Super – even more important for women

Women tend to live longer than men, making it even more essential that they accumulate enough superannuation to last through retirement.

But women face unique challenges when it comes to retirement savings. Lower pay, time out of the workforce to raise children, and running a single-parent household, can make it challenging to build a reasonable amount of super. However, some simple strategies make it possible for women to overcome these hurdles.

Super is good for you

Superannuation is a very tax-effective way to save for retirement. Your super fund pays a low rate of tax on contributions and investment earnings while you grow your nest egg. From age 60, you can withdraw your super tax-free.

Without super, many women are forced to rely on the age pension in their senior years. But the pension is designed as a safety net and won’t provide for a comfortable old age. So it’s essential to focus on growing your super.

Video: Women and super

Pauline Vamos from the Association of Superannuation Funds of Australia (ASFA) talks about the financial challenges that women face and gives her top tips on boosting your super.

Important Information

Anona Financial Planning Pty Ltd, ACN 109 777 175, Anona Fitzgerald and Kate Phillips are Authorised Representatives of GWM Adviser Services Limited, ABN 96 002 071 749, an Australian Financial Services Licensee with its registered office at 105-153 Miller Street North Sydney NSW 2060.

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