I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Super Facts and Tips

Why Females Already Need To Work To 70

Based on the Workplace Gender Equality Rights Company, the pay gap between males and females are getting bigger. In May 2014, the typical full-time women worker made $1,275.90 a week - $283.20 lesser than the average man, which is a pay gap of 18.2 % 1.

Much more disturbing is the fact that the gap has expanded over the last decade. After touching a low of 14.9 % within November 2004, it has risen to its current level, the highest in twenty years.

Lower pay doesn't just mean less cash in your pocket. Because super company payments are computed as a percentage of your salary, reduced pay today indicates much less super tomorrow. That could have a huge effect in time.

Australia racked up 79.9 % total - up to 77.8 % in 2013, second only Denmark on 82.4 %.

Working till 70 - and beyond

According to new numbers, the expanding gender pay gap implies that the average 20-year-old woman is now heading to retire with $97,500 less super than her male coworkers - $438,248 versus $535,756. Therefore, she will need to work an addition five years just to catch up.

Even that number is likely to underrate the issue, given that it compares two people working full-time without taking time out from the workforce during their careers. The truth is that females are even more likely than males to work part-time or leave paid employment to care for kids and old parents.

Based on the Australian Institute for Household Researches, in the 2011 demographics, just 34 % of females aged 35 - 44 were working full time, compared to 75 % of the men. And also yearly from the labour force implies an additional year for them to catch up with.

Bridging the Gap

Naturally, we would all like to witness the gender pay void lessen and even vanish. The good news is that a growing variety of Australian companies are proactively collaborating with the Workplace Gender Equality Rights Firm to encourage better wage equality - consisting of the Financial Institution. However, the truth is that space isn't likely to fade away anytime soon.

That indicates that women need to take control of their economic futures, acting now to make sure they're economically secured for a comfortable retirement.

Among the most efficient means to improve your super is by conserving extra amount from every paycheque for salary sacrifice. Since salary sacrifice payments come from your pre-tax income, they can aid you in making higher super nest-egg faster, in taking advantage of the lower 15 % tax price on super concessional payments.

That's especially crucial if you're preparing to leave the paid labor force in the future, or if you're working part-time.

Talk With A Specialist

A financial consultant can help you find the best method for boosting your super, so you could stop work when you wish to - not when you could afford to. They'll help you determine your super personal target, and then produce a sensible strategy to accomplish it. Call us at 1300 252 167

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