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6 Ways Women Can Make the Most of their Super Funds

6 Ways Women Can Make the Most of their Super Funds

Women have to work harder to make the most of their retirement income. This includes making the best of their super funds. Lower salaries, timeouts, interrupted employment and the glass ceiling leaves women with less than half the retirement savings of men. According to research done by The Association of Superannuation Funds of Australia (ASFA) about 47% of single women fund their future retirement better as compared to 78% of men. This means, as per the Australian Bureau of Statistics, that the average super balance for women aged between 54 to 65 is $180,000, but for men it is $322,000, which is a worrisome figure.

So, how can women make the most of their super funds? Here are some of the top tips women can keep in mind to make retirement as easily as possible.

#1 Make Plans

Planning is the first step to a bright retired future. It is never too late to have everything planned out, so that if you ever decide to retire early everything is sorted out in advance. Furthermore, the upcoming changes to super rules from July 2018 will also help women to catch-up tax-deductible contributions to super.

The plus point is that instead of a $25,000 cap on these contributions every year, people will be able to roll over their unused cap for five years. As a part of planning, it is also important that women should have a home.

#2 Check For Unclaimed Money

Finding unclaimed money is another big step, especially if you have lost track of your funds over the years. It might sound silly, but money can easily be lost if you do not claim it over the years. This is mostly true in the case of women who have to face challenges in both the personal and professional front. So, ensure that your super funds reflect the true amount, which you are due as it is the best way to cash in on the super funds.

#3 Review Your Investment Portfolio

Invest your super funds properly and you can be sure that it works for you when you retire. Keep track of where your money goes and whether it’s right for you based on your age, stage of life, and attitude to risk. If you have ample amount of time till you retire you can opt for a “growth” option which can give you more exposure to shares and property. This will be of a higher risk, but there is also potential for stronger returns over the long-term. However, if you’re closer to retirement you may opt for a more conservative approach.

#4 Use Your Salary For Your Super

Every little bit in investment counts. So, if it is alright with your employer, you could add up a little more to your super using your pre-tax income from each pay period. This is a tax effective way of boosting super balance as money going into the account is taxed at a minimum rate of 15% and not the usual tax rate. If in any case you are unable to make regular payments, just making a one-off after-tax contribution can also help you to supercharge your wealth. For example, even if you top up your super with $500 a year you’d have about $178,000 at age 67. That is a swell amount, right?

#5 Consider Spouse Contributions

Super savings can be supplemented by making contributions from after tax salary. Contributions can be made at any point in the working life. You need to take advantage of lower tax rates for the super. Effective returns will be based on factors such as retirement age, years till retirement, lifestyle following retirement, level of income and savings. Another way to boost super savings is after tax contributions to your spouse’s super fund making joint retirement savings easier. You can get 18% tax offset on contributions of $3,000 if assessable income and reportable fringe benefits of your spouse is nil or $10,800 or less per year. Maximum rebate permitted is $540. For stay at home or low income earners, spouse contributions can make a difference, Spouse contributions can be split with your super fund, provided the fund gives permission for the same.

#6 Consider Government Co-Contribution

Depending on your annual income, you may be eligible for a government co-contribution to your fund. The Australian government may actually co-contribute to your super if the after tax contribution is made yourself. The government contributes  50 cents for every dollar up to a maximum value of $500 on your super for you.

Conclusion

From concessional contributions to government co-contribution, splitting spouse’s contribution and consolidating your super fund, there are many ways to make the most of this fund. Women need to be alert about how to approach superannuation with smart strategies, so that the retirement years are a golden experience. Most important of all, keep in mind the age pension, which remains the main source of income for almost three quarters of retirees, and sound advice from a financial planner.

Disclaimer:

The information presented by staff or employees of Credit Hub and its associated companies is provided for general informational purposes only. We do not guarantee the accuracy, completeness, or timeliness of the data or views presented. Audience members should conduct their own research and verify any information before relying on it. Credit Hub and its associated companies are not liable for any errors or omissions, or for any actions taken based on the information presented.

Mortgage Broker in Point Cook

Credit Hub Australia
About the role

Join our dynamic team at Credit Hub Australia as a Finance/Mortgage Broker in our conveniently located Point Cook office, close to the freeway and train station, with free parking available.

In this role, you will be responsible for providing personalised mortgage solutions to our valued clients and also managing your colleagues by co-ordinating the allocation of files and general day to day running of the broker team. With a focus on delivering exceptional customer service, you will guide clients through the entire mortgage process, from initial application to final approval.

“Position is for Mortgage broker on commission/contract basis.”

What you'll be doing
  • You will develop and expand network with our help.
  • Sales, cold calling, and networking come naturally to you. You thrive on engaging with prospective clients to understand their unique financial needs and goals.

  • You will act on leads and existing database as provided and generate sales and ongoing relations.

  • Actively participate in team meetings and contribute to the overall success of the business

What we're looking for
  • You are an existing broker with proven experience in Mortgage Broking or lending abilities, or in a similar financial services role looking to take your career further with a successful Mortgage house.

  • In-depth knowledge of the Australian mortgage market, including products, policies, and regulatory requirements.

  • Excellent communication and interpersonal skills, with the ability to build lasting relationships and earn client trust.

  • A strong commitment to delivering outstanding customer service and consistently exceeding client expectations.

  • Self-motivated and capable of working independently, while also thriving in a collaborative team environment.

  • Relevant industry qualifications, such as a Certificate IV in Finance and Mortgage Broking.

  • Ability to manage multiple tasks, stay organized, and work reliably without supervision.

  • A results-driven mindset with a strong sales focus, coupled with exceptional work ethic, time management, and multitasking abilities.

What we offer

At Credit Hub Australia, we are committed to providing our team with a supportive and rewarding work environment. Some of the key benefits of joining our team include:

  • Competitive remuneration and performance-based bonuses
  • Ongoing training and professional development opportunities
  • Flexible work arrangements and a positive work-life balance
About us

Credit Hub Australia is a leading provider of mortgage and finance solutions, with a strong presence in the Point Cook in the Western Suburb of Melbourne and surrounding areas. Our mission is to empower our clients to achieve their financial goals by delivering personalised, expert advice and exceptional customer service. We are a dynamic and growing team, driven by a passion for helping our clients and making a positive impact on our local community. We are with Finsure as an agrregator Group. 

If you’re ready to take the next step in your career as a Mortgage Broker, apply now to join our team at Credit Hub Australia.

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