages should have a better understanding of financial matters and be more active in preparing for retirement.
Centre In Financial Planning is able to educate you in various areas:
- Retirement adequacy
- Government contribution incentives
- Career breaks
- Understanding your investment risk profile
- Accessing benefits
- Understanding Lfe Insurance, Income protection, Trauma, and Risk management
- Superannuation and your Estate planning
- Aged care
Superannuation is a very tax-effective way to save for your next stage of life - retirement. Your super fund pays a low rate of tax on contributions and investment earnings while you grow your wealth. Without super, many women are forced to rely on the age pension in their senior years. But the pension is designed as a safety net and not to provide a comfortable retirement. This is the time to focus on growing your super. Speak to our financial planners to find out more.
Your employer should be making super contributions on your behalf. These contributions will be worth around 9.50% (from July 1st, 2014) of your annual wage or salary.
If you haven't given your employer instructions about the super fund of your choice, it's likely that contributions are paid into a fund your employer has chosen. Take the time to read your statements and understand where your Superannuation is invested.
Normally you are able to select your own fund and have your employer's contributions paid into that. If you have several super funds, it's a good idea to consolidate your super to your preferred fund. This will save you on extra administration fees.
Super strategies which women need to remind themselves and "take control"
Look at your current Super statement,work out how much you need and take action:
Just five steps:
- Comsolidate your super to reduce fees
- Look at the investment strategy
- Consider co-contribution
- Find lost super
- Salary sacrifice
- Ongoing management and service
Super, Life Insurance and Women
There are many types of life insurance cover that women can take out in order to protect themselves and their family against detrimental situations and events. Life insurance for women is a cover that all women should consider, particularly if you are a main contributor to the household income.
If an unforeseen circumstance occurs, will your family experience financial hardship. Holding a life insurance cover helps your family not be in financial trouble if you are no longer able to provide for them.
Within or outside Super you able to include various types of insurance cover.
- Life Insurance
- Total and Permanent disability (or invalidity) insurance (TPD)
- Income Protecttion (Salary continuance) Insurance