Women’s su­per bal­ance tips

Southern Gazette (South Perth) - - Business -

THE State Gov­ern­ment has launched two guides with ad­vice to women re­gard­ing su­per­an­nu­a­tion.

Women’s In­ter­ests Min­is­ter Liza Harvey said too many WA women were re­tir­ing with too lit­tle to live on.

“When women re­tire they of­ten have sig­nif­i­cantly less funds in their su­per ac­counts than men.

“Re­cent re­search shows a woman’s av­er­age bal­ance of $68,600 is just over 60 per cent of the av­er­age bal­ance for men,” Mrs Harvey said.

“Lower-av­er­age salaries, tak­ing time out of work for car­ing du­ties or work­ing part-time are just some of the con­tribut­ing fac­tors to women hav­ing less su­per than men.” The four sim­ple steps for women to max­imise their su­per­an­nu­a­tion are:

Find lost su­per: if you have had more than one em­ployer, you may have more than one su­per ac­count.

Rollover or com­bine su­per funds: mul­ti­ple su­per funds can mean you pay more fees and lose track of your hard-earned money.

Con­sider your in­vest­ment op­tions: dif­fer­ent op­tions grow your money at dif­fer­ent rates and have dif­fer­ent lev­els of risk.

Make ex­tra con­tri­bu­tions: even small ex­tra con­tri­bu­tions can make a big dif­fer­ence to your su­per bal­ance.

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