Women and super

Generally, Australian women retire with half the super of men.

According to Super Guru*:

  • one in three women retire with no super at all
  • average super balances at retirement: Women $138,150 Men $292,500
  • more than 80% of women are currently retiring with inadequate savings to fund a ‘comfortable’ lifestyle.

* Super Guru is an initiative of ASFA, a non-profit organisation that aims to help achieve effective retirement outcomes for members of super funds through research and advocacy.

Why do women fall behind men when it comes to saving for their retirement?

The factors are complex, but these are some of the reasons:

  • women who work full-time earn 19% less than men
  • women take an average of five years out of the paid workforce to care for children or family
  • 43% of women work part-time**

** Women and super – the facts

Let’s work together to help close the gap

At Tasplan, we believe in saving today for a secure tomorrow.

And although the statistics don’t paint a happy picture, we’d like our members to feel in control of their finances and feel confident that they know what they need to do to achieve a comfortable retirement.

Let us help you achieve the retirement you deserve.

What can you do?
Become best friends with your super

Sure, super can be boring and confusing, but because of all the benefits it comes come with, your super can be well worth getting to know.

So, go online and see how your super’s tracking.

While you’re there, you can check out your balance and account history, update your personal details, access BPAY® details to make additional contributions, add your tax file number, view your insurance cover, combine your super, change your communication preferences, change your beneficiaries and more.

If you haven’t registered for Tasplan Online, simply visit our Register page and follow the prompts.

® Registered to BPAY Pty Ltd ABN 69 079 137 518

Search for lost super

Few of us have a job for life these days, so it’s likely you’ve accumulated multiple super accounts along the way. You may even have some lost super floating about.

At 30 June 2016, there was around $14 billion in lost super, according to the ATO. To find out if some of it is yours to claim, visit the ATO website.

Combine your super accounts

If you have multiple super accounts with multiple super funds, you’re paying multiple fees. To reduce the amount of fees you pay, you may wish to combine your super accounts. If you decide to roll in your other super to your Tasplan account, take into consideration the following:

  • check that your employer can contribute to Tasplan
  • check the exit fees of your other fund/s, and if they have any restrictions or penalties
  • consider transferring your insurance to Tasplan before combining your super, as you’ll lose your insurance when you close your other account
  • read the relevant Tasplan Super Member guide and consider talking to a financial planner
  • check that your old fund has your tax file number as it will make it easier to transfer
  • consider if you want to make a tax deduction for any after-tax contributions you’ve made to the fund, if eligible, or split contributions made by you, or on your behalf, with your spouse, as you’ll no longer be able to do this on the contributions you’ve transferred out

With Tasplan, this process of combining your super is easy. Simply log in to Tasplan Online, go to Combine your super, and enter the details of the super account you want to roll in to Tasplan. We do the rest. If you would prefer to fill in a form, you can find the instructions here.

Contribute

Finding spare money to channel into your super isn’t always easy, but it’s important to know that even small contributions can make a big difference in the long run. (See the example below.)

Jump onto our Contributions calculator to see which option might be best for you.

Our Retirement $ projector shows the difference changing the amount of your contributions can make to your long term savings.

Super contribution example

Amelia decides to ditch a few take away coffees each week to begin making small contributions to her super. Renee opts not to.

  Amelia Renee
Super balance age 20 $20,000 $20,000
Annual gross salary $50,000 $50,000
Extra contributions each week $25 $0
Super balance age 67 $812,000 $669,000

This example has been created using Tasplan’s Retirement $ projector from Tasplan’s website, www.tasplan.com.au. The results are for illustrative purposes only, provide an estimate only and actual amounts may be higher or lower and movements in interest rates cannot be predicted. Results are shown in today’s dollars.

ASSUMPTIONS: Inflation rate 3% each year, salary increase 3% each year, Investment returns 7% each year, investments returns in retirement 5% each year, employer contributions 9.5% each year incrementally increasing to 12% in line with government legislation, insurance premiums for Tasplan Super Tasplan Protect 1 each year.

This calculator is not intended to be your sole source of information when making a financial decision. You should consider whether you should get advice from a licensed financial adviser.

Low income earner?

If you’re a low income earner, you may also be eligible for the government co-contribution or the low income super tax offset (LISTO). You can read more about these on our Ways to boost your super page.

Spouse contributions

This is where your spouse contributes to your super if you’re working part-time or taking care of things at home. If your spouse contributes to your super, they could even be eligible for a tax offset. You can read all about spouse contributions here.

Review your insurance

Would you and your family be ok financially if you were injured and couldn’t work for six months, a year or even two?

Having income protection cover can provide a replacement income when you’re unable to work at full capacity, or at all, because you’re sick or injured.

Depending on your circumstances, you may be eligible for income protection cover under Tasplan Protect 1 or Tasplan Protect 2. Conveniently, premiums can be paid for out of your Tasplan account rather than out of your pocket. You can read more about income protection insurance on our website.

If you’d like to chat with one of our friendly staff about your insurance arrangements, email us at info@tasplan.com.au or call us on 1800 005 166.

Get help with your finances

We can provide you with general advice about your super, free of charge. Or, if you need personal advice on your super or investments outside of super, we can easily set you up with a financial planner. Simply email us at info@tasplan.com.au or call us on 1800 005 166.

Self-serve

ASIC’s MoneySmart has some really great tips to help you sort your finances including managing on a low income, paying for your children’s education, retirement planning and much more.

Want to see for yourself how women stack up against men? This interactive comparison tool shows you the average super balances of men and women at various ages.

Learn from our members as they share their unique super journeys - Women & super video