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Retirement planning is not just about money. It’s also important to consider your health and wellbeing in retirement. This includes making sure you have adequate insurance cover, as well as planning for activities and hobbies that will keep you physically and mentally active. Planning for healthcare costs in retirement is an important part of financial planning for your later years. Women, in particular need to be aware of the potential costs associated with health care Read more…

Your super is there to help you live a comfortable retirement. The government guarantee (known as the Superannuation Guarantee) means that your employer must make regular contributions to your super account – currently, they must contribute 10.5% of your salary. You can also make your own contributions, and many people do. After all, the more you have in your super account, the more comfortable your retirement will be. But how much do you need? Well, Read more…

When it comes to retirement planning, there are a lot of terms and concepts that can be confusing. In this series, we’ll help demystify some of the key terms you need to know. MySuper: MySuper is an Australian government initiative that aims to provide Australians with a simple and low-cost way to invest their super. It’s often offered by your employer as the default investment option for your superannuation contributions. Preservation age: This is the Read more…

What are the best strategies for women? When it comes to retirement planning, women often face unique challenges. They tend to live longer than men, which means their retirement savings need to last longer. They also tend to take career breaks to care for children or elderly parents, which can put a dent in their superannuation balances. Aside from superannuation, it’s also important to consider other retirement savings options, such as investing in property or Read more…

Superannuation is a system in Australia that provides for retirement savings. The mainstay of the system is the Superannuation Guarantee (SG), which is the minimum amount that employers must contribute to their employees’ superannuation. However, employees can also make voluntary contributions to their super. The current Super Guarantee rate is 9.5% of salary. This rate is set to increase gradually over time, with the aim of eventually reaching 12%. The money in your super fund Read more…

When it comes to retirement planning, there are a lot of terms and concepts that can be confusing. In this series, we’ll help demystify some of the key terms you need to know. Industry fund: An industry fund is a type of superannuation fund that is run by a particular industry, such as healthcare or manufacturing. These types of funds usually have lower fees than retail funds, and may offer other benefits such as discounts Read more…

The most important thing you can do to ensure a comfortable retirement is to start saving early and often. One of the best ways to do this is through superannuation. Superannuation is a long-term savings plan that is designed to help you build up a nest egg to live on in retirement. Your employer is required by law to pay a percentage of your salary into your super account, and you can also make personal Read more…

When it comes to retirement planning there are a lot of terms and concepts that can be confusing. In this series we’ll help demystify some of the key terms you need to know. Admin fees: These are the fees charged by the administrator of your superannuation fund. They can vary depending on the fund. It’s important to be aware of them and how much you are being charged. ASFA: The Association of Superannuation Funds of Read more…

How to overcome the gender pay gap and save for retirement? There’s no one answer to the question of how to overcome the gender pay gap and save for retirement. But there are a few key steps that can make a big difference. For starters, it’s important to understand the gender pay gap and how it affects you. The gender pay gap is the difference between what men and women are paid for doing the Read more…

More than 80% of women in Australia will not have enough saved to fund a ‘comfortable lifestyle’ at retirement. Women on average will retire with $70,000 less than men. Half of all women aged 45 to 59 currently have less than $8,000 in their super funds. The average superannuation payout for women is roughly a third of that for men. $37,000 for women compared to $110,000 for men. (Sources: https://humanrights.gov.au/our-work/gender-gap-retirement-savings & https://www.superguru.com.au/about-super/women-and-super) For most women, Read more…