On average, women retire with a third less super than men in Australia¹.
Why is this? Generally, women are more likely to take time out from the workforce to have children or care for family, and to work in part-time or lower paid roles1.
The good news is taking a few simple steps today can make a big difference to your retirement savings and future financial security. See our tips below and take just one step to start to build your super.
Eight simple steps to improve your super
1. See how your super is tracking
Many people don’t know how much super they have or where it’s held. Check your super balance – you can do this through your firstonline account, or our mobile app. While you are there, make sure your personal details and beneficiary nominations are up to date.
2. Combine your super accounts
Having more than one super account means you’re paying duplicate sets of fees and costs. In just a few minutes, we can help you find other super accounts in your name and combine them into your First Super account2. Log in to firstonline or our mobile app and go to ‘My Transactions’ to get started, or call us on 1300 360 988.
3. Review your investment choice
You can choose how your super is invested, and your investment choice can impact how your super grows over time. We offer five different investment options, each with different returns and risk levels. Making an investment choice involves several factors including your age, how long until you retire, and your risk profile. Our Advice team can help you work out your risk profile and the investment choice most suited to your personal circumstances.
4. Check your insurance – could you be paying less?
Insurance through your super account can provide a financial safety net for you and your loved ones should the unexpected occur.
It’s worth checking your current level of cover and your occupation category to make sure it’s suitable for the type of job you do, and to see if you could pay less. All members are automatically placed in the Blue collar/manual category, unless you tell us differently. This category is considered higher risk, so members pay slightly higher premiums. If you are in what is considered a white collar/non manual or professional job, your premiums could be lower.
To check or change your current level of cover, log in to your firstonline account or call us on 1300 360 988. Our Advice team can help you review your insurance and make any adjustments to suit your needs. This service is offered at no additional cost.
5. Contribute a little extra
For many people, the contributions from your employer may not be enough to enjoy a comfortable life in retirement. This is where extra contributions can help.
Because super is a long-term investment even small amounts, contributed regularly, can make a real difference to your retirement savings. You can choose to make before-tax or after-tax contributions. This can also be a good strategy if you have less super due to taking time away from work to care for your family. Try our calculators to see if you can contribute more or see what sort of lifestyle you could have in retirement.
6. Get a government super boost
If you’re able to pay a little extra into your super, you may be eligible for a super boost of up to $500 through the government’s co-contribution scheme.
7. Consider spouse contributions
If you are taking some time out of the workforce or earning under $40,000 per year3, your spouse (married or de facto) can make extra contributions to your super account, and may receive tax benefits for helping boost your account.
8. Make super part of your financial self care
Super isn’t just about retirement – it’s about your future financial security and choice. Take the time to schedule in an annual ‘super check in’ – just one Super Power Hour to check, compare, and contribute.
We’re here to help, so let’s talk
If you have any questions about your super, contact our Member Services Team on 1300 360 988, or email us, or use the Live Chat.
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How First Super supports women at work
At First Super, we believe in putting people first – whether that’s our members, our staff or the communities we invest in. We are committed to supporting and ensuring a diverse and inclusive working environment in which everyone is treated fairly and with respect.
We aim to ensure gender balance across the Fund. Currently, our team is made up of 54% women and 46% men.4
Six of First Super’s 13 Board directors are women4.
We have several policies5 in place to support gender equality at First Super:
- Our recruitment and selection process is structured to be inclusive of a wide range of candidates.
- We set practical targets for senior leadership and Board positions to ensure an accurate and fair representation whilst maintaining the highest skill level and suitability for the position.
- We offer a range of leave options to employees, including prenatal leave and parental leave.
- We offer staff 14% superannuation, including on paid parental leave.
- We offer flexible workplace arrangements to meet the needs of our employees and take external commitments and responsibilities into consideration.
1 Super Members Council, Gender super gap
2 Before combining your super you should consider your insurance arrangements, if you’re in a Defined Benefit fund and any applicable fees. Our Advice team can help you with this.
3 Including total reportable fringe benefits amounts and reportable employer super contributions (RESC) for the financial year.
4 For more details, read our latest Diversity and Inclusion Report.
5 Read our Diversity and Inclusion policy for more information.
First Super Financial Advisers are authorised representatives of Industry Fund Services Limited (ABN 54 007 016 195, AFSL 232514) and can provide personal advice tailored to your objectives, financial situation and needs.
Issued by First Super Pty Ltd (ABN 42 053 498 472, AFSL 223988), as Trustee of First Super (ABN 56 286 625 181). This page contains general advice which has been prepared without taking into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and read the Product Disclosure Statement (PDS) before making any investment decisions. To obtain a copy of the PDS or Target Market Determination please contact First Super on 1300 360 988 or visit our PDS & Publications page.