Women don’t have to earn the big bucks or have completed a degree in economics to make the most out of their superannuation. However, women continue to lag behind male counterparts in retirement balances.
On average, a woman’s super payout at retirement is 43% less than a man’s – at $112,000 compared with $198,000 due to sustained pay inequality and family caring needs. Given divorce rates are climbing and women live (on average) five years longer than men, it’s clear women must become more engaged in protecting their retirement nest eggs to ensure they get the retirement they deserve.
As part of International Women’s Day coming up on 8th March, the Australian Taxation Office (ATO) is campaigning throughout March to make sure Aussie women know how to make their super work best for them and bridge the whopping super gap.
The ATO has created the 5 Step Super Check to help women make the most out of their super.
1. Check your Super Statements
- Is your employer paying the correct rate (amount equal to at least 9.25% of your pay) each quarter?
- Does your statement correctly show all contributions, insurance and fees?
2. Does your Super Fund have your Tax File Number (TFN)?
- If not, you’ll pay more tax, and it’s harder to keep track of current and previous super accounts.
3. Keep Track with Superseeker
- Check your super accounts.
- Find lost super, and/or
- Transfer super to your preferred account.
4. You may be eligible for Government contributions
- A government co-contribution can boost your super.
- See if you qualify and what you need to do at www.ato.gov.au/boostmysuper
5. Are you putting extra money into Super?
- Make extra payments into your super fund account
- Salary sacrifice or make contributions from after-tax pay.
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