Ladies it is time to look after your superannuation

So this week as we look to celebrate International Women’s Day we need look into world of the gender pay gap….particularly the gap between the balances accumulated in super between males and females!
Something that we as advisers have known about for years but something that has recently started to get some media attention.

Whilst I am of the belief that there isn’t any female who wants to be employed in a role or be given a position on a board due to a quota system, we want to earn this right just as any of our male counter parts!
We as females need to make sure we are looking after our nest eggs (superannuation) and this should start from the time we enter into the workforce.

Given that for the most females – there will be a break in our career’s whereby there won’t be any compulsory employer contributions going into our fund due to raising children or looking after elderly parents- we should start early by sacrificing a few coffees each week or a pair of shoes each month to contribute a little more to our superannuation funds.

Perhaps it is also worthwhile looking at the investment option you have elected and consider increasing the risk exposure to gamble on a greater return- given that when you are 20yrs of age there is more than a few investment cycles to roll through before you have access to the funds! (This is not advice, you need to consider your circumstances before making any changes!)

The results of this is outstanding!

Case Study: Mary aged 50yrs and her husband (Harry) age 50yrs – both have had great incomes – Mary has taken time off to raise their 2 children (2yrs) and worked part-time up until recently (7yrs) when she has moved back into full-time work and recommenced making additional superannuation contributions

Mary has always had her superannuation invested the same way as her husband’s- and they are both high growth investors- check out the difference in their superannuation balances!

Superannuation Harry $497,548

Superannuation Mary $374,179

That is a whopping $123,369 difference.

Ladies it is time to look after your superannuation!