The Association of Superannuation Funds of Australia (ASFA) is urging all women to take control of their superannuation by joining its Super Sorter Power Hour and spending 60 minutes this International Women's Day sorting out their super savings.
New research released from ASFA today found many women do not know how to take simple steps that could add thousands to their retirement savings. It found one in five women do not know how to consolidate their super accounts, and around one in three do not know how to make additional contributions to their super.
When it comes to tracking down lost super, one in five women cited a lack of time as the main reason they haven't gotten round to it, and more than 50 per cent reported not having used the Australian Taxation Office's (ATO's) SuperSeeker.
ASFA CEO Ms Pauline Vamos says while many women are time-poor, taking time to sort your super is crucial to delivering financial security in retirement.
“Many women feel they don't have time to take care of their superannuation, but the reality is unless you take action now, you may not have enough money to enjoy your post-work years.
“Simple steps like consolidating your accounts, or finding your lost super and moving it into an active account can, over time, add thousands to your retirement savings. This is why on International Women's Day, we are urging all women to take an hour out of their day to sort their super savings, and empower themselves with the knowledge they will be financially secure in retirement.”
Ms Vamos says advances in technology have made it easier than ever before to manage your super accounts.
“While in the past managing your super often involved extensive, tedious paperwork, now actions such as finding lost super and consolidating accounts can be done via the ATO's online services. Many funds also offer online portals that allow you to check your balance, and compare and change insurance and investment options.
“Remember your super fund is there to help you get the most out of your super savings, so contact them if you have any questions regarding your individual account.”
For further information, please visit the newly-relaunched Super Guru.
Super Sorter Power Hour Tips
- Check your super savings
Get to know your super better by checking your balance regularly, as well as the insurance and investment options you have to make sure they are the best fit for your circumstances.
- Simplify your super by rolling all your super accounts into one
Consolidating your accounts and/or tracking down your lost or unclaimed super could save you thousands of dollars in unnecessary super fund administration fees, which over time can make a massive difference to your retirement savings.
- Plan to save more
Even small additional contributions to your super over time can help boost your retirement savings by thousands of dollars. These extra contributions can help you catch up on the savings time you missed, for example when you take time out to have a baby.
For further information on how to get the most out of your superannuation, visit www.superguru.com.au.
For further information, please contact:
Lisa Chikarovski, Media Manager, 0451 949 300.
ASFA is the peak policy, research and advocacy body for Australia's superannuation industry. It is a not-for-profit, sector-neutral, and non-party political national organisation, which aims to advance effective retirement outcomes for members of funds through research, advocacy and the development of policy and industry best practice.