Six ways to boost your superannuation balance

Many households have at least one member whose finances are hamstrung thanks to unpaid household duties or part-time work.

You don't have to wait for the federal politicians to pass legislation to make a difference to your own retirement plans.

Women in Super chair Cate Wood says there are several reasons why women in particular have average super balances 45 per cent lower than their male counterparts, including compulsory super being based on how much you work and how much you are paid.

Women get less due to the pay gap and taking time out of the workforce or working part time to care for others, she says, which also affects the jobs they hold and the likelihood of promotion.


Read more: http://www.afr.com/personal-finance/superannuation-and-smsfs/action-plan-to-even-up-super-balances-20160822-gqyalr#ixzz4IhKNw3in
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Jan 29, 2016 Category: General