Plan your Ca­reer Break

DID YOU KNOW... Mak­ing a fi­nan­cial plan be­fore tak­ing a ca­reer break could make a real dif­fer­ence to your fu­ture. THINK OF YOUR FU­TURE

Woman’s Day (Australia) - - Real Life -

Ca­reer breaks hit women hard­est, re­duc­ing av­er­age su­per­an­nu­a­tion sav­ings by nearly $160k in the long term.+ And while we are 13 per cent more likely than men to take a ca­reer break (hello hol­i­days, ba­bies, study time, health fo­cus), we’re also 30 per cent less likely than men to make any su­per­an­nu­a­tion plans for the im­pact that time will have on our su­per­an­nu­a­tion in the long term. Add this lit­tle nugget to those stats – af­ter a ca­reer break, women re­turn­ing to work earn 29 per cent less than their male coun­ter­parts. Do the maths and it’s easy to see why women who have taken a ca­reer break are pre­dicted to re­tire with an av­er­age su­per­an­nu­a­tion bal­ance of $283,141+ less than their male coun­ter­parts. For Mary At­ley, Gen­eral Man­ager, Brand, Mar­ket­ing and Com­mu­ni­ca­tions at Rest, the gen­der im­bal­ance doesn’t have to con­tinue. “We know health breaks can come out of the blue, but just as many are planned. Among those who took ca­reer breaks, the lack of plan­ning for their su­per­an­nu­a­tion is con­cern­ing, with only six per cent of women we sur­veyed* con­sult­ing a fi­nan­cial ad­vi­sor prior to their break, and just 16 per cent mak­ing vol­un­tary con­tri­bu­tions to their su­per dur­ing that time,” she says. The good news, though, is that knowl­edge is power – buck the trend with some up­front fi­nan­cial plan­ning. Keep­ing your su­per­an­nu­a­tion on track is a key way to help en­sure your fi­nan­cial se­cu­rity is in your con­trol and your fu­ture is clear. At Rest, there’s sup­port for mem­bers to max­imise their su­per at every life stage – in­clud­ing dur­ing ca­reer breaks. Whether ca­reer breaks are planned or come out of the blue – it’s im­por­tant to speak with a fi­nan­cial ad­viser ei­ther be­fore, dur­ing or af­ter a ca­reer break. Some su­per funds, like Rest, pro­vide ac­cess to a fi­nan­cial ad­viser for mem­bers. A short call can make a real dif­fer­ence.

“It is in­ter­est­ing to see the large pro­por­tion of work­ing Aussies forced to take breaks due to their health.” Mary At­ley, Gen­eral Man­ager, Brand, Mar­ket­ing and Com­mu­ni­ca­tions, Rest

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