Every little bit counts — especially later in life
With International Women’s Day on March 8, now’s a great time to check your super. Women aged 55-59 have $76,000 less in super on average compared to men. With women’s balances lower on average, small, smart changes can add up.
Q. Do women really retire with less super?
A. Yes, often due to career breaks and part–time work. The upside: you can still make meaningful progress in your 60s and beyond.
Q. I’m retired or close to it—what should I review?
A. If you’ve started an income stream, confirm your minimum drawdown settings still match your budget and lifestyle. You should review your asset allocation to make sure it still meets your risk tolerance. Considering a move? A downsizer contribution can let homeowners 55+ add up to $300,000 each from a home sale to super (eligibility rules apply and it may affect Age Pension).
Q. Are quick boosts worth exploring?
A. The Government co–contribution can add up to $500 when eligible after–tax contributions are made. Spouse contributions may deliver a tax offset up to $540 to help even-up balances within a couple. Salary Sacrifice contributions can not only provide tax benefits but also boost retirement savings.
If you require further information, please visit MB+M at 120 Nixon Street, call 5821 9177 or email MB+M at: mbmozplan@mbmgroup.com.au
This column contains general advice only and does not take into account the needs, objectives and situation of any individual. You should consult with a licensed financial advisor and consider obtaining personal financial advice prior to making any decisions.
