The Australian Women's Weekly

Your future YOUR WAY

Are you worried about your super and how it will affect your life to come? REST Industry Super has some great advice to help you plan the future.

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Is it time to be thinking about my retirement?

There’s never a bad time to plan for your future, but if you’re looking at your super balance and feeling nervous, there are steps you can take.

TOP TIPS ON HOW TO MAKE YOUR SUPER LAST

1 Consider a transition-to-retirement strategy If you’re still working, a TTR strategy can help you ease into retirement by using some of your super as an income stream, which can also have tax benefits.

2 Rethink investment choices Whether you’re planning for or already in retirement, make sure your investment­s match your financial goals, personal timeframes and appetite for risk.

3 Maximise Centrelink entitlemen­ts The benefits you’re entitled to will affect how much super you need to draw on to supplement your income, so do the research.

4 Prepare your budget Having a plan is the best way to ensure you’re getting the most from your situation and remaining in control of your financial future.

5 Keep an eye on changes The federal government recently passed significan­t changes to superannua­tion. Find out how they affect you.

“Taking charge of your money today leaves you well-placed to know where you stand financiall­y.”

8 Review your cyber security

A study by ME bank found as many as 51 per cent of Australian­s fail to meet basic cyber security measures, and women and baby boomers are most at risk from cyber crooks. A few precaution­s can keep your money safe. Never share your PINs or passwords with anyone, change them regularly (two out of five people don’t), and avoid saving payment details on shopping websites. Entering your payment details afresh each time you make an online purchase keeps the bad guys at bay.

9 Become an investor

You don’t have to be rich to become an investor but growing a portfolio of investment­s will certainly build your wealth. Investing in growth assets such as shares doesn’t call for much upfront cash – less than $1000 will get you started with online share trading. The beauty of shares, unlike, say, an investment property, is that you can steadily drip-feed your money into the sharemarke­t when you have some spare cash. Be sure to spread your money across a range of companies, industries and sectors or consider exchange traded funds for low-cost diversity. While past returns are no guide for the future, Australian shares rose in value by about 11 per cent over the year to mid-April 2017, so your money has the potential to notch up vastly higher returns than you’ll earn with a savings account or term deposit.

10 Be an active money manager

We’re in 2017, not the 1950s, and thankfully the days when women let men take the reins of household finances are behind us. Playing an active role in money management is important because while none of us likes to think a long-term relationsh­ip will end, it does happen. Taking charge of your money today leaves you well-placed to know where you stand financiall­y – both as a couple and individual­ly, and that’s a key starting point to set and achieve shared goals. There are plenty of high-quality, free resources for women to improve their understand­ing of money matters. The Australian government ASIC’s MoneySmart website is worth a look, as it has an entire section devoted to money and women.

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