Successful women usually find themselves juggling multiple responsibilities, both at home and in the workplace. With such a hectic life, it’s often hard to find the time to think about the future.
But it’s especially important for women to think about their superannuation and what it means for life after they finish work.
Women tend to live longer than men, are often paid less, and may have to take time out of the workforce to look after children in their early years. What that can mean is that women end up with a lower level of superannuation than men when they eventually retire.
Recent research by the Association of Superannuation Funds of Australia showed that the average superannuation account balance for women was around $40,000, while for men it was around $71,000. The average retirement benefit payout (at age 60-64) for women was $112,000 while for men it was $198,000.
There are a few simple things that successful women can do to close the gap and make sure they set themselves up for the future properly.
Keep an eye on your superannuation balance and look into steps you can take to maximise the benefit of superannuation savings. Super can offer you excellent tax advantages.
Of course, you also don’t want to lock too much money away in super too early and not be able to use the money when you are looking to buy a house or start a family.
To find out more about superannuation rules, advantages and disadvantages, it’s a good idea to consult a financial planner who can provide expert advice.
Heritage Bank has a range of financial planners across south east Queensland who can help you put in place the right financial plan for your circumstances. To set up an appointment, call the Heritage Contact Centre on 13 14 22, go to www.heritage.com.au or visit your nearest branch.
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