2 November 2009

Super for Women

Being a woman can sometimes require you to step out of the job market temporarily for family responsibilities. Other times, divorce or separation can mean having your resources cut in half. Or perhaps you haven’t had super for all that long, since the Superannuation Guarantee was only introduced in 1992. But even if you are in any of these situations, don’t put super in the ‘too hard” basket. Super is a life-long investment and benefits substantially from the effects of compound returns. A well structured super plan protects you later in life and gets your money working harder for you.

1. Government Co-contribution
   If you’re eligible, putting away just $20 a week into super for a whole financial year can net you a solid $2,000, with the Government currently contributing up to $1 for every $1 you put in, up to $1,000 depending on your income. More
   
   
2. Boost your account balance
   Women historically earn less than men do, but live longer. Contributing an extra 3% into your super can boost your super account balance by $122,000 by age 65*. More
   
   
3. Spouse Contributions
   Currently not working or earning less than $13,800 a year? Your partner may be able to put money in super for you. Your partner gets up to $540 tax rebate, and you get a super account boost without any extra work. Also if you’re the older partner, your family gets to access some retirement savings earlier than if it’s all in your partner’s super account. More
   
   
4. Assess your financial risk
   Discover your appetite for Financial Risk with our Online Investor Profile Quiz. Review your super investment options to ensure they match your tolerance for risk vs return. More
   
   
5. Track your retirement goals
   Discuss your super with our super consultants and see how you’re tracking on your retirement goals. There may be a fabulous tax-advantaged way to save you’re missing out on. If you’re with a participating employer, our consultants also make workplace visits. So ask your employer! More

• Read and keep your Vision Super member statements each year
  
  
• Check your super account balance online. If you don’t have your member secure site password, give us a call on (03) 9911 3222 or 1300 300 820.
  
  
• Keep a record of what investment option your super is invested in, and details of any insurance you have with Vision Super.
  
  

* These figures are calculated using the Vision Super Retirement Calculator. This assumes you are a female, 30 years of age, who retires at age 65. Your salary is $50,000 p.a. with a super account balance of $10,000. Your super is invested in the Balanced Growth investment option, and your employer contributes 9% Superannuation Guarantee for you. You also make after-tax contributions of 3% of your annual salary.

back to the news list