Pay it forward… to yourself

Pay it forward… to yourself

Julie Lander

It’s no secret that women face retirement with, on average, 47% less* in their super than their male counterparts. Throw in the fact that females tend to live longer and it quickly becomes apparent that the life versus money maths doesn’t tally in our favour.

With lower pay, time out of the workplace to raise kids, running single-parent households or caring for elderly parents, it’s challenging to build up the money-pot when the money simply isn’t there to save. But there are ways to make up the shortfall.

Make a plan

Ever heard the adage ‘failing to plan is planning to fail’? It’s pretty true when it comes to retirement. If you know that you’re going to be taking some time out of work to have a baby, could you top up your super before you head off? Or if you’re lucky enough to get a pay rise or a bonus, think about paying it straight into your super and carry on living on your existing wage. It may feel unfair at the time, but when you’re sipping a cocktail in 30 years while everyone else is at work, you can thank yourself for making that sacrifice.

Rescue your super

A job for life is generally a thing of the past these days, and it’s possible that you’ve got forgotten super out there that you picked up in an old job. Fortunately, it’s easy to get it back. CareSuper can help members track down their lost super in minutes.

Get a boost

Now, even though we fully endorse sisters doing it for themselves, if you’re in a relationship it could be worth exploring whether or not your significant other could help boost your super while you’re on a career break. Options include spouse contributions and contribution splitting. This Retirement planner lets you factor a career break into your long-term planning.

Take back control

Regularly reviewing and understanding your super gives you more control over your future and helps you to reach those retirement goals quicker.

And if the most future thinking you’ve done is considering what to watch on Netflix when you get home, take solace in the fact that you’re not alone. However, instead of watching ‘just one more’ episode of your favourite show, why not take that time to make a plan, chase your super and maybe even do a budget. Your future self will thank you for it.

*Source: www.makesuperfair.com.au


The opinions expressed in this content are those of the author shown, and do not necessarily represent those of No More Practice or its related entities. This information is general in nature and does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness having regard to these factors before acting on it. To view our full terms and conditions, click here.