If you’re a woman wanting to maximise your savings to help you achieve your dream retirement, you may want to consider utilising strategies that can boost your super.
With such a large gender gap in superannuation balances, it’s important for women to regularly check their superannuation to ensure they’re receiving the returns they deserve.
By planning ahead, you can take advantage of your superannuation to make your retirement transition easier and more comfortable. With the right financial strategies, the sooner you plan for retirement the better, so you don’t miss out on the long-term benefits that are effective in helping you achieve your financial goals.
Read on to learn how you can take advantage of your super to help you achieve your ideal retirement.
How Are Women Affected by Superannuation?
While recently there have been multiple changes introduced by the government to the superannuation system, there are some key ways that women are affected.
Did you know?
On average, women have 23% less saved up for retirement than men.
There are a number of factors to cause this, such as
- women earning less than men, or
- taking time out of the workforce to raise children.
Women are also more likely to retire earlier than men yet live longer, which means that they have less time to grow their superannuation balances, which can result in women having to rely on the age pension or other forms of financial support during their retirement.
How Women Can Make the Most of their Superannuation
To maximise your super fund and ensure you’re on track to achieving your ideal retirement, you may want to consider the following 4 strategies we’ve shared below:
Strategy #1: Effectively manage your super fund regularly.
- It’s essential to keep track of your super balance and ensure your investment strategy and insurance options are still suitable for your needs.
Strategy #2: If you have multiple super funds consider consolidating your accounts.
- If you have worked multiple jobs over the years, it’s more than likely you may have multiple super accounts. If you’re unsure, you can track down your super through your myGov account. By having only one quality super account where your money goes, you can save money on fees! If you cosolidate mutiple accounts, you could possibly save thousands of dollars in fees over time which all stays in your account – compounding for your retirement.
Strategy #3: Consider making extra contributions to your super.
- You can make both concessional and non-concessional additional contributions to your superannuation (subject to eligibility). You can learn more about superannuation contributions by checking out the article – ‘A Guide to Understanding Your Superannuation Contributions.
You can even check out Moneysmart’s Super Contribution Optimiser to see how you can grow your super.
Strategy #4: Choose an investment strategy suited to your timeline and risk tolerance.
- It’s important to check how your super is being invested on your behalf and ensure it’s an investment strategy that’s tailored to your risk tolerance and stage of life. Most super funds allow you to choose your investment strategy from conservative to balanced to growth options.
Become a Super(annuation) Woman!
While there is no one-size-fits-all solution, it is crucial to grow your superannuation so that you can retire comfortably.
If you want to learn more about maximising your superannuation, Novo Wealth in Adelaide offers tailored retirement planning and financial planning for women so you can achieve financial freedom and live your best life.
It is never too soon to start looking after your super, so the earlier you start making smart, informed financial decisions, the more opportunities you will have in retirement.
Book a FREE 15-minute chat with our friendly team to get started!
