Please give the warmest Mouths of Mums welcome to our newest panel member, Deborah Barr.  I first met Deb at Christmas Drinks last year through a mutual friend.  We immediately hit it off and discovered that we lived in neighbouring suburbs.  5 months later we moved house only to discover that we are now only houses away!

Deb astounds and inspires me.  She has two young girls and right in the midst of a stellar career with some of our country’s largest financial institutions, she decided to strike out on her own and create a financial services option that women felt comfortable with.  From now on, Deb’s going to touch on financial issues that have many of us confused (me included) and help us make sense of ever-changing legislation – as well as some more down to earth issues like sticking to a budget!

So, read on – this article has already got me checking for lost super and questioning whether I’m putting enough away each month …

What Women Want … More Super!

The latest debate in the lead up to the election is not on the question of paying super while on parental leave, but rather it’s about what amount and how long employers should offer paid parental leave.  In my view paid parental leave should be mandatory.  This issue should be about SUPER.

Thank goodness there are some organisations willing to lead the way.  You may have read recently that Westpac intend to start making Super Contributions for Female Staff on Unpaid Maternity Leave. The first such measure to be adopted by an Australian bank would affect all group companies of Westpac, would see the group pay as many as 39 weeks in employee superannuation contributions in addition to existing parental leave entitlements.  The initiative is the first of its kind to be adopted by an Australian private sector company, and is thought to worth approximately $72,000 in extra retirement cash to an employee who earns $55,000 annually and has had two periods of parental leave starting at the age of 28.[1]

So why do we need super?

It’s a growing concern that the government pension is unlikely to be enough to keep us living in the style we desire in retirement.  Building up your own super will help set you up for a more comfortable lifestyle in retirement.

Superannuation is not a product.  It’s a tax effective vehicle for saving for your retirement. It is not an asset class like shares or property but rather a vehicle offering tax breaks when you invest in these assets.  (Contributions into super are taxed at 15%).  If you organise your superannuation properly, and early enough, you will be in a better position at retirement than if you hadn’t planned for it at all.  Super is your money…so make the most of it, invest wisely and watch it grow over time.

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  • I know I won’t have enough super to live on after retirement. Just another Centrelink bludger is what I’ll become

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  • I think the plan if retiring and being able to live off your superannuation in retirement is only something that happens for the highly paid rich people. I know myself and my partner will never have enough super yo live off

    Reply

  • I’ve just returned to work part time from maternity leave. And my super is miniscule. I don’t know if it will even cover the fees!

    Reply

  • Such an important issue for everyone but especially women.

    Reply

  • yes it can be scary to think that your super is all that you will have to fall back on one day.

    Reply

  • I don’t have any super whatsoever! Lots of people live ok on the aged pension, I’m hoping to Ve one of them

    Reply

  • I don’t have any super, I cashed it in during a financial crises a while ago. It didn’t use to worry me, but now I’m getting closer to retirement age, I am starting to stress

    Reply

  • Thanks for the information here, very helpful.

    Reply

  • That was an interesting article! Thanks for sharing!

    Reply

  • Really very good knowledge to know! Thanks for sharing this article!

    Reply

  • Thanks for sharing this article and information; so important to have good super.


    • Do regular check up of super and all other funds.

    Reply

  • I worked at one stage for a company that didn’t pay any super, I queried this & tried repeatedly to follow it up, eventually I left after 2 years & when super still wasn’t forthcoming I contacted the ATO…. I ended up with my super.

    Reply

  • About ten years ago the average Australian needed about a million dollars in super to be a self funded retiree and live comfortably, with the increasing life expectancy and increase in the cost of living that amount just doesn’t seem enough.

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  • Working part time my super is less also. I know I should be contributing more into super myself but I have other needs for that money too!

    Reply

  • super is going to be the key to a good retirement


    • I agree, I think if you will want to live somewhat comfortable in retirement super is the key.

    Reply

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