Women and super
Women generally earn less due to the gender pay gap and being more likely to have career breaks to raise children and care for family, leaving them with significantly less saved for their future.
Given that women have a longer life expectancy than men and actually need more money in retirement, this is particularly worrying.
Retiring with a lower super balance can leave you with a reliance on the Government Age pension, a lower quality of life and less independence.
The good news is, we’re here to help
We’re passionate about empowering our female members to take action today so that they can have a better outcome in retirement.
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Here are a few ways you can start closing the gap;
1. Take control of your super
If you have more than one super account, you can avoid paying multiple fees by consolidating them into one super fund. We can search for any extra accounts you may have and help you transfer them into your Prime Super account, saving you time and paperwork. Login to MemberOnline or call us on 1800 675 839.
2. Ask your boss to pay part of your pre-tax salary into your super
Also known as salary sacrificing, this can be a tax-effective way to grow your super. Because of the pre-tax benefits, you could be better off during tax time and save more money in the long run. You can contribute up to $25,000 per year before tax - but this also includes all contributions your employer pays such as your 9.5% super guarantee.
3. Make your own after-tax super contributions
Non-concessional contributions are not subject to the 15% contributions tax that can apply to other types of contributions. Depending on your annual income, you may also be eligible for a 50% co-contribution from the government. It's an easy way to give your super a valuable boost.
4. Ask your partner to make contributions on your behalf
Your partner may be able to claim a tax offset on the contributions made to your fund.
5. Get financial advice
We have experts who are ready to help guide your financial future. Get in touch for advice around your super, insurance, personal investments and overall wealth planning.
Want to learn more about women and super?
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Some things to consider before you consolidate:
Insurance benefits – Before you consolidate, you should review your insurance arrangements. Most people generally have some form of default insurance cover with their super. When you consolidate your super, your insurance cover in the funds you consolidate will lapse and you’ll be left with only one lot of insurance cover. You may want to check that the level of cover you have with Prime Super is adequate for your needs.
Exit Fees – Some funds charge exit or withdrawal fees if you try to move your money into another fund.
Women and super: the gender gap
Do you know how the average woman’s super balance compares to the average man? Most women have less in their super due to the gender pay gap and because they are more likely than men to have career breaks to care for children. The difference can be significant.