Women’s super balance tips
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.