super tips

Take charge & close the super gender gap

It’s an ugly truth that Australian women retire with significantly less superannuation than men. But with more women in the workforce than ever before, why is this still happening?

Let’s be clear – the super gap does not exist because women ‘don’t understand finances’,’ or because we think ‘a man is financial plan’.

The continuing gender pay gap is a major factor, as it means many women receive less money to start with. 

Raising a family & your super balance

Women are still the primary caretaker in most Australian families; we take time out of the workforce for maternity leave and often take longer periods off (potentially working part-time) to raise children. But what effect is this having on our financial confidence and security down the track? 

Taking time off work means you’re unlikely to be receiving employer super contributions or you may return to work part-time and receive lower contributions than when you worked full-time. Over a few years, this can have quite a significant impact on your super. 

Staying well in retirement

1 in 10 older Australians experience depression and anxiety. 

While mental health challenges can occur at any stage of your life, there are times you are especially vulnerable to experiencing depression and anxiety.

Retirement can involve some triggers for these conditions, particularly if it is a stressful time or if it becomes an ongoing challenge. ‘The transition between work and retirement is a big change,’ explains beyondblue’s Policy,

Super that lasts as long as you

With retirees feeling the pinch with low interest rates and our ever-extending life expectancy, it’s understandable that you might be apprehensive you’ll outlive your retirement savings.

For example, the life expectancy of a 65-year-old female today is 87. By 2050, that’s expected to increase to 91.1

In terms of outliving your super, here are the cold, hard stats:2

Tracking your spending can change your life

New research from our friends at ME confirms that tracking spending has a powerful influence on your ability to save and set money goals.

ME put four participants to the test by asking them to track their spending for an entire month using ASIC’s TrackMySpend app.

Overall, all participants agreed the exercise empowered their money management in three major ways:

How first home buyers can boost borrowing power

When it comes to maximising borrowing power ahead of buying your first home, a deposit is important, but it isn’t everything. A range of factors work together to shape your borrowing power. Read on for some tips from our friends at ME.

“How much can I borrow?” was Google’s most popular home loan question in the past 12 months. 

ME’s analysis shows Australians made the enquiry more than 25,000 times, highlighting the dilemma housing affordability is causing many buyers. 

5 reasons your savings are going backward

If the halfway mark of 2017 sees your savings looking a little lean, you could be caught in one of five money traps.  Our friends at ME have identified the hurdles reported by Aussie savers and have some handy tips on how to overcome them.

At the start of a new financial year, it’s the ideal time to check your savings progress. 

If you’re on target with your goals, give yourself a pat on the back. If it turns out you’re falling behind, read on to see if you’ve fallen into one of the five key traps that keep pushing the goalposts further out.

Help yourself to more: get a government co-contribution

What is the Government co-contribution?

It’s one of the ways the Federal Government is helping low to middle-income earners to save more super for their life after work. It’s like getting an extra serve of fries when all you paid for was a cheeseburger.

How does it work?

Depending on your income and other requirements, if you make an after-tax contribution to your super, the Government will chip in $1 extra for every $2 you put in (up to a maximum of $500).

Golden opportunity to boost your super

On 1 July, the non-concessional (after-tax) contributions cap will be reduced from $180,000 to $100,000 a year for people aged under 65. Although the ‘bring-forward’ rule will remain – where you can contribute up to three years’ worth of non-concessional contributions in any three year period – this will consequently reduce from $540,000 to $300,000. 

If you’ve recently received an inheritance, sold a property, or have a large sum of money that you’re not quite sure what to do with, now is the time to put it into super – before the changes come into effect.  


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